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Automotive E-Tailing Market 2024-2033 - Size, Growth, Trends & Key Players Analysis
Automotive E-Tailing Market
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According to The Business Research Company's, The automotive e-tailing market size has grown rapidly in recent years. It will grow from $50.09 billion in 2023 to $56.79 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increasing internet penetration, growth of e-commerce platforms, improving logistics and delivery systems, the proliferation of secure and convenient digital payment, and increasing digital payment.
The automotive e-tailing market size is expected to see rapid growth in the next few years. It will grow to $94.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to the increasing use of mobile commerce, rising adoption of EVs, expansion of Aftermarket Services, increasing awareness and demand for sustainable and eco-friendly automotive products, and increasing penetration of online shopping. Major trends in the forecast period include the increasing use of advanced technologies, growth of mobile commerce, the surge in demand for EV parts and accessories, rising consumer demand for eco-friendly and sustainable automotive parts, and enhanced logistics and supply chain innovations.
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Market Drivers and Trends:
The increasing penetration of the internet is expected to propel the growth of the automotive e-tailing market going forward. Internet penetration refers to the percentage of the population that uses the Internet, allowing for enhanced connectivity and digital interactions. The usage of the internet is rising due to several factors, such as affordability, digital transformation, social connectivity, and economic opportunities. The internet allows automotive e-tailers to reach a global audience, making it easier to compare prices and make informed purchases. E-tailers use digital marketing methods to attract customers, increase interaction, and build brand loyalty. For instance, in February 2024, according to the International Telecommunication Union (ITU), a Switzerland-based specialized agency for information and communication technologies, in 2023, approximately 5.4 billion people (67% of the world's population) used the Internet, which is an increase of 45% from the last two years. Therefore, the increasing penetration of the internet is driving the growth of the automotive e-tailing market.
Major companies operating in the automotive e-tailing market are developing innovative solutions, such as digital lending platforms, to eliminate challenges associated with online car sales and offer a better buyer experience. A digital lending platform for retailing enables car manufacturers, dealers, aggregator platforms, and lenders to provide end-to-end digital retailing to their consumers, making automotive financing available, paperless, and instant for all creditworthy applicants. For instance, in February 2022, Kuwy Technology Service Pvt Ltd., an India-based automotive fintech platform that powers automated lending, launched an end-to-end digital lending service, KUWYLaaS. It provides both basic and advanced integrations of the car finance journey through its API suite. This offers capabilities such as digital credit application submission, real-time client loan decisioning, appropriate lender selection, incorporated counteroffer technology, and access to Kuwy's patented vehicle paper transfer platform. The KUWYLaaS solution is accessible in both mobile app and desktop versions and can be easily integrated with existing systems, such as websites or internal loan origination systems, using the API suite.
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Major Key Players of the Market:
Amazon.com Inc., AutoZone Inc., O'Reilly Auto Parts, Advance Auto Parts, eBay Inc., CarParts.com Inc., JEGS High Performance, 1A Auto Parts, Edmunds.com Inc., Carwow Ltd., CARiD.com, Buy Auto Parts, FCP Euro, RockAuto LLC, Rallysport Direct, Spinny, PartsGeek, Autotrader Inc., Autohaus Arizona Inc., JC Whitney, Summit Racing Equipment
Automotive E-Tailing Market 2024 Key Insights:
• The automotive e-tailing market size is expected to see rapid growth in the next few years. It will grow to $94.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Internet Penetration Driving Growth Of The Automotive E-Tailing Market
• Innovative Digital Lending Solutions Transforming Automotive E-Tailing
• Asia-Pacific was the largest region in the automotive e-tailing market in 2023
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