USD 45.9 billion
Report ID: SQSG25AG2003 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 64 | Figures: 65
Global Automotive E Commerce Market was valued at USD 45.9 billion in 2021, and it is expected to reach a value of USD 66.4 billion by 2028, at a CAGR of more than 3.20% over the forecast period (2022-2028).
The market is being stimulated by the growing demand from consumers and independent retailers for access to more reasonably priced automotive aftermarket parts. E-commerce sales channels are being adopted by traditional auto merchants as well in order to boost income creation and improve customer service. The continued trend of pure-play retailers implementing e-commerce tactics is anticipated to drive the market's expansion.
The continued trend of people personalising and designing the interiors and exteriors of automobiles in accordance with their preferences and interests further encourages market expansion. Purchasing discretionary items like lights and accessories serves the objective of personalising frequently. This lessens the problems with installation prices and delivery speed, which lessens the effects of selecting and installing the wrong items. Due to their tiny size, these accessories are simpler to transport, allowing customers to instal them themselves.
The COVID-19 epidemic has caused a major disruption in the aftermarket for e-commerce. Due to the deployment of lockdowns by numerous regional governments, COVID-19 restricted automobile production and product development activity in several locations across the world. Additionally, e-commerce sales channels for automotive equipment have been used by traditional players as a result of global restrictions on supply chain activities, firm closures, and decreased revenues. When combined with conventional sales techniques, this trend has led to more effective sales, which are anticipated to present potential development opportunities during the projected period.
Customers find it challenging to estimate the cost of services or a product due to the automotive aftermarket market's complex requirements and multiple product specifications. Customers choose a standardised platform from a reputable brand to acquire goods and services in order to avoid paying excessive prices and receiving subpar customer service. By offering uniform services across their service region, large e-commerce platforms that sell products from numerous brands in various locations serve as service aggregators.
Global Market Size
USD 45.9 billion
more than 3.20% CAGR
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The Global Automotive E-Commerce Market is segmented based on the Component, Vehicle Type, and region. Based on the Component, the Global Automotive E-Commerce Market is segmented as Informational and Multimedia, Engine, Tires and Wheels, Interior Accessories, Electrical Product, and Others. Based On Vehicle Type, the Global Automotive E-Commerce Market is segmented as Passenger and Commercial. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Component
Based on the Component, Automotive E-Commerce Market is segmented as Informational and Multimedia, Engine, Tires and Wheels, Interior Accessories, Electrical Product, and Others.
Growing Number of Aging Vehicles Will Support Engine Components Segment's Growth. The automotive e-commerce market can be segmented into infotainment and multimedia, engine components, tyres and wheels, interior accessories, and electrical items based on the components they contain. The market's dominant position is held by the engine components sector as a result of the ongoing increase in vehicle and fleet ageing. Pistons and rings, bearings, engine blocks and cylinder heads, valves and filters are the vehicle parts that fall under the category of engine components.
Analysis by Vehicle Type
The Global Automotive E-Commerce Market has been segmented on the basis of vehicle type as Passenger and commercial vehicle. In 2021, the passenger car sector has the most market share, and it is predicted that it would continue to dominate the market during the projection period. This is attributable to the increasing sales of passenger cars.
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Asia Pacific region held the greatest share in the automotive e-commerce market. This is mostly because it is the location of the world's largest automobile sector, which produces more than 50 million vehicles annually. It is greatly influenced by the soaring GDP and rising disposable income of people living in developing nations like China, India, and South Korea. These nations make significant contributions to increasing vehicle sales, which benefits the e-commerce automotive aftermarket.
The automobile e-commerce industry is estimated to rise at the quickest rate in Europe during the coming years. Europe has emerged as a significant market for vehicle e-commerce as a result of the growth of e-commerce. Consumers now have more discretion and control over their spending because to the growing usage of internet purchasing for auto parts. Cross-border online shopping is becoming more and more popular as consumers seek out lower prices and a wider variety of goods or brands. Companies may provide their products at the most competitive prices with immediate marketing capability, ease of use, and quickness. The growing awareness of customers for cross-border shopping as a channel will be extremely profitable for the internet.
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The Global Automotive E-commerce Market is with a high level of competition. As, significant companies in the automotive aftermarket sector have started diversifying their service offerings and inculcating e-commerce sales channels to improve revenue generation practices. Auto parts sellers have started increasing investments in B2B interface, merchandising, and e-commerce functionality to improve and enhance their service offerings.
Top Player's Company Profiles
You can attract customers to your website if you want to connect with that expanding segment of the market. Some auto dealers have launched a YouTube channel for installation tutorial videos. You can also discuss the newest automotive models or inform readers about cutting-edge technologies.
It's simple for DIYers to visit your parts website after watching YOUR how-to video. Imagine viewing a video on YouTube and then scrolling down to the description to see links to all the required auto parts.
With numerous national and international players competing, the competitive level has seen a significant transformation over the past ten years. Customers now have more options, which has increased their purchasing power and compelled businesses to develop new technology innovations in order to gain market dominance. The automotive e-commerce market is anticipated to be further fueled by innovations made by the companies, which have also concentrated on the security and luxury of vehicles as well as the services offered to their clients.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Automotive E-commerce Market Analysis, in terms of Components, engine components sector. In terms of Vehicle Type, passenger car sector has the most market share. Among regions, Asia Pacific region held the greatest share in the market. The primary factor driving the expansion of the automotive e-commerce market is the growing propensity of consumers to buy aftermarket automotive products directly from the manufacturer.
|Market size value in 2021||USD 45.9 billion|
|Market size value in 2028||USD 66.4 billion|
|Growth Rate||more than 3.20%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automotive E-Commerce Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive E-Commerce Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive E-Commerce Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive E-Commerce Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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The Automotive E-Commerce Market segmented on the basis of application is segmented into investment and multimedia, engine components, tires & wheels, interior accessories, and electrical products.
Automotive e-commerce helps in effectively expanded customer list, optimize expenses and business processes, acquiring additional revenue streams using Omnichannel marketing, customized shopping experience.
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Product ID: SQSG25AG2003