Selbyville, Delaware, July 14, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the e-commerce automotive aftermarket which estimates the market valuation will cross $140 Bn by 2027 due to the shifting trends toward DIY with increasing digitalization.
E-commerce players provide various auto products such as braking, steering & suspension, hub assemblies, filters, lighting, spark plug, wipers, gaskets, and universal joints. Large online distributors procure directly from product manufacturers or utilize third-party agents & distributors and support them in expanding to new territories. For instance, in 2017, Amazon signed contracts with major auto part manufacturers, such as Federal-Mogul, Robert Bosch, Cardone Industries, and Dorman Products, creating challenges for Advance Auto Parts and O’Reilly Auto Parts, among others.
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The steering & suspension segment will observe over 13.5% CAGR in e-commerce automotive aftermarket from 2021 to 2027. Factors including enhanced safety, better fuel efficiency, and improved integration with advanced driver assistance systems will fuel the demand for Electric Power-Assisted Steering (EPAS) systems and suspension over the forecast period.
In 2020, Asia Pacific held around 24% of the e-commerce automotive aftermarket share. The development of e-stores offering various brands through e-commerce portal will drive industry growth. Conventional sellers are selling replacement parts through online sales to compete with pure e-retailers. The OEM are actively developing digitalization approach to offer buyer catalogs, journals guides, and updates on marketing initiatives, and comprehensive product-related information on their website.
The key market players in e-commerce automotive aftermarket are focusing on collaborations or partnerships with automotive part manufacturers to improve direct sales of the product. For instance, in December 2017, Advance Auto Parts announced a strategic partnership with Interstate Batteries, an established automotive battery manufacturer, to cater to the rising demand for automotive aftermarket with expanded availability, enhanced customer service, and premium quality products.
Some major findings of e-commerce automotive aftermarket report include:
- The advent of online portals for distributing steering & suspension products is expected to draw huge investments. Providing access to a variety of components offering discounts to customers on bulk buying coupled with easily obtainable solutions is the major trend in the automotive industry.
- B to Small B are driven by easy availability of the parts, superior profit margins, and quick delivery. Web portals offer superior logistics system and increase in serviceability of the channel. Reducing complexity to generate RFQ and quotes along with service guarantee of the product will further drive the product demand.
- The global e-commerce industry has witnessed an exponential growth in terms of online orders and transactions over the last few months. The e-commerce industry witnessed more than 60% increase in orders between March and June 2020 compared to the same period in 2019.
- The ongoing COVID-19 has affected the global automotive vehicle and parts production due to severe lockdown by various countries. Furthermore, the average shutdown duration of automotive components production facilities globally is more than 21 working days, which has significantly affected the value chain of the market.
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Partial chapters of report table of contents (TOC):
Chapter 3 E-commerce Automotive Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Manufacturers
3.3.2 Sourcing
3.3.3 Online platforms
3.3.4 Payment
3.3.5 Delivery
3.3.6 Customers
3.3.7 Distribution channel analysis
3.3.7.1 Online to offline (O2O)
3.3.7.2 E-tailers
3.3.8 Value chain disruption due to COVID-19
3.3.9 Vendor matrix
3.3.9.1 List of auto parts manufacturers & suppliers for e-commerce
3.3.9.2 E-commerce automotive aftermarket players
3.3.9.3 List of e-tailors
3.4 Technology landscape
3.4.1 Product description videos
3.4.2 Chatbots
3.4.3 Mobile commerce
3.4.4 The social commerce
3.4.5 Cross-channel integration
3.4.6 E-wallets
3.5 Regulatory landscape
3.5.1 U.S.
3.5.1.1 Federal Trade Commission (FTC)
3.5.1.2 NHTSA
3.5.1.3 Environmental Protection Agency (EPA)
3.5.2 Europe
3.5.2.1 Single Euro Payment Area (SEPA)
3.5.2.1.1 Regulations for European merchants
3.5.2.1.2 Regulations for non-European merchants
3.5.2.2 Regulations for automotive aftermarket
3.5.3 China
3.5.3.1 E-commerce law
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 North America
3.6.1.1.1 Increasing e-commerce platforms and acquisitions
3.6.1.2 Europe
3.6.1.2.1 Growth in e-commerce spending
3.6.1.3 Asia Pacific
3.6.1.3.1 Shifting trend toward brick & click business model
3.6.1.4 Latin America
3.6.1.4.1 Increasing automotive production and presence of auto players
3.6.1.4.2 Increasing average vehicle age
3.6.1.5 MEA
3.6.1.5.1 Shifting trend toward digitalization
3.6.2 Industry pitfalls & challenges
3.6.2.1 Cybersecurity challenges
3.6.2.2 Proliferation of counterfeit parts
3.7 Innovation & sustainability
3.8 Growth potential analysis, 2019
3.9 Porter’s analysis
3.10Competitive landscape, 2019
3.10.1.1Company market share analysis, 2019
3.10.2 Strategy dashboard
3.11PESTEL analysis
3.12Impact of COVID-19 on automotive industry
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.