How Does Increased Age of Vehicles Boosts Demand for Automotive Replacement Components?

In 2021, the e-commerce automotive aftermarket contributes approx. $78,631.4 million revenue, and it is expected to rise at the rate of 10.4%, and capture $191,545.7 million revenue, ascribed to the rise in the number of DIY customers. The convenience provided by the online shopping channels also expands the demand for replacement automotive components.

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The online distribution channel generated significant sales of automotive aftermarket components, led by internet penetration, and ease of access to online platforms selling these parts. As people utilized their time inside homes to prevent COVID-19 spread, they highly opted for vehicle maintenance and repair services through online channels.

Emerging economies such as India, Brazil, and China are projected to experience a rise in the average age of vehicles in the near future, further resulting in the increased sales of automotive aftermarket parts. The manufacturers of these components are expected to generate high profits with an increase in the consumer base led by the expansion of an expansion of e-commerce sector and enhanced product portfolios.

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The shift in consumer preference, rise in average life of vehicles, and increasing vehicle customizations strengthens the automotive aftermarket industry globally. In addition, B2B captures significant sales of the automotive aftermarket components, accounting for over 73% revenue share, due to the easy payment options, doorstep delivery, massive discount on bulk purchases, and hence lures customers with reduced logistics costs.

The increase in the sales of automotive replacement parts is led by the wide range of product availability, easy buying options led by hassle-free transactions, and timely delivery that boosts the online purchases of automotive aftermarket components.

APAC generates the highest sales of automotive replacement parts through online distribution channels, accounting for 38%. The rise in the sales in APAC is driven by the emergence of the world's largest automotive industry in the region, with an annual production counting for 50 million vehicles per year. In addition, the increasing GDP and rise in disposable income of the population in developing countries such as South Korea, China, and India proliferate the consumption of automotive replacement parts.

Therefore, the rising disposable income of the population in emerging economies, and the increased age of vehicles purchased through car loans boost the e-commerce automotive component replacement industry.

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