China is the largest e-commerce automotive aftermarket in Asia-Pacific due to its dominance on the automotive sector.
NEW YORK, UNITED STATES, June 27, 2022 /EINPresswire.com/ — The size of the e-commerce automotive aftermarket was $78,631.4 million in 2021, and it will increase to $191,545.7 million at a CAGR of 10.4% during 2021–2030, mainly owing to the increasing number of DIY clients. The kind of convenience that shopping from online channels offers also plays a big part in the swelling up of the aftermarket. An increasing number of people with a passion for DIY auto repairs and upgrades are now preferring e-commerce portals to wandering from store to store.
With an increase in DIY users, the D2C category is expected to register the bigger e-commerce automotive aftermarket boom in the forecast period. The main reason for this would be the rising inclination of people to purchase aftermarket automotive products on their own from the manufacturer. This enables them to get same-day delivery, competitive pricing, additional offers and discounts, and much more. This mode enables people to conduct extensive research and comparison before choosing the desired product, which can be hassle-prone at a physical store.
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The APAC region holds the largest revenue share in the market. This is mainly because it is home to the largest automotive industry around the globe, with a production of over 50 million vehicles every year. It has a lot to do with the surging GDP and increasing disposable income of the citizens of developing countries, such as China, India, and South Korea. These countries contribute heavily in escalating the sales of vehicles, thus helping the e-commerce automotive aftermarket prosper.
The accessibility of an extensive variety of products, ease of delivery, and hassle-free transactions are the major contributors to the shift to the online procurement of automotive replacement parts from getting them conventionally. A large number of e-retailers, such as Alibaba Group Holding Ltd., Amazon.com Inc., and Wal-Mart Stores Inc., offer automotive components, thus making the access easy for customers. The growing penetration of the internet and smartphones are helping in the progress of such companies.
With the increasing demand for automotive aftermarket products, the major e-commerce automotive aftermarket players are not holding back and doing whatever is best to have a competitive edge upon their counterparts. For instance, E-Mart Inc., which is owned by South Korea-based retailer Shinsegae Group, stated plans to have an 80% stake in the South Korean subsidiary of eBay Inc. for $3.0 billion, in June 2021. This will allow E-Mart Inc. to have a wider online presence in the country and access to the extensive replacement auto parts portfolio of e-Bay.
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The automotive sector is growing from strength to strength, and thus the e-commerce automotive market is following the same trend.
E-Commerce Automotive Aftermarket Size Breakdown by Segments
• Engine Parts
o Pistons and piston rings
o Engine valves and parts
o Fuel injection systems and carburetors
o Powertrain components and others
• Drive Transmission andSteering Parts
o Steering systems
o Clutch assembly systems
• Suspension andBraking Parts
o Brake calipers
o Brake pads
o Suspension systems
o Headlights and lighting components
o Wiper and washer systems
o Dashboard instruments
• Electrical Parts
o Starter motors
o Spark plugs
o Electric ignition systems
• Third-Party Retailer
• Direct to Consumer
• North America
o South Korea
• Latin America, Middle East, and Africa
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