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Global E-commerce Automotive Aftermarket Market to Register a Robust 24.2% CAGR from 2017 to 2025
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According to a report by Transparency Market Research, the global e-commerce automotive aftermarket market was worth US$32.723 bn in 2016, and rising at a phenomenal CAGR of 24.2% during the period between 2017 and 2025, it is slated to reach a value of US$227.165 bn by the end of the forecast period.
Presence of Many E-commerce Players Makes Asia Pacific Key Region
Depending upon the type of products, the global e-commerce automotive aftermarket market can be classified into interior accessories, exterior accessories, performance parts, wheels and tires, tools and garage, auto body parts, oil, and coolants and fluids, among others such as paints and custom modifications. The wheels and tires segment, among them, is slated to hold a dominant share of about 30.5% share in the market in 2017. In terms of growth rate, the oil and coolants and fluids segments are predicted to outpace all others in the next couple of years.
Geographically, the key segments of the global e-commerce automotive aftermarket market are North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific, among them, is a key market on account of the presence of many big e-commerce players in the region, namely Amazon.com, Alibaba Group, Flipkart Internet Private Limited, and E-bay Inc. Further, initiatives such as Digital India and partnerships between e-commerce platform providers and brick and mortar stores is expected to propel the market further in the region. China is the leading market in the region with a substantial share.
Do-it-yourself Customers Promote Market Growth
The global e-commerce automotive aftermarket market is currently bolstered by the growing number of do-it-yourself (DIY) consumers, who assemble purchased parts themselves. Since, DIY customer can buy products without installation services, they mostly choose online platform to buy auto parts. This is serving to boost the e-commerce automotive aftermarket.
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“Another prominent driver of growth in the e-commerce automotive aftermarket is e-commerce platform providers acting as service aggregators to provide quality and price assurance to the customers. Different requirements and product specifications in automotive aftermarket makes customers opt for big e-commerce platforms having products from multiple brands and multiple places. On account of this, service aggregator e-commerce platforms will continue to boost e-commerce automotive aftermarket,” elaborates the lead analyst of the TMR report.
Manufacturers Foraying into E-commerce Platforms Boost Sales
Another prominent growth driver in the e-commerce automotive aftermarket market is the foray of aftermarket manufacturers into e-commerce. Such B2C sales channels eliminate all the middlemen and the cost benefits resulting from it are ultimately passed on to customers. This serves to increase sales further.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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