E-Commerce Automotive AfterMarket Trends & Projections 2022-2030
The global e-commerce automotive aftermarket is expected to record significant growth from 2022-2030. The rise in automotive sales has fuelled the production of new vehicle variants and auto parts worldwide. In 2021, global production of vehicles reported a 1.3% rise from 2020 levels, reaching a total of 79.1 million units.
With the advent of e-commerce and digitalization, customers are getting easy access to purchasing car parts and accessories from a wide variety of auto brands. Advance Auto Parts, Arch Auto Parts, AutoAnything, AutoZone, Bosch, JC Whitney, NAPA Auto Parts, O'Reilly Auto Parts, Pep Boys, RockAuto, Sears, and Tire Rack.com are some of the leading suppliers and manufacturers of aftermarket auto parts worldwide.
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These firms are expanding their product reach by means of new strategic alliances. For instance, in August 2022, NAPA Auto Parts emerged as the first major retailer to provide the newly designed Solstice® YF Automotive refrigerant by Honeywell.
The e-commerce automotive aftermarket is categorized into e-commerce retails, products, consumers, and region.
By e-commerce retails, the industry is fragmented into direct-to-consumer (D2C) and third-party retailers. In 2021, direct to consumer segment accounted for more than USD 2 billion in revenue share. D2C business model is evolving owing to rapid technological advancements and innovation in the e-commerce sector. The emergence of next-generation technologies such as artificial intelligence (AI), and the internet of things (IoT) will improve the online shopping experience, which is likely to support the segment growth.
Based on product, the overall market is bifurcated into accessories and parts. The accessories segment is estimated to account for more than 22% of the industry share by 2030. Car customization is one of the key trends in the automotive sector that has accelerated the demand for aftermarket car accessories. According to SEMA (Specialty Equipment Market Association), nearly 7.9 million young adults prefer adding accessories to their vehicles, contributing to approximately USD 7.2 billion in accessories and upgrades in 2018.
With respect to consumers, the e-commerce automotive aftermarket is classified into B to Small B, B2C, and B to Big B. The B to Small B consumer segment is projected to reach over USD 61 billion over 2030. With persistent shortages in electronic parts such as semiconductor chips, small business consumers are likely to incline to aftermarket auto parts to meet requirements. Sub-assembly systems and electronic components makers are among the key consumers in the B to Small B distribution.
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In the regional landscape, the Latin America e-commerce automotive aftermarket is expected to witness a CAGR of more than 14% between 2022-2030. The industry growth is likely to be driven by the rapid economic recovery and expanding e-commerce sector across the region. The economic performance of countries such as Mexico, Argentina, and Brazil will be vital for the growth of the e-commerce automotive aftermarket in LATAM.
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