(MENAFN- PR Newswire)
NEW YORK, July 24, 2024 /PRNewswire/ -- The global
automotive aftermarket e-retailing market size is estimated to grow by USD 74.38 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 15.94% during the forecast period. Increasing vehicle
lifespan leading to vehicle parts growth
is driving market growth,
with a trend towards
aftermarket e-retailing gaining popularity in automotive aftermarket. However,
high price sensitivity leading to margin pressure on e-retailers poses a challenge. Key market players include 1A Auto Inc., Advance Auto Parts Inc., Alibaba Group Holding Ltd., Amazon Inc., AutoZone Inc., Buy Auto Parts, CarParts Inc., Cummins Inc., Delticom AG, DENSO Corp., eBay Inc., Genuine Parts Co., HELLA GmbH and Co. KGaA, Icahn Automotive Group LLC, LKQ Corp., PARTS iD Inc., Robert Bosch GmbH, RockAuto LLC, The Reinalt Thomas Corp., and Walmart Inc..
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Technavio has announced its latest market research report titled Global automotive aftermarket e-retailing market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Product (Wheels and tires, Brakes and brake pads, and Others), Customer Type (DIY customers and Professional customers), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled |
1A Auto Inc., Advance Auto Parts Inc., Alibaba Group Holding Ltd., Amazon Inc., AutoZone Inc., Buy Auto Parts, CarParts Inc., Cummins Inc., Delticom AG, DENSO Corp., eBay Inc., Genuine Parts Co., HELLA GmbH and Co. KGaA, Icahn Automotive Group LLC, LKQ Corp., PARTS iD Inc., Robert Bosch GmbH, RockAuto LLC, The Reinalt Thomas Corp., and Walmart Inc. |
Key Market Trends Fueling Growth
The automotive aftermarket is experiencing a significant shift towards e-retailing, with online sales outpacing traditional brick-and-mortar sales. E-commerce platforms have become essential for revenue growth in this sector, offering a wide range of automotive products, including replacement parts, oils, and accessories. Advance Auto Parts is an example of a company that has seen faster growth in online sales compared to traditional channels, appealing to both DIY and professional customers. Detailed product specifications provided online facilitate informed purchasing decisions. Popular online purchases include brake parts, filters (oil and air), lighting parts, tires, lubricants, and batteries. The market also features specialized e-retailers like Allopneus, a French online tire retailer. The convenience and benefits offered by e-commerce platforms will continue to fuel the expansion of the global automotive aftermarket e-retailing market.
The automotive aftermarket is undergoing a digital makeover with the rise of e-retailing. Mobile commerce is a major trend, as more customers use smartphones to shop for vehicle parts and accessories online. Internet penetration is increasing, allowing more consumers to access online platforms for purchasing aftermarket components. Customer service is key, with personalised designs for interiors and exteriors, as well as delivery speed, being important factors. Tires and wheels, electrical products, engine components, and security are popular categories. The age of the vehicle also matters, with maintenance and repairs being common needs. DIY culture is driving demand for aftermarket parts. Digital marketing is essential for reaching customers, making the internet retail of automobile aftermarket a growing industry. Online sales of vehicle parts, accessories, and e-commerce platforms are transforming the automobile aftermarket landscape.
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Market
Challenges
The automotive aftermarket e-retailing market faces significant challenges due to high price sensitivity among customers. The increasing average age of vehicles and rising repair costs, driven by labor rates, parts complexity, and material price increases, negatively impact the cost-benefit equation for consumers. Aftermarket e-retailers must adopt value-based pricing strategies and offer discounts to maintain profitability. The market's fragmentation intensifies competition, making a well-thought-out pricing approach essential for long-term success. Despite these challenges, e-retailers must also manage parts pricing carefully to balance discounts and revenue growth. This delicate balance may limit the revenue growth of the global automotive aftermarket e-retailing market in the forecast period.
