With rising digitization and the increasing popularity of online shopping, the companies selling automotive aftermarket parts and components are rapidly shifting their operations toward online portals. Moreover, nowadays, customers are increasingly preferring buying automobile parts from online portals over the conventional brick-&-mortar outlets, on account of the availability of a diverse product range, hassle-free and smooth transactions, and the timely delivery of products according to the consumer convenience in these online portals.
Additionally, several e-retail companies such as Amazon.com Inc.,Wal-Mart Stores Inc., and Alibaba Group Holding Ltd. are increasingly selling automotive parts and components on their online portals. Many consumers have concerns regarding product specifications and automobile compatibility requirements and the services currently available in the aftermarket. Moreover, it is very difficult for customers to determine the cost of various automotive aftermarket services and products and their cost-effectiveness. This is further boosting the popularity of online shopping of aftermarket components.
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The rising average age of automobiles, the expansion of the automotive aftermarket, and the increasing prevalence of road accidents are the other major factors fueling the sales of automotive aftermarket products via e-commerce platforms. This is, in turn, driving the progress of the market for global e-commerce in automotive aftermarket. The market valuation is predicted to surge from $38.2 billion in 2019 to $292.6 billion by 2030. Furthermore, the market will advance at a CAGR of 23.3% between 2020 and 2030.
Globally, the e-commerce in automotive aftermarket will register the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the soaring sales of vehicles in the developing countries of APAC. Furthermore, the increasing gross domestic product (GDP) and the rising disposable income of the people living in the regional countries are propelling the advancement of the market in the region.
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Hence, it can be said with certainty that the demand for the availability of automotive aftermarket parts and components at online portals will shoot-up in the coming years, mainly because of the increasing age of automobiles, the rising popularity of online shopping, and the soaring adoption of DIY methods across the world.