Pune, India, Aug. 23, 2021 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights, the global Automotive E Commerce market size to reach USD 202.94 billion at CAGR of 21.8% by 2028. According to our analysts, the market growth is influenced by the development of the global industry, surging automobile sales, and the digitalization of interfaces and channels. Additionally, the rise in the income of the customers and escalating utilization of the internet has resulted in the enhancement in online deals of automobile parts and gears, successively fueling the market growth during the mentioned timeframe. The market stood at USD 43.62 billion in 2020.
COVID-19 to Hinder Automotive E Commerce Businesses Baked by Lockdown Restrictions
The coronavirus pandemic has considerably impacted production operations across the globe. The supply chain cycle faces a great threat, and product scarcities are becoming apparent owing to the government's imposition of lockdown in numerous areas of the world. Companies that were formerly using offline sales networks are now seen shifting towards digital set-ups.
Although major business segments universally have suffered the adverse impacts of the pandemic, Automotive E Commerce owns the ability to drag the businesses back on the trajectory as it offers better security and a simplified purchasing process for consumers. Various mega-companies have reported a dip in sales as the majority of the shipping and e-commerce services were temporarily put on halt by officials. For example, in February 2020, Alibaba Group cautioned about a dip in revenue at its key e-commerce businesses as the pandemic hit China and disrupted supply chain cycles and deliveries.
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However, in April 2020, Alibaba Group Holding Ltd stated that it would invest USD 28 billion in its cloud infrastructure over the next three years. This plan is suspected of observing an escalation in demand for business software as the pandemic peaked in China.
On the basis of components, the global market is divided into infotainment and multimedia, engine components, tires and wheels, interior accessories, electrical products. By vendor type, this market is segmented into OEM vendors and third-party vendors. In terms of region, the market is further segregated into North America, Europe, Asia Pacific, and the rest of the world.
On the basis of vehicle type, the market is classified into passenger cars, commercial vehicles, and two-wheelers. The passenger car segment is accountable for the chief market share of 71.79% as of 2020 and is also anticipated to dominate the market during the forecast period. This is accredited to the surging sales of passenger automobiles.
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Surging Demand for Buying Automobile Spares through Online Platforms to Fuel Growth
The broad range of automobiles and auto parts and components are largely obtainable on online platforms, and this is fuelling the growth of the market. Nowadays, automotive clients progressively opt to purchase automobile fragments and gears online.
Consequently, the automotive industry is observing a major inclination towards e-retail platforms. The market has witnessed competition regarding the sale of components, and the retailers are focused on providing extra services such as vehicle servicing schedules, pre-owned vehicle sales, and trade-in.
Likewise, they are targeting estimating a reasonable value for the car model to achieve benefit to that of conventional vendors. Therefore, the accessibility of an extensive variety of cars and automobile parts online is projected to significantly contribute to this growth during the forecast period.
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North America to Dominate Market Owing to Rising Demand for Chaos-free Shopping
The North American region is expected to dominate and hold the majority of the Automotive E Commerce market share owing to the increasing demand for hassle-free shopping, the existence of completely progressed infrastructure, the rising fondness towards regional consumers for online shopping, and the huge demand for luxury and finest cars is estimated to substantially drive the market growth in the North American region.
In Asia Pacific, the market is expected to arise as the most profitable regional market due to vital players in the region, such as Alibaba Group, Amazon.com, eBay Inc., and Flipkart Internet Private Limited. Moreover, government activities such as Digital India, and partnerships between local stores and e-commerce platform suppliers, are further projected to lift the market.
Europe is expected to witness substantial growth in the market with a stellar CAGR of 22.4% during 2021–2028. Europe is one of the core markets for Automotive E Commerce owing to the evolution in e-commerce.
List of the Companies Operating in the Market:
- O’Reilly Auto Parts (Missouri, United States)
- Amazon.com, Inc. (Washington, United States)
- Alibaba Group Holding Limited (Hangzhou, China)
- AutoZone, Inc. (Tennessee, United States)
- Advance Auto Parts (North Carolina, United States)
- Delticom AG (Hanover, Germany)
- eBay Inc. (California, United States)
- Walmart (Arkansas, United States)
- Bosch Auto Parts (Gerlingen, Germany)
- Flipkart Internet Private Limited (Karnataka, India)
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Global Automotive E Commerce Market Segmentation:
By Component:
- Infotainment and Multimedia
- Engine Components
- Tires and Wheels
- Interior Accessories
- Electrical Products
By Vendor Type:
- OEM Vendor,
- Third-party Vendor
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Two-wheeler
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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