E-Commerce Automotive Aftermarket Registering A CAGR Of 14.6% From 2021 To 2028Posted by Neha Bora on July 13th, 2023 San Francisco, 13 July 2023: The Report E-Commerce Automotive Aftermarket Size, Share & Trends Analysis Report By Replacement Parts (Lighting, Engine Parts, Braking Systems, Transmission & Steering), By End Use, By Region, And Segment Forecasts, 2021 - 2028 The global E-Commerce Automotive Aftermarket size is anticipated to reach USD 143.9 billion by 2028, exhibiting a CAGR of 14.6% over the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising availability of automotive replacement equipment on online platforms, thereby enabling customers to access more affordable buying options. Improved supply chain activity with technology deployments such as the Internet of Things (IoT) and automation has boosted the growth of e-commerce platforms in the automotive sector. Further, rising awareness of automotive OEMs to establish an omnichannel presence promotes them to deploy e-commerce practices, thereby offering growth opportunities for the e-commerce aftermarket parts. The increasing automotive sales and the increasing presence of new automotive players are expected to aid the market growth. The production of new automobiles with diverse technologies facilitates the need to develop new aftermarket products. Furthermore, rising awareness amongst people to adopt electric vehicles promotes automotive companies and OEMs to develop more proficient products, which help increase the efficiency of the electric vehicle. This increasing awareness towards the adoption of electric vehicles is expected to result in higher R&D activities in product development, thereby offering promising growth opportunities to the market. The Asia Pacific region is expected to record the highest CAGR over the forecast period. This growth is majorly fueled by China due to the increasing number of light motor vehicles in the country, facilitating an increase in the sales of automotive replacement parts. Additionally, the growing average age of the vehicle population and technological innovation in automotive manufacturing practices such as the influx of robots and automation is expected to grow the e-commerce aftermarket over the forecast period. The Chinese government also incentivizes the automotive suppliers to improve automotive aftermarket transparency and presence by enabling independent suppliers to sell Original Equipment Service (OES) parts. E-tailers are continuously challenging traditional retailers by penetrating the market more effectively. This has led to the emergence of companies such as RockAuto and Tire Rack and also promoted companies such as Alibaba and Amazon to increase investments in the automotive aftermarket sales segment. This has led to an increase in automotive equipment sales via e-commerce channels, and the trend is expected to continue over the forecast period. Moreover, the onset of COVID-19 has promoted people to stay confined to their homes, thus encouraging them to engage in online shopping activities for earlier bought from physical stores, which will help the e-commerce automotive equipment shopping trend stay buoyant. Access Research Report of E-Commerce Automotive Aftermarket @ https://www.grandviewresearch.com/industry-analysis/e-commerce-automotive-aftermarket-report E-Commerce Automotive Aftermarket Report Highlights
E-Commerce Automotive Aftermarket Report Scope
List of Key Players of the E-Commerce Automotive Aftermarket
Access Press Release of E-Commerce Automotive Aftermarket @ https://www.grandviewresearch.com/press-release/global-e-commerce-automotive-aftermarket Like it? Share it! More by this author |