A new market study, titled “Automotive E Commerce Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global Automotive E Commerce market size is set to grow from USD 51.04 billion in 2021 and is projected to reach USD 202.94 billion by 2028, exhibiting a marvellous CAGR of 21.8% during the forecast period. This information is published by Fortune Business Insights™ in its report titled, “Automotive E Commerce Market, 2021-2028.” As per our researchers, the growth of the market is fuelled by the augmented demand for automotive gear and spare parts as older vehicles require constant maintenance. The market stood at was USD 43.62 billion in 2020.
Moreover, aspects such as greater price clarity, convenience to buyers in the shopping experience, and superior parts have gathered customers on online platforms for purchases. Additionally, numerous online sellers put forth interesting offers, low pricing tactics, and the ability to instantly compare parts online built on assurance, rate, and description is further estimated to promote the market growth.
COVID-19 Outbreak to Slow Down Supply Stoked by Halt in Chinese Manufacturing
The unfortunate event of the COVID-19 pandemic prominently affected major manufacturing operations globally. On account of the lockdowns announced by the government of several nations to curb the spread of the virus, the supply chain management system collapsed and adversely affected the majority of the industries. For instance, Amazon.com vendors in the United States are stimulating product scarcities owing to empty factories in China and delayed cargo flights from the nation. Over 1 million Amazon retailers procure products from Chinese wholesalers. Mainly all business sectors over the globe have witnessed the negative effects of the pandemic; however, automotive e-retail is set to bring businesses back to the condition they were pre-pandemic as it offers efficient protection abundant variety of products to the consumers.
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The report presents a holistic study of the market along with present trends and upcoming anticipations to establish investment gains. An in-depth analysis of any forthcoming opportunities, risks, competitions, along with driving factors, is also stated in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been recently added to help financiers and business owners recognize the threats and take actions accordingly. The top players in the market are recognized, and their tactics to reinforce the market growth are shared in the report.
On the basis of components, the global market is divided into infotainment and multimedia, engine components, tires and wheels, interior accessories, electrical products. By vendor type, this market is segmented into OEM vendors and third-party vendors. In terms of region, the market is further segregated into North America, Europe, and Asia Pacific.
On the basis of vehicle type, the market is classified into passenger cars, commercial vehicles, and two-wheelers. The passenger car segment is accountable for the chief market share of 71.79% as of 2020 and is also anticipated to dominate the market during the forecast period. This is accredited to the surging sales of passenger automobiles.
Drivers and Restraints
Amplified E-commerce Expenditure on Automotive to Stimulate Market Growth
The arrival of automotive e-retail provides substantial novel sales openings for OEMs, traders, and other digital car retailers. The online purchasing of automotive parts and gears through third-party sellers such as Amazon.com, Inc., O’Reilly Auto Parts, and Alibaba Group Holding Limited is projected to display the quickest growth in the Automotive E Commerce industry foreseeable future.
However, the surging obtainability of imitation auto parts and modules is anticipated to hamper the market growth. There are numerous producers creating mock-ups of original auto parts and selling them at cheaper costs. The forged market usually aims for fragments that are simple to copy and hold a great income rate, such as tie rods, arms for the steering, windshields, tail lamps, headlamps, bumpers, and filters. Second-copy auto parts demand is growing from several regions owing to a rise in the population of automobile spare part producers. These apparatuses are of inferior quality and have a high possibility of breaking down very often. This develops an undesirable persona, thus, impacting the Automotive E Commerce industry.
North America to Ace Market Backed by Customer Inclination towards Luxury Vehicles
The North American region is projected to dominate and hold the majority of the Automotive E Commerce market share owing to the aggregating demand for hassle-free shopping, the existence of completely advanced infrastructure, the rising fondness towards regional consumers for online shopping, and the huge demand for luxury and finest cars is estimated to substantially drive the industry in the North American region.
In Asia Pacific, the market is probable to ascend as the most commercial regional market owing to the presence of important players in the region, such as Alibaba Group, Amazon.com, eBay Inc., and Flipkart Internet Private Limited. Moreover, government activities such as Digital India, and partnerships between local stores and e-commerce platform suppliers, are further projected to lift the market. The region earned USD 13.89 billion in terms of revenue in 2020.
Europe is likely to observe extensive growth in the market with a remarkable CAGR of 22.4% during the 2021–2028-time period. Europe is one of the fundamental and essential markets for Automotive E Commerce owing to the evolution in e-commerce.
Key Players Centre on Partnership Strategies to Attain Competitive Advantage
The market has a largely competitive nature and is uneven, with the existence of chief market players such as O’Reilly Auto Parts, Amazon.com, Inc., Alibaba Group Holding Limited, AutoZone, Inc., Advance Auto Parts, Delticom AG, eBay Inc., and Walmart. Maximum companies are concentrating on procurements, extensions and developments, and partnership strategy to reinforce their position in this industry.
July 2019: DENSO Corporation signed an agreement for mutual venture with Smiths Manufacturing (Pty) Limited to offer aftermarket goods and services in Southern Africa.
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List of Key Players Covered in this Market Report:
- O’Reilly Auto Parts (Missouri, United States)
- com, Inc. (Washington, United States)
- Alibaba Group Holding Limited (Hangzhou, China)
- AutoZone, Inc. (Tennessee, United States)
- Advance Auto Parts (North Carolina, United States)
- Delticom AG (Hanover, Germany)
- eBay Inc. (California, United States)
- Walmart (Arkansas, United States)
- Bosch Auto Parts (Gerlingen, Germany)
- Flipkart Internet Private Limited (Karnataka, India)
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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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