E-Commerce in Automotive Aftermarket to Witness 23.3% Revenue Boom by 2030, Globally says P&S Intelligence
NEW YORK, March 30, 2021 /PRNewswire/ -- The shift in the consumer purchasing preference, from traditional brick-and-mortar stores to online platforms, is expected to drive the global e-commerce in automotive aftermarket at a high CAGR, of 23.3%, between 2020 and 2030. At this rate, the industry revenue is projected to increase from $38.2 billion in 2019 to $292.6 billion in 2030, according to P&S Intelligence. Most people don't really understand the specifications of the auto parts they are purchasing and their compatibility with their vehicle.
The reason this factor is important in the e-commerce in automotive aftermarket growth is that online platforms allow customers to see all product specifications and select the best one. Additionally, they can simply pay online and have the spare parts delivered at their doorstep. This way, they save themselves the trouble of being constantly hounded by the sales pitch of the employees working at the store, who can sometimes make people buy costly parts, which do not offer the desired value.
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As the automotive component supply chain has been negatively affected by the COVID-pandemic, which has also persuaded people to refrain from purchasing non-essential goods, the e-commerce in automotive aftermarket is currently witnessing recession. Apart from the supply of vehicle parts, even their manufacturing has stopped, as numerous countries have locked themselves down, in order to stop the pandemic in its tracks. However, as soon as the situation improves, the online sales of auto parts will pick up.
The engine parts category, based on component, would hold the largest share in the e-commerce in automotive aftermarket in the coming years. This is attributed to the increase in the number of vehicles on the roads as well as a rise in their average age, which are together driving the demand for engine parts, which are crucial for the functioning of automobiles.
In the coming years, higher CAGR in the e-commerce in automotive aftermarket, of 25.8%, is expected to be observed by the direct-to-consumer bifurcation, under segmentation by channel. This would be on account of the changing consumer preference to shop online, and rise in the number of people who like to perform vehicle repairs and upgrades themselves.
Browse report overview with detailed TOC on: "E-Commerce in Automotive Aftermarket Research Report: By Component (Engine Parts, Drive Transmission and Steering Parts, Suspension and Braking Parts, Equipment, Electrical Parts, Miscellaneous), Channel (Third Party Retailer, Direct to Consumer), Consumer (B2C, B2B) - Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/e-commerce-in-automotive-aftermarket
The business-to-business (B2B) bifurcation, on the basis of consumer, dominated the e-commerce in automotive aftermarket during 2014–2019, as online retailers offer sizeable discounts on bulk purchases, easy payment options, and cost-effective doorstep delivery. All these advantages attract a large number of buyers, which mutually benefits the e-tailer as well as the auto part manufacturer.
Asia-Pacific (APAC), which is currently the highest revenue contributor to the e-commerce in automotive aftermarket, will continue dominating the industry in the near future. The largest vehicle manufacturer on earth, APAC has an annual output of more than 50 million automobiles, which is why it is a lucrative market for spare parts. Owing to the rapid urbanization rate, vehicle sales are picking up in the region. Moreover, the technologically inclined population has not only started repairing and upgrading automobiles itself, but it is also shifting to online shopping.
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The major companies functioning in the global e-commerce in automotive aftermarket are Robert Bosch GmbH, DENSO CORP., Valeo SA, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Meritor Inc., HELLA GmbH & Co. KGaA, eBay Inc., Amazon.com Inc., U.S. Auto Parts Network Inc., AutoZone Inc., Advance Auto Parts Inc., Alibaba Group Holding Ltd., Genuine Parts Co., and BuyAutoParts.com.
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