E-Commerce Automotive Aftermarket Market was valued at more than USD 50 billion in 2020 and is expected to grow at a CAGR of around 12% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the E-Commerce Automotive Aftermarket Market was valued at more than USD 50 billion in 2020 and is expected to grow at a CAGR of around 12% from 2022-2028. The analysis has been segmented into Component Type (Infotainment & Multimedia, Engine Components, Tires & Wheels, Interior Accessories, and Electrical Products); Vendor Type (OEM Vendor and Third-Party Vendor); Vehicle Type (Passenger Car, Commercial Vehicle, and Two-Wheeler); Region/Country.
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The e-commerce automotive aftermarket market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the e-commerce automotive aftermarket Market. The e-commerce automotive aftermarket market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the e-commerce automotive aftermarket market at the global and regional levels.
Market Overview
Global E-Commerce Automotive Aftermarket Market is expected to grow at a significant rate of around 12% during the forecast period. An e-commerce automotive aftermarket refers to a platform where auto parts are sold to the customers as well as business professionals through public website. These auto parts include brake systems, steering systems, suspension systems and others. Increasing e-commerce platforms, price affordability, ease of purchase and convenience and home delivery are some of the driving factors of the market. The key players are adopting strategic alliances, such as partnerships, collaborations, or acquisitions to maintain competitive edge in the market. For instance, BMW signed an MoU with Alibaba. According to the MoU, Alibaba and BMW will jointly launch the first online sales and services businesses engaging dealers among premium auto brands to create a smooth end-to-end online-to-offline digital experience.
Some of the major players operating in the market include O’Reilly Auto Parts, Amazon.com, Inc, Alibaba Group Holding Limited, AutoZone, Inc, Advance Auto Parts, Delticom AG, eBay Inc, Walmart, Robert Bosch LLC, Flipkart.com
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COVID-19 Impact
The outbreak affected several aspects of the automotive landscape including manufacturing and sales tire, auto parts & accessories. Lockdown imposition and social distancing rules caused a sudden decline in vehicle miles traveled, and customer foot traffic. These changes coupled with substantial economic fallout hampered the aftermarket demand during the peak pandemic phase.
The global e-commerce automotive aftermarket Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into the market is segmented into infotainment & multimedia, engine components, tires & wheels, interior accessories, and electrical products. Interior accessories to hod a significant share in the market during the forecast period. As OEMs provide limited accessories with the vehicle, consumers prefer to add additional accessories. Therefore, the increasing trend of customization, to increase the looks and aesthetics of the vehicle, consumer look for the additional accessories from the external e-platform having discount and quality, which helps to increase the market growth.
· Based on vendor type, the market is categorized into OEM vendor and third-party vendor. Among these, the third-party vendor to hold a significant share in the market during the forecast period owing to rise in disposable income as car owner are more conscious about the look of the vehicle. Therefore, with the increasing demand of chrome accessories, spoilers, LED lights, allow wheels, multimedia accessories that enhance car aesthetics. With the increasing demand for all these components are driving the growth of the market.
· Based on vehicle type, the market is categorized passenger car, commercial vehicle, and two-wheeler. Among these, the passenger car to hold a significant share in the market during the forecast period. The increasing adoption of the young age people to modify their vehicle by adding the optional accessories to change and maintain the look as well as the performance of the vehicle. For Instance, according to SEMA (Specialty Equipment Market Association), nearly 7.9 million young adults prefer adding accessories to their vehicles.
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e-commerce automotive aftermarket Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
· Due to the growing preference of regional consumers for online shopping, the high demand for premium and luxury automobiles, and the presence of well-developed infrastructure, North America is anticipated to grow at a significant CAGR over the forecast period. As a result of the country's expanding economy, people in the United States who have more money to spend tend to put better equipment in their cars. Additionally, the Environmental Protection Agency of the United States and other federal agencies have established stringent guidelines for the creation of materials for auto parts. By ensuring that customers receive high-quality goods, this regulates market expansion and encourages manufacturers to concentrate on producing high-quality goods.
The major players targeting the market include
· O'Reilly Auto Parts
· Amazon.com, Inc.
· Alibaba Group Holding Limited
· AutoZone, Inc.
· Advance Auto Parts
· Delticom AG
· eBay Inc
· Walmart
· Robert Bosch LLC
· Flipkart.com
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the e-commerce automotive aftermarket Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the e-commerce automotive aftermarket market?
• Which factors are influencing the e-commerce automotive aftermarket market over the forecast period?
• What are the global challenges, threats, and risks in the e-commerce automotive aftermarket market?
• Which factors are propelling and restraining the e-commerce automotive aftermarket market?
• What are the demanding global regions of the e-commerce automotive aftermarket market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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