Auto Parts E-Commerce Aftermarket Market: Introduction
The automotive e-commerce aftermarket is a platform where automotive parts are sold to do-it-yourself (DIY) customers and service professionals through public websites. For such consumers, price affordability, ease of purchase and convenience and home delivery are few of the key deciding factors promoting the growth of the auto parts e-commerce aftermarket market across the globe. The automotive e-commerce aftermarket sells all automotive parts, such as brake systems and steering and suspension system, among others. End users benefiting from such online auto parts business comprise small workshops which aim to achieve fast delivery of automotive components to provide varied services to their customers. Numerous third party retailers are pushing the growth of the auto parts e-commerce aftermarket by collaborating with OEM manufacturers to provide their parts online. The auto parts e-commerce aftermarket market is consolidated in nature with a few key companies holding a significant share in the market. These key players are now focusing on grabbing opportunities being provided by the auto parts e-commerce aftermarket market by expanding their portfolio and offerings to the customers.
Auto Parts E-Commerce Aftermarket Market: Market Dynamics
As the average vehicle age decreases across the globe, the demand for auto parts is expected to increase significantly for repair and maintenance purposes. The automotive e-commerce aftermarket is expected to serve as a platform to cater to such needs in the future. This is expected to promote the growth of auto parts e-commerce aftermarket market over the assessment period. Moreover, as the number of key automotive manufacturers engaging in collaborations with prominent e-commerce platforms is increasing, the auto parts e-commerce market is expected to witness significant growth in the coming years.
Furthermore, shifting focus towards e-mobility has resulted in an increase in the production of electric and hybrid vehicles across the globe. This has significantly increased the demand for customized auto parts by Do-it-for-me (DIFM) customers. The auto parts e-commerce aftermarket market is proving to be an efficient alternative for catering to such varied needs of customers. This is expected to be one of the prime reasons anticipated to promote the growth of auto parts e-commerce aftermarket market in the coming years. Mobile commerce spending has increased by a great fraction in the past few years. This is expected to open new horizons for the growth of auto parts e-commerce aftermarket market in the coming years.
However, lack of standardization in such e-commerce websites has resulted in increasing trade of counterfeit components. This may have a negative impact on the growth of auto parts e-commerce aftermarket market. Moreover, sometimes, service professionals tend to do business with “brick and mortar” service providers rather than going for e-commerce purchasing. This can further derail the growth of the auto parts e-commerce aftermarket market over the coming years.
Auto Parts E-Commerce Aftermarket Market: Market Segmentation
On the basis of type of components, the auto parts e-commerce aftermarket market can be segmented into:
On the basis of type of customers, the auto parts e-commerce aftermarket market can be segmented into:
On the basis of end users, the auto parts e-commerce aftermarket market can be segmented into:
Auto Parts E-Commerce Aftermarket Market: Regional Outlook
Asia Pacific region is expected to witness significant growth in the coming years. This can be attributed to various government initiatives, such as “Digital India”, in developing countries, such as India, which are promoting collaborations between auto part manufacturers and key e-commerce service providers. Moreover, North America and Europe are expected to register significant share in the auto parts e-commerce aftermarket market owing to the well-established internet infrastructure and increasing inclination of customers towards online purchase of auto parts in such regions. However, the auto parts e-commerce aftermarket market is expected to witness sluggish growth in under developed regions, such as Africa and Latin America.
Auto Parts E-Commerce Aftermarket Market: Key Participants
Some of the key participants identified across the value chain of the Auto Parts E-Commerce Aftermarket market are:
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