E-Commerce Automotive Aftermarket Market: Current Analysis and Forecast (2022-2028)

Report Description

Global E-Commerce Automotive Aftermarket Market is expected to grow at a significant rate of around 12% during the forecast period 2022-2028. An e-commerce automotive aftermarket refers to a platform where auto parts are sold to the customers as well as business professionals through public website. These auto parts include brake systems, steering systems, suspension systems and others. Increasing e-commerce platforms, price affordability, ease of purchase and convenience and home delivery are some of the driving factors of the market. The key players are adopting strategic alliances, such as partnerships, collaborations, or acquisitions to maintain competitive edge in the market. For instance, BMW signed an MoU with Alibaba. According to the MoU, Alibaba and BMW will jointly launch the first online sales and services businesses engaging dealers among premium auto brands to create a smooth end-to-end online-to-offline digital experience.

O’Reilly Auto Parts, Amazon.com, Inc, Alibaba Group Holding Limited, AutoZone, Inc, Advance Auto Parts, Delticom AG, eBay Inc, Walmart, Robert Bosch LLC, Flipkart.com are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component type, interior accessories category to witness robust CAGR during the forecast period”

Based on type, the market is segmented into the market is segmented into infotainment & multimedia, engine components, tires & wheels, interior accessories, and electrical products. Interior accessories to hod a significant share in the market during the forecast period. As OEMs provide limited accessories with the vehicle, consumers prefer to add additional accessories. Therefore, the increasing trend of customization, to increase the looks and aesthetics of the vehicle, consumer look for the additional accessories from the external e-platform having discount and quality, which helps to increase the market growth.

“Amongst vendor type, the third-party vendor to hold a significant share in the market in 2020”

Based on vendor type, the market is categorized into OEM vendor and third-party vendor. Among these, the third-party vendor to hold a significant share in the market during the forecast period owing to rise in disposable income as car owner are more conscious about the look of the vehicle. Therefore, with the increasing demand of chrome accessories, spoilers, LED lights, allow wheels, multimedia accessories that enhance car aesthetics. With the increasing demand for all these components are driving the growth of the market.

“Amongst vehicle type, the passenger vehicle to hold a significant share in the market in 2020”

Based on vehicle type, the market is categorized passenger car, commercial vehicle, and two-wheeler. Among these, the passenger car to hold a significant share in the market during the forecast period. The increasing adoption of the young age people to modify their vehicle by adding the optional accessories to change and maintain the look as well as the performance of the vehicle. For Instance, according to SEMA (Specialty Equipment Market Association), nearly 7.9 million young adults prefer adding accessories to their vehicles.

“North America to grow with substantial CAGR during the forecast period”

Due to the growing preference of regional consumers for online shopping, the high demand for premium and luxury automobiles, and the presence of well-developed infrastructure, North America is anticipated to grow at a significant CAGR over the forecast period. As a result of the country’s expanding economy, people in the United States who have more money to spend tend to put better equipment in their cars. Additionally, the Environmental Protection Agency of the United States and other federal agencies have established stringent guidelines for the creation of materials for auto parts. By ensuring that customers receive high-quality goods, this regulates market expansion and encourages manufacturers to concentrate on producing high-quality goods.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global e-commerce automotive aftermarket market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the E-Commerce Automotive Aftermarket Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global e-commerce automotive aftermarket market were the three major steps undertaken to create and analyze the adoption of e-commerce automotive aftermarkets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global e-commerce automotive aftermarket market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the e-commerce automotive aftermarket market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the e-commerce automotive aftermarket market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component type, vendor type, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the e-commerce automotive aftermarket market. Further, we conducted factor analysis using dependent and independent variables such as component type, vendor type, and vehicle type of e-commerce automotive aftermarkets. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the e-commerce automotive aftermarket market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global e-commerce automotive aftermarket market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the e-commerce automotive aftermarket market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global e-commerce automotive aftermarket market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global e-commerce automotive aftermarket market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component type, vendor type, and vehicle type in the global e-commerce automotive aftermarket market.

The main objective of the Global E-Commerce Automotive Aftermarket Market Study

The current & future market trends of the global e-commerce automotive aftermarket market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the e-commerce automotive aftermarket market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component type, vendor type, and vehicle type.
• Define and analysis of the regulatory framework for the e-commerce automotive aftermarket
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the e-commerce automotive aftermarket market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the e-commerce automotive aftermarket market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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