Automotive E-Commerce Market

Posted by Abhijeet Bendre on September 16th, 2019

Market Research Future published report on “Automotive E-Commerce Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

The global e-commerce market is growing pervasively mainly due to the shifting preference of consumers to online platforms for trade and purchase purposes. E-commerce sector witnesses rising sales, garnering huge popularity. Besides higher price transparency, the convenience of purchasing with a diversified range of product lines is a prime factor driving the popularity of online purchases.

Simultaneously, the proliferation of the internet along with the improving economic conditions are quadrupling the number of online shoppers rapidly. This can provide an impetus to the market growth, escalating it to new levels globally.

Acknowledging the kind of accruals the market is gaining currently, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. In its study report, MRFR asserts that the global automotive e-commerce market will garner an exponential value by 2023 registering a CAGR of approx.6% between 2017 and 2023.

The automotive e-commerce market is driven by numerous factors such as the aging vehicle fleet, the growth of the global e-commerce industry, and digitization of channels and interfaces. Key international players such as Amazon and Alibaba are expanding their reach by buying up smaller local platforms, especially in flourishing e-commerce markets, which in turn, is impacting the market growth positively.

The increased influence of digital transformation is also reshaping the global automotive industry. Digitization is bringing upon substantial improvements in the value chain and lessened lead times for workshops and customers. At the same time, automotive aftermarket is perceiving a gradual shift from traditional legacy systems to the digitalized world powered by big data, predictive analytics, mobility, and internet-of-things (IoT). The digitization of data is allowing players operating in the aftermarket to gain further value as connectivity helps them move closer to the end customer.

On the flip side, automotive e-commerce market is confronted with some challenges such as availability of the options of various payment methods, same day delivery policies, and handling the return request of the customers. However, these challenges are negligible in comparison with the benefits that E-Commerce platform offers. Hence MRFR confirms that the global automotive e-commerce market is poised to witness galore accruals in the next five years.

Global Automotive E-Commerce Market Segment:

Global Automotive E-Commerce Market is segmented into flour key dynamics for an easy grasp and enhanced understanding.

By Components: Infotainment & Multimedia, Engine Components, Tires & wheels, Interior Accessories, and Electrical Product among others.

By Consumers: B2B and B2C, others.

By Vehicle Types: Passenger vehicles and Commercial Vehicles, others.

By Region: North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

Global Automotive E-Commerce Market Regional Analysis:

Europe accounts for the fastest growing market for automotive e-commerce, capturing the largest share of the global market. The region enjoys the presence of a well-established automotive sector and hence, a thriving automotive e-commerce market with a burgeoning e-commerce sector. The high uptake of e-commerce platform ensures a high level of flexibility and customization of the automotive components along with the high spending by the consumers and hence a good sale.

The increasing inclination of consumers towards cross-border online purchase highlights an increasing realization that purchasing from the country of automotive experts can offer a good deal with a wider range of products or brands. Similarly using the internet as a channel benefits greatly owing to its immediate advertising potential and the convenience of speed and ease. Countries namely Germany, U.K., France, and Italy, are the major markets in this region on account of established automotive industries.

The Asia Pacific is another lucrative market for automotive e-commerce globally, owing to the factors such as the flourishing automotive and e-commerce industries in the region. India, China, and Japan account for the major contributors to market growth backed by the presence of major e-commerce players and a well-established automotive sector in the region.

Initiatives such as Digital India, and partnerships between e-commerce platform providers and brick & mortar stores, are further expected to substantiate the market growth.

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