iCrowd Newswire – Oct 19, 2020
Valued at $38.2 billion in 2019, the global e-commerce in automotive aftermarket is predicted to attain a revenue of $292.6 billion by 2030, exhibiting a CAGR of 23.3% from 2020 to 2030. The market is being driven by the rising consumer awareness about automotive parts and components and their specifications, soaring popularity of do-it-yourself (DIY) methods, and the surge of the automotive aftermarket, on account of the rising number of VIO (vehicles in operation), increasing average age of automobiles, and the growing prevalence of road accidents across the world.
In the recent times, the public awareness about automotive parts has increased significantly all over the world. Moreover, nowadays, people are more inclined to purchase automotive parts from various e-commerce platforms than the conventional stores and outlets. This is because of the availability of a wider range of automobile components in the online storesthan in the brick-and-mortar ones. Furthermore, several prominent e-retail companies such as Wal-Mart Stores Inc.,Amazon.com Inc., and Alibaba Group Holding Ltd. are selling vehicle components and parts in their platforms.
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When geographical scenario is considered, the Asia-Pacific (APAC) region accounted for the major revenue share of the e-commerce in automotive aftermarket during 2014–2019, and the region is also projected to witness the highest CAGR in the years to come. This is due to the surging sales of automobiles in developing countries. Moreover, the increase in the gross domestic product and rise in disposable income of people are also leading to the growth of the market in APAC.
The players operating in the e-commerce in automotive aftermarket are engaging in partnerships with each other for enhancing their presence in the industry. For example, Alibaba Group Holding Ltd. entered into a partnership with FAW Group in January 2020, with the aim of creating next generation intelligent connected vehicles in China. Under the agreement, FAW Group will make use of the former company’s open mobility platform, Banma Network Technology.
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The major companies in the e-commerce in automotive aftermarket are Robert Bosch GmbH,DENSO CORP., Delphi Technologies PLC, ZF Friedrichshafen AG,Valeo SA, Continental AG, Amazon.com Inc., HELLA GmbH & Co. KGaA, Meritor Inc., eBay Inc., U.S. Auto Parts Network Inc., AutoZone Inc., Alibaba Group Holding Ltd., BuyAutoParts.com, Advance Auto Parts Inc., and Genuine Parts Co.
Market Segmentation by Component
- Engine Parts
- Pistons and piston rings
- Engine valves and parts
- Fuel injection systems and carburetors
- Powertrain components and others
- Drive Transmission and Steering Parts
- Steering systems
- Clutch assembly systems and others
- Suspension and Braking Parts
- Brake calipers
- Brake pads
- Suspension systems
- Other parts
- Headlights and headlights components
- Wipers and washer systems
- Dashboard instruments
- Other equipment
- Electrical Parts
- Starter motors
- Spark plugs
- Electric ignition systems
- Batteries and others
Market Segmentation by Channel
- Third Party Retailer
- Direct to Consumer
Market Segmentation by Consumer
- Business to Consumer (B2C)
- Business to Business (B2B)
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Keywords: E-Commerce in Automotive Aftermarket