The e-commerce automotive aftermarket market is expected to grow from US$ 57.30 billion in 2022 to US$ 160.98 billion by 2028. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
New York, July 13, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “E-Commerce Automotive Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type [Braking (Brake Pads, Hydraulics & Hardware, and Rotor & Drum), Steering & Suspension (Ball Joints, Tie Rods, Sway Bar Links, Bearings/Seals, and Others), Hub Assemblies, Universal Joints, Gaskets, Filters, Spark Plug, and Others], and Consumer Type (B2B and B2C),” the global e-commerce automotive aftermarket market growth is driven by rising number of e-commerce providers and increased replacement rates boost B2C industry
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The European Union (EU) aims to eliminate road fatalities by 2022. People in France, Germany, and the UK can start new enterprises relating to automobile replacement parts because of a vast automotive ecosystem. The European Union (EU) established standards for e-commerce operations that require just the consent of the home state under the nation of origin, easing the process of establishing e-commerce-based businesses.
Furthermore, in Sweden, the Netherlands, and Denmark, a well-defined supply chain sector guarantees effective e-commerce activities, giving development opportunities for the e-commerce aftermarket. In April 2022, Alibaba Group, a Chinese multinational e-commerce platform, announced plans to expand Lazada, it's Southeast Asian subsidiary, to focus on local sellers in Europe. This is likely to help the e-commerce automotive aftermarket market in Europe during the forecast period.
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E-Commerce Automotive Aftermarket Market: Competitive Landscape and Key Developments
Alibaba Group Holding Limited; Amazon.com, Inc.; AutoZone, Inc.; Shopee365; CATI S.p.A.; eBay Inc.; LKQ Corporation; The Pep Boys; CarParts.com, Inc; and Denso Corporation are the key players profiled during the study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global e-commerce automotive aftermarket market and its ecosystem.
In March 2022, DENSO Aftermarket, the aftermarket subsidiary of DENSO, prominent original equipment (OE) component manufacturer, won the coveted 2021 Supplier of the Year Award, awarded by GroupAuto International, a leading global buying organization.
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E-commerce platforms are offering higher convenience than brick-and-mortar aftermarket stores by providing a wider range of products than physical stores.
E-tailing platforms are also offering greater convenience on transactions with speedy delivery, as per the preference of customers, owing to which, they are being preferred over brick-and-mortar stores.
Numerous e-tailers such as Alibaba Group Holding Ltd., Amazon.com Inc., and Wal-Mart Stores Inc. are also selling automobile components to offer easy access to such products.
Moreover, the discounts offered by such e-commerce companies are also encouraging vehicle owners to purchase automotive aftermarket components from them.Additionally, the increasing number of do-it-yourself (DIY) customers will also help the e-commerce in automotive aftermarket to advance at 23.3% CAGR during the forecast years (2020–2030).
The market revenue stood at $38.2 billion in 2019 and it is projected to reach $292.6 billion by 2030.
The soaring popularity of DIY culture is encouraging automobile customers and enthusiasts to upgrade their vehicles themselves.
