E-Commerce Automotive Aftermarket Global Market Report 2024

E-Commerce automotive, also known as automotive electronic commerce, refers to the buying and selling of replacement parts, accessories, and equipment used to maintain or improve the original product of an automobile over the Internet. This offers online marketing and sales of all vehicle spare parts through public websites.

The main types of e-commerce automotive aftermarkets are B2C and B2B. The business-to-customer (B2C) market refers to the retail model in which goods or services are sold directly from a business to the end user who has purchased the goods or services for personal use. The different components include engine parts, drive transmission and steering parts, suspension and braking parts, equipment, electrical parts, and others, and involve various types of channels such as third-party retailers and direct to customers.

The e-commerce automotive aftermarket research report is one of a series of new reports that provides E-Commerce automotive aftermarket statistics, including E-Commerce automotive aftermarket industry global market size, regional shares, competitors with an E-Commerce automotive aftermarket share, detailed E-Commerce automotive aftermarket segments, market trends and opportunities, and any further data you may need to thrive in the E-Commerce automotive aftermarket industry. This e-commerce automotive aftermarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The e-commerce automotive aftermarket market size has grown rapidly in recent years. It will grow from $83.36 billion in 2023 to $98.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to rise of e-commerce, increase in consumer trust and confidence in online shopping for automotive parts, growth in the automotive aftermarket industry, expansion of the e-commerce ecosystem, including third-party sellers and distributors, increased vehicle lifespan.

The e-commerce automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $182.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to surge in online sales of electric and hybrid vehicle components, growth in the popularity of subscription-based auto parts services, increasing demand for sustainable and eco-friendly auto parts and accessories, shifting trends toward the brick & click business model, increasing global awareness about e-commerce channels. Major trends in the forecast period include adoption of artificial intelligence (AI) for personalized recommendations and customer service, advances in technology enabling easy search and purchase of auto parts online, integration of augmented reality (AR) and virtual reality (VR) for enhanced product visualization, emphasis on user-friendly interfaces and mobile compatibility for e-commerce platforms, use of predictive analytics for inventory management and demand forecasting.

An increase in e-commerce is expected to contribute to the growth of the e-commerce automotive aftermarket going forward. E-commerce refers to the electronic buying and selling of goods over the Internet. E-commerce is useful in the sales of automotive aftermarket products online as it offers convenience, ease of purchase, and home delivery of products. For instance, according to the United Nations Conference on Trade and Development, a body of the United Nations Secretariat, global e-commerce sales jumped to $26.7 trillion in 2019, and online retail sales of commodities increased from 16% in 2019 to 19% in 2020. Therefore, the increase in e-commerce is driving the growth of the e-commerce automotive aftermarket.

The increasing vehicle ownership is expected to propel the growth of the e-commerce automotive aftermarket market going forward. A vehicle is a mechanical device designed for the purpose of transporting people or goods from one location to another. E-commerce in the automotive aftermarket allows vehicle owners to conveniently purchase replacement parts, accessories, and services online, enhancing convenience and choice. For instance, in 2023, according to Statistics Canada, a Canada-based government agency, the total number of road motor vehicles registered in Canada increased to 26.2 million in 2021, up 1.9% over 2020. Therefore, the increasing vehicle ownership is driving the e-commerce automotive aftermarket market.

Major companies operating in the e-commerce automotive aftermarket market are launching E-Commerce platforms to meet the evolving customer preferences and the growing trend of online shopping. These new e-commerce platform is designed to provide customers with access to a wide range of automotive aftermarket products and services. For instance, in November 2022, Alfardan Commercial, a Qatar-based automotive aftermarket distributor and a part of Alfardan Automotive Division, launched an e-commerce platform, www. alfardancommercial. com, allowing customers in Qatar to access a range of automotive aftermarket products and services online, including tires, lubricants, batteries, and other aftermarket products and services. This move aligns with their digitization plans, offering a seamless shopping experience and access to premium automotive services. The website is available in Arabic and English, and it offers features like dynamic search engines, product promotions, and a 'Fit and Fix Service' for express and premium services.

Major companies operating in the e-commerce automotive aftermarket market are launching platform to address the problem of counterfeit auto parts. This new e-commerce platform is designed to offer consumers access to original vehicle maintenance spare parts. For instance, in May 2021, Winpart, a Netherlands-based independent aftermarket (IAM) automotive spare parts wholesaler, launched an e-commerce website to address the issue of fake auto parts and provide easy access to quality, affordable spare parts sourced from OEMs including Aisin, Bosch, and Valeo. They've partnered with Kwik Delivery for swift 2-hour deliveries along designated routes.

In February 2022, Bosch, a Germany-based engineering and technology company, acquired a 26% stake in Autozilla Solutions for an undisclosed amount. This acquisition aimed to expand the digital B2B marketplace for independent aftermarkets in India. Autozilla Solutions is an India-based online car spare parts marketplace.

Major companies operating in the in the e-commerce automotive aftermarket market report are Robert Bosch GmbH, Amazon. com Inc., Meritor Inc., eBay Inc., Genuine Parts Company, AutoZone Inc., CarParts. com Inc., Advance Auto Parts Inc., Buyautoparts. com LLC, Alibaba Group Holding Limited, Denso Corporation, O'Reilly Automotive Inc., 3M Company, Continental AG, Federal-Mogul Corporation, National Automotive Parts Association (NAPA), 4 Wheel Parts, Parts Geek LLC, RockAuto LLC, JC Whitney, Jegs High Performance, 1A Auto Inc., Pep Boys, The Retrofit Source, ECS Tuning, AM Autoparts Inc., FCP Euro, U. S. Auto Parts Network Inc., Andy's Auto Sport, AutoAnything Inc.

Asia-Pacific was the region region in the e-commerce automotive aftermarket in 2023. The regions covered in the e-commerce automotive aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the e-commerce automotive aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The e-commerce automotive market includes revenues earned by entities by removing geographical restrictions and enabling sales in locations that can be difficult to reach with conventional models. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.