LONDON--(BUSINESS WIRE)--The automotive aftermarket e-retailing market is expected to grow by USD 41.86 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Constant advances in computing technology and the emergence of new digital data sources have reinvented the core disciplines of the automotive aftermarket. E-retailers are increasingly using analytical tools to collect customer data, which along with location-based capabilities allows e-retailers to provide personalized offers on the sale of auto parts. The use of analytical tools also allows e-retailers to optimize inventory management. This can lead to significant cost savings, which reduce the margin pressure on e-retailers caused by factors, such as the increase in prices of parts and other macro-economic factors. Thus, the use of advanced analytical tools is expected to boost the growth of the market during the forecast period.
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As per Technavio, the booming e-commerce market driving online sales of automotive parts will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Aftermarket E-Retailing Market : Booming E-Commerce Market Driving Online Sales of Automotive Parts
Internet penetration has increased at a significant rate, especially in developing economies due to the introduction of low-cost 4G data connections. For instance, in 2019, the global internet penetration was more than 50% and is expected to grow at a high rate during the forecast period. Strong Internet connectivity is resulting in the growth of the global e-commerce industry. Moreover, the trust built by the e-commerce industry among customers across the world is becoming a crucial factor for the growth of the automotive aftermarket e-retailing market. E-commerce companies promote vehicle modifications in a very impressive manner