According to The Insight Partners’ research, ” E-commerce Automotive Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Consumer Type, and Geography,” the E-commerce Automotive Aftermarket Market is projected to reach US$ 1,60,985.4 million by 2028 from US$ 57,301.1 million in 2022. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
The automotive aftermarket is concerned with the custom manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories following the sale of the automobile to a consumer by the original equipment manufacturer (OEM). However, OEMs can fail to produce components and accessories for sale.
The E-commerce automotive aftermarket market refers to an internet-based e-commerce platform where car components are offered to do-it-yourself customers and service professionals. The aftermarket includes all automotive spare parts, equipment, accessories, and services purchased through e-commerce platforms following regular vehicle usage. Customers’ broad usage of e-commerce services has boosted the global e-commerce automotive aftermarket.
Furthermore, the rapidly increasing electric vehicle industry will likely create new possibilities for e-commerce automotive aftermarket market participants in the coming years. The growing influence of digital transformation is transforming the global automobile sector. The automotive aftermarket is also changing from conventional legacy systems to digitalized systems powered by big data, predictive analytics, mobility, and IoT. E-commerce development is predicted to provide opportunities for all industry participants, including original equipment manufacturers (OEMs), original equipment suppliers (OESs), workshops and garages, distributors, end customers, non-auto stakeholders, and mobility startups. The continued trend of people customizing and creating automobile interiors and exteriors based on their preferences adds to the market development.
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Companies Profiled in this report includes: Alibaba Group Holding Limited; Amazon.com, Inc.; AutoZone, Inc.; Shopee365; CATI S.p.A.; eBay Inc.; LKQ Corporation; The Pep Boys; CarParts.com, Inc; and Denso Corporation
Impact of COVID-19 Pandemic on E-commerce Automotive Aftermarket Market
The COVID-19 pandemic had an unforeseen and severe impact on the global automotive sector, which was already dealing with a decline in global demand. The COVID-19 pandemic severely impacted the manufacturing processes. Lockdowns imposed in many regions have disrupted supply networks and have led to goods shortages. Businesses that formerly relied on offline sales channels increasingly shift their operations toward digitalized systems. Due to closures of borders in most nations and a rise in oil costs, the automobile industry witnessed a huge slump in sales in 2020. Major players in the e-commerce automotive aftermarket market have adopted several strategies to mitigate the impact of the pandemic on their businesses, including reviewing stock in their showrooms and calculating when the market would reopen, and services would restart.
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Key Findings of Study
The global e-commerce automotive aftermarket market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe e-commerce automotive aftermarket market, technological breakthroughs, the presence of significant companies, a greater acceptance rate of new technologies, increased manufacturing infrastructure, and improved economic circumstances are driving the market. The enhanced average vehicle age by 24+ months is another element that helps succeed in the automotive aftermarket. Therefore, these factors increased the demand for e-commerce automotive aftermarket in these two regions.
The e-commerce automotive aftermarket market in North America is increasing due to the continuous production of commercial vehicles. Thus, the continuous production of commercial vehicles across the region supports the growth of the automotive industry in North America.
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