E-Commerce Automotive Aftermarket Market Likely To Surpass Us$ 144 Mn By 2027
According to the report, the global E-Commerce Automotive Aftermarket is projected to surpass US$ 144 Mn by 2027, expanding at a CAGR of above 15 % during the forecast period.
Global E-Commerce Automotive Aftermarket:
- According to the report, the global E-Commerce Automotive Aftermarket is expected to expand at a CAGR of 15% driven by the growing consumer preference of buying through e-commerce platform, the global e-commerce automotive aftermarket is anticipated to prevail prominent growth prospects over the forecast period
Expansion of Global E-Commerce Automotive Aftermarket
- The global E-commerce automotive aftermarket market is driven by increasing Do-it-yourself (DIY) consumers. DIFM customers buy installation services along with product to complete the transaction. However, DIY customers can buy these products without paying for the installation costs. In most of the transactions, online platform does not provide installation services. Accordingly, these products are mainly preferred by DIY customers as they save significant amount of costs which are being incurred. E-commerce platform providers’ are acting as service aggregator in providing quality and price assurance to the customers which is attributing growth of E-commerce automotive aftermarket.
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- Complex requirements and extensive product specifications in automotive aftermarket makes it difficult for customer to estimate the cost of a product or service. Customers are unknowingly purchasing highly priced product and are paying extra for the replacement parts in the professional workshops. Comparatively, they find it easy to compare diverse products through online platform as compared to brick and mortar stores. Large e-commerce platforms that facilitate product from multiple brands plays an important role of a service aggregator by providing standardized services throughout its operating area thereby being customer preferred destination. The service aggregators will positively impact the E-commerce automotive aftermarket.
Based on product segment, the global E-commerce automotive aftermarket is segmented by braking, steering and suspension, hub assemblies (wheel end), universal joints (drive line), gaskets, wipers, filters (air, oil and cabin air), lighting, and spark plugs, the majority revenue share was held by braking in the global E-commerce automotive aftermarket. Braking is important part of automotive which required proper maintenance and replacement. Brake pads being the most frequently replacement part amongst the brake hydraulics and rotor & drum, is expected to grow with the highest CAGR from 2018 to 2027 with different competitors listing their product on the online channels.
The global E-commerce automotive aftermarket market has been segmented by channel into marketplace, 3rd party standalone e-tailer, and direct to customer. The 3rd party standalone e-tailer segment accounted for highest market share in 2018 contributing the largest revenue followed by marketplace segment. This growth is mainly attributed to collaborations between E-commerce platform providers and service providers.
