Asia Pacific E-Commerce Automotive Aftermarket: Regional Revenue, Growth Opportunity & Forecast Report To 2026
The size of Asia Pacific e-commerce automotive aftermarket was registered at USD 10.01 billion in the year 2019 and is anticipated to cross USD 34.46 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 15.3%.
Asia Pacific e-commerce automotive aftermarket is projected to foresee remunerative business growth over the coming years due to the growing preference of digital service based business models among customers.
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In addition, the increasing penetration of internet services across Asia is also playing a major role in driving the demand for e-commerce automotive aftermarket. Moreover, the proliferation of IT infrastructure is leading to the establishment of more secure, effective, and convenient online transaction and communication services, which should further stimulate the overall industry share. According to the internet world stats, India’s internet-using population surged from 5,000,000 in 2000 to 560,000,000 in 2020. , China had 22,500,000 internet users in 2000 which increased to 854,000,000 in 2020.
In terms of the product, the hub assembly market is slated to grow rapidly owing to the increasing availability of online video content that displays methods to perform proper part change. Such content also helps in decreasing the time required to make these changes and reduces the probability of product damage, which is providing customers the confidence to carry out these tasks themselves. Citing an instance, platform like Autozone provides a video library for product change as well as car repair on its online portal. Additionally, while shopping, market players also provide customers the “Remember the Car” option, which eases the product selection process for customers and gets rid of the time needed to select a vehicle. Decreased processing time and filtered product choices helps easier product purchases, thereby fueling the sales, further augmenting the overall industry size.
With respect to e-commerce retail, the third-party retailers segment is projected to expand at a significant CAGR and account for about 95% of the market demand share by the end of 2026. This growth can be attributed to the bulk-buying of products by independent service providers as well as other auto workshops. Moreover, the simplified product ordering method due to the online development of RFQ (Request for Quotation) should positively influence the segment share. Additionally, the availability of effective customer services would further stimulate the segment outlook. Furthermore, an upsurge in the customization coupled with the transparency in rates would further augment the segment share throughout the analysis timeframe.
On the regional front, the China e-commerce automotive aftermarket is projected to foresee significant revenue growth owing to the increasing investments by market players towards online order management systems. Companies are investing in these systems to create effective vendor management and CRM in order to enhance the regional market size. In 2019, the China regional segment dominated the overall market by accounting for more than 45% of the industry share.
The global e-commerce industry has witnessed a drastic surge amid the COVID-19 pandemic as people have been more inclined to shop online due to the reduced or limited access to brick and mortar shopping centers. In fact, according to the OECD, in APAC countries like China, the overall share of online retail in terms of total accumulated retail sales reached 24.6% between January and August of 2020, witnessing a significant jump from the 19.4% rate that was recorded in August of 2019 and approximately 17.3% in August of 2018.
The competitive landscape of the Asia Pacific e-commerce automotive aftermarket is inclusive of players such as Mannkando, RockAuto, NAPA Auto Parts, Flipkart, eBay, Denso Corporation, Bosch, AutoZone, Amazon, and Alibaba Group among others.
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Data Tables
TABLE 1. Asia Pacific e-commerce automotive aftermarket estimates and forecast, 2016 – 2019, (Thousand Units) (USD Million)
TABLE 2. market estimates and forecast, 2020 – 2026, (Thousand Units) (USD Million)
TABLE 3. market volume estimates and forecast by e-commerce retail, 2016 - 2019 (Thousand Units)
TABLE 4. Asia Pacific e-commerce automotive aftermarket volume estimates and forecast by e-commerce retail, 2020 – 2026 (Thousand Units)
TABLE 5. market revenue estimates and forecast by e-commerce retail, 2016 - 2019 (USD Million)
TABLE 6. Asia Pacific e-commerce automotive aftermarket revenue estimates and forecast by e-commerce retail, 2020 – 2026 (USD Million)
TABLE 7. market volume estimates and forecast by product, 2016 - 2019 (Thousand Units)
TABLE 8. Asia Pacific e-commerce automotive aftermarket volume estimates and forecast by product, 2020 - 2026 (Thousand Units)
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