E-tailing Market Pegged to Expand Robustly During 2019-2022
Posted by rishikeshkuranewg on November 14th, 2019
E-tailing is one of the fastest growing distribution channel in the entire automotive industry. The automotive e-tailing market is expanding at a brisk pace and is slated to continue in the coming years as well. The growth of the market is calculated and assessed by the team of Market Research Future (MRFR). Their published report states that the global automotive e-tailing market is expected to reach a valuation of USD 55.22 billion by the end of the forecast period in 2022. The growth in market is expected to at a CAGR of 12% from 2016 to 2022 (forecast phase).
An increasing number of businesses are nowadays deploying e-commerce as a tool to accelerate their sales and revenue, and the automotive sector is certainly one amongst them. Automotive e-tailing is known as the sale of automotive goods and components through various electronic media. The global automotive e-tailing market is slated to grow in a profound fashion in the near future. The factors identified as the primary driver of the market are the increasing ecommerce platform and collaboration between companies and e-commerce providers. The easy mode of online shopping and payment and the availability of a vast pool of automotive products like interior accessories, infotainment systems, engine parts, tires-wheel, and electrical components aids the overall growth of the market. The fast-paced expansion of the automotive industry across emerging nations also helps steer the growth of the market. Add to this, factors like feature comparison, customer reviews, and the availability of goods at a discounted rate also help boost the market growth of automotive e-tailing.
Among other key factors, it is also worth mentioning about the rising number of initiatives undertaken in many developing economies for digitization. This has, in turn, supported the growth of the market significantly. Automotive e-tailing offers buyers with complete assurance concerning the authenticity of the products being purchased. The market is growing in a striking fashion in the automotive industry because of its ability to solve problems of various automotive part suppliers, retailers, and manufacturers that are related to errors on conditions, complex order procession, payment and shipping, etc. Other factors driving the global market include the growing penetration of the internet, increasing preference of consumers for e-commerce platforms, increasing consumer base of vehicles, and increasing investment of companies on e-commerce platforms.
Despite these key factors, a vast population of the consumers prefer brick and mortar stores rather than online platforms. This can restrict the overall growth of the market. Other key factors that can hamper the growth of the market include delay in product possession, online payment frauds, and slow adoption of e-commerce for automotive parts owing to various inhibitions regarding product quality.
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The global automotive e-tailing market segmentation is done on the basis of component, vendor type, and vehicles.
By vendor type, the market segments into OEM vendor and third-party vendor.
By component, the market divides into chassis, electrical & electronics, and powertrain.
By vehicles, the market segments into non-commercial and commercial cars.
The global automotive e-tailing market covers a range of regions, namely South America, Europe, North America, Europe, Middle East & Africa, and Asia Pacific.
Among these mentioned regions, the Asia Pacific regional market holds the highest share of the global market. This is due to the increasing penetration of the internet herein and the prevalent use of smartphones in the region. Both China and India are the major contributors of the region due to the high population of the vehicle. Aside from Asia Pacific, North America regional market is also consolidated owing to the high inclination towards e-tailing herein.
The global automotive e-tailing market comprises a host of key players, both small and large. Some of them identified by MRFR are as follows: Delticom AG (Germany), eBay Inc. (U.S), Advance Auto Parts, Inc. (U.S), JEGS High Performance (U.S), Genuine Parts Company (U.S), Rock Auto LLC. (U.S), AutoZone, Inc. (U.S.), O'Reilly Auto Parts (U.S), CARiD.com (U.S), K&N Engineering, Inc. (U.S) and others.
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