E-commerce Automotive Aftermarket Market is expected to reach US$ 1,60,985.4 Million by 2028

PRESS RELEASE BY The Insight Partners 30 Jun 2022

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Rising Need for E-commerce Automotive Aftermarket in SMEs to Offer Growth Opportunities

According to our new research study, titled " E-commerce Automotive Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Consumer Type, and Geography," the E-commerce Automotive Aftermarket Market is projected to reach US$ 1,60,985.4 million by 2028 from US$ 57,301.1 million in 2022. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.

The automotive aftermarket is concerned with the custom manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories following the sale of the automobile to a consumer by the original equipment manufacturer (OEM). However, OEMs can fail to produce components and accessories for sale.

The E-commerce automotive aftermarket market refers to an internet-based e-commerce platform where car components are offered to do-it-yourself customers and service professionals. The aftermarket includes all automotive spare parts, equipment, accessories, and services purchased through e-commerce platforms following regular vehicle usage. Customers' broad usage of e-commerce services has boosted the global e-commerce automotive aftermarket.

Furthermore, the rapidly increasing electric vehicle industry will likely create new possibilities for e-commerce automotive aftermarket market participants in the coming years. The growing influence of digital transformation is transforming the global automobile sector. The automotive aftermarket is also changing from conventional legacy systems to digitalized systems powered by big data, predictive analytics, mobility, and IoT. E-commerce development is predicted to provide opportunities for all industry participants, including original equipment manufacturers (OEMs), original equipment suppliers (OESs), workshops and garages, distributors, end customers, non-auto stakeholders, and mobility startups. The continued trend of people customizing and creating automobile interiors and exteriors based on their preferences adds to the market development.

Moreover, the easy availability of cheap replacement parts and simple procedures, such as changing oil, tires, and mirrors with little tool requirements, are increasing the size of the DIY sales outlet business, thereby positively influencing the e-commerce automotive aftermarket market. Increased e-commerce platforms and collaboration between e-commerce platform providers and brick-and-mortar retailers are expected to boost the global e-commerce automotive aftermarket market over the forecast period.

Based on product type, the e-commerce automotive aftermarket market is classified into braking (brake pads, hydraulics and hardware, and rotor and drum), steering and suspension (ball joints, tie rods, sway bar links, bearings/seals, and others), and hub assemblies, universal joints, gaskets, filters, spark plug, and others. Based on consumer type, the market is bifurcated into B2B and B2C. Based on geography, the market is segmented into 5 major regions: Asia Pacific (APAC), North America, Europe, Middle East & Africa (MEA), and South America (SAM).

Impact of COVID-19 Pandemic on E-commerce Automotive Aftermarket Market

The COVID-19 pandemic had an unforeseen and severe impact on the global automotive sector, which was already dealing with a decline in global demand. The COVID-19 pandemic severely impacted the manufacturing processes. Lockdowns imposed in many regions have disrupted supply networks and have led to goods shortages. Businesses that formerly relied on offline sales channels increasingly shift their operations toward digitalized systems. Due to closures of borders in most nations and a rise in oil costs, the automobile industry witnessed a huge slump in sales in 2020. Major players in the e-commerce automotive aftermarket market have adopted several strategies to mitigate the impact of the pandemic on their businesses, including reviewing stock in their showrooms and calculating when the market would reopen, and services would restart.

Alibaba Group Holding Limited; Amazon.com, Inc.; AutoZone, Inc.; Shopee365; CATI S.p.A.; eBay Inc.; LKQ Corporation; The Pep Boys; CarParts.com, Inc; and Denso Corporation are the major companies operating in the e-commerce automotive aftermarket market.

E-commerce Automotive Aftermarket Market – by Geography
E-commerce Automotive Aftermarket Market – by Geography

E-Commerce Automotive Aftermarket Market Size, Statistics 2028

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E-Commerce Automotive Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type [Braking (Brake Pads, Hydraulics & Hardware, and Rotor & Drum), Steering & Suspension (Ball Joints, Tie Rods, Sway Bar Links, Bearings/Seals, and Others), Hub Assemblies, Universal Joints, Gaskets, Filters, Spark Plug, and Others], and Consumer Type (B2B and B2C)

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