The Automotive Aftermarket E-Retailing Market is experiencing significant growth as more consumers turn to online platforms for vehicle parts and accessories. However, this shift brings challenges. Internet retail in the automobile aftermarket requires a digital makeover, including digital marketing strategies to reach customers. Age of vehicle and DIY culture influence buying patterns for aftermarket components, with performance components, personalization choices, and specialized parts driving demand. Online marketplaces offer price transparency and customer reviews, but returns and exchanges can impact customer trust. OEMs and aftermarket parts suppliers must innovate to meet the needs of Passenger Cars, Off-Road Vehicles, and Commercial Vehicles. Logistics firms play a crucial role in ensuring timely delivery of automotive parts, including brakes, filters, spark plugs, engine parts, floor mats, seat covers, tools, diagnostic tools, wrenches, jacks, tires, wheels, and aftermarket accessories. The market is diverse, with offerings ranging from interior accessories and infotainment-multimedia to powertrain and performance parts.
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Segment Overview
This automotive aftermarket e-retailing market report extensively covers market segmentation by
Product
1.1 Wheels and tires
1.2 Brakes and brake pads
1.3 Others
Customer Type
2.1 DIY customers
2.2 Professional customers
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Wheels and tires-
The automotive aftermarket e-retailing industry continues to grow, with more consumers preferring the convenience of shopping online for auto parts. E-retailers offer a wide selection of products, competitive pricing, and quick shipping. They also provide detailed product information and customer reviews, helping consumers make informed decisions. E-commerce platforms have streamlined the buying process, making it easy for customers to find and purchase the right parts for their vehicles. This trend is expected to continue, as more consumers turn to online shopping for their automotive needs.
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Learn and explore more about Technavio's in-depth research reports
The US Automotive Parts Aftermarket is poised for significant growth, driven by rising vehicle age and increasing demand for replacement parts. The global automotive tire market is experiencing a surge due to advancements in tire technology and increasing vehicle production. Meanwhile, the global Automotive E-Commerce Marke is expanding rapidly, fueled by the convenience of online shopping and the availability of a wide range of auto parts. These trends underscore the dynamic nature of the automotive industry and highlight opportunities for market players.
Research Analysis
The Automotive Aftermarket E-Retailing Market refers to the sale of vehicle parts, accessories, and services through online platforms in the automobile industry. With the increasing popularity of e-commerce and the Age of Vehicle requiring more frequent maintenance and repairs, the market for automotive aftermarket products has seen significant growth. Online sales of aftermarket parts, including engine components, electrical products, interior accessories, infotainment-multimedia, powertrain, tires and wheels, and aftermarket accessories, have surged due to the convenience, wide selection, and competitive pricing offered by internet retail. Logistics firms play a crucial role in ensuring timely delivery of these products. Mobile commerce and internet penetration have further expanded the reach of automotive aftermarket e-retailing. Customer service, personalising and designing interiors and exteriors, and delivery speed are key factors driving customer satisfaction in this market.
Market Research Overview
The Automotive Aftermarket E-Retailing Market refers to the sale of vehicle parts, accessories, tools, and services through online platforms in the automobile aftermarket sector. With the Age of Vehicle increasing, the demand for aftermarket components for maintenance and repairs is on the rise. The market is witnessing a Digital Makeover with the increasing use of Internet Retail and e-commerce in the automotive industry. Customers, driven by the DIY culture and personalization choices, are turning to online marketplaces for aftermarket parts, performance components, specialized parts, and accessories. Product Innovation is a key trend, with offerings ranging from brakes and filters to engine parts, floor mats, seat covers, and tools. Online marketplaces offer competitive prices, customer reviews, and returns and exchanges, building Customer Trust. The market includes Tires and Wheels, Electrical Products, and a wide range of Aftermarket Accessories. Logistics firms and Mobile Commerce are playing a crucial role in ensuring timely delivery. The increasing penetration of the Internet and the widespread use of Smartphones are fueling the growth of this market. Customer service is being personalized and designed to cater to interiors and exteriors of automobiles, with delivery speed and transport being key considerations.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Wheels And Tires
Brakes And Brake Pads
Others
Customer Type
DIY Customers
Professional Customers
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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