E-commerce Automotive Aftermarket size worth $140 Bn by 2027

E-commerce Automotive Aftermarket industry size is expected to exceed USD 140 billion by 2027, according to a new research study published by Global Market Insights Inc.
 

Shifting inclination towards digital business models is set to drive the industry growth. Variations in product buying behavior as per regions and customer types will affect the business model. Industry players are improving the automotive aftermarket share by conducting studies pertaining to consumer buying behavior and improving the product sales.

 

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The growing internet penetration in Asia has significantly improved the product demand. In 2018, the internet penetration in China was over 55%. Moreover, the development of easy communication and transaction channel owing to the development in IT will further fuel the industry revenue.
 

E-commerce Automotive Aftermarket By Region

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While online sales are likely to be normal in various industries, selling automotive parts online directly to consumers has been recently adopted by various OEM manufacturers. Since many sellers were able to coordinate and make these sales remotely. In 2020, most of the automotive parts such as, filters, tires etc., sales came from the online platform due to locked down imposed by the government to restrict the Covid-19, and better automated payments, scheduling tools, and online customer communication, has positively impacted e-commerce automotive aftermarket.
 

Growth in e-commerce spending to escalate the industry statistics

The rising smartphone and internet penetration will enhance multi-channel and e-commerce shopping. The emergence of direct selling to customers via online channels will create long-term positive impacts on the distribution channel. The increasing availability of automotive aftermarket products at low costs will augment the product demand. Customers preferring online shopping consider some factors such as convenience, availability, transparency, and customer support services. The e-commerce players considering these factors will boost customer satisfaction and gain their trust. The automotive aftermarket in North America is dominated by independent repairers acquiring more than 80% share. Thus, independent repairers are significantly important for e-commerce players, contributing to the market growth.
 

Browse key industry insights spread across 440 pages with 329 market data tables & 11 figures & charts from the report, “E-Commerce Automotive Aftermarket Size By E-Commerce Retail (Third Party Retailers, Direct To Customer), By Product (Parts [Braking {Brake Pads, Hydraulics & Hardware, Rotor & Drum}, Steering & Suspension {Control Arms, Ball Joints, Tie Rods, Sway Bar Links, Bushings, Bearings/Seals, Coil Springs}, Hub Assemblies, Universal Joints, Gaskets, Wipers, Filters, Lighting, Spark Plug, Tires], Accessories [Interiors, Exteriors]), By Consumer (B2C, B To Big B, B To Small B), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/e-commerce-automotive-aftermarket

 

The direct to customer retail is projected to witness 17.5% CAGR through 2027 on account of superior profit margin and ease in product installation. The development of service-based business models coupled with mobile-based applications will improve the online sales channel. Additionally, it provides customers the ability to purchase product on a mobile application are the key factors improving the e-commerce automotive aftermarket statistics.
 

Rising consumer inclination toward vehicle customization will positively influence the market outlook

The accessories demand valued at around USD 13.5 billion in 2020. The increasing popularity of vehicle customization, rising inclination toward enhanced driving experience, and growing focus on better aesthetic appeal & convenience will trigger the industry growth. The rising consumer awareness of passenger comfort and the increasing demand for vehicle accessories with higher reliability & effectiveness are spurring the market revenue.
 

Europe captured nearly 35% of the e-commerce automotive aftermarket share. Shifting customers preferences towards e-tailers due to economical pricing will provide significant opportunities for industry participants. The focus to further reduce prices to increase the customer base will remain as the key strategy for industry growth. The rising adoption of electric vehicles in various European countries will escalate the market demand. Vehicles featuring complex intricate parts that are attractive to both the ends of the supply chain and quoted as expensive is augmenting the industry demand.
 

Some of the major manufacturers in e-commerce automotive aftermarket are Advance Auto Parts, Alibaba Group, Amazon, Pep Boys, U.S. Auto Parts Network Inc, Sears, Arch Auto Parts, AutoZone, CARiD.com, U.S. Auto Parts Network, Inc, Sears, O’Reilly Auto Parts, and EbaY.
 

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