Selbyville, Delaware, Sept. 21, 2022 (GLOBE NEWSWIRE) --
The e-commerce automotive aftermarket industry is expected to record a valuation of USD 200 billion by 2030, according to the latest research study by Global Market Insights Inc.
Steady shift from conventional retail stores to brick & click business models will complement the market outlook. Auto part manufacturers are gradually integrating this business model to increase product accessibility and improve the overall user shopping experience. The need to increase brand awareness through advertisement approaches and integrated marketing strategies can help firms to expand consumer reach.
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Increasing cases of counterfeit components use will be one of the key factors hampering the growth of the e-commerce automotive aftermarket. Counterfeit businesses primarily target segments that involve easy-to-replicate high-end products with a high turnover such as tail lamps, filters, headlamps, bumpers, windshields, tie rods, and steering arms. Moreover, substantial economic recovery and booming automotive sector across countries like China, the U.S., Japan, and India indicate lucrative scope for industry players.
The accessories product segment accounted for around USD 13 billion in 2021. Some of the commonly purchased aftermarket car accessories include blind spot mirrors and acoustic signals. With rising disposable income, customers are heavily inclined toward luxury interior products and sporty exterior auto parts.
Given the trend for luxury car accessories and vehicle customization, the e-commerce automotive aftermarket will register promising growth. Technological advancements in next-generation accessories such as smart stereo interfaces, automotive LED lights, dash cams, and electric coolers/warmers, and faster delivery options will boost consumer shift to e-commerce platforms.
The e-commerce automotive aftermarket from B to Big B consumer segment is anticipated to surpass USD 17 billion by 2030. B to Big B distribution networks involve companies responsible for the distribution of aftermarket parts to tier 1 suppliers and dealers. Increasing bulk purchases of automotive equipment and systems over online platforms by the tier 1 suppliers that deliver it directly to OEMs will positively influence the segment growth.
The Asia Pacific e-commerce automotive aftermarket size is projected to observe more than 15% growth rate through 2030. China is one of the largest markets for automotive parts in the world and accounts for around 25% of global auto parts consumption. The automobile sector of India is also witnessing dynamic transformation with a substantial increase in automotive sales and the advent of electric & hybrid vehicles. The rise in number of smartphone users along with ongoing efforts to foster internet connectivity and strengthen cellular infrastructure will favor e-commerce expansion across the region.
Top manufacturers operating in the e-commerce automotive aftermarket are Advance Auto Parts, Alibaba Group, Amazon, Arch Auto Parts, AutoAnything, AutoZone, Bosch, Carid.com, Denso Corporation, eBay, Flipkart, JC Whitney, NAPA Auto Parts, O’Reilly Auto Parts, Pep Boys, RockAuto, Sears, Tire Rack.com, and U.S Auto Parts Network, Inc. These leaders are adopting innovative strategies to enhance e-commerce output and market penetration.
In December 2021, independent tires and wheels retailer, Discount Tire announced the acquisition of Tire Rack, a leading consumer-direct source for wheels, tires, and performance accessories. Through this acquisition, the two companies will introduce easy and safe omnichannel B2B and fleet customer experiences worldwide.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Global E-commerce automotive aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 - 2030
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.4.1 Product description videos
3.4.2 Chatbots
3.4.3 Mobile commerce
3.4.4 The social commerce
3.4.5 Cross channel integration
3.4.6 E-wallets
3.5 Pricing analysis
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Innovation & sustainability
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 Competitive landscape
3.12 PESTEL analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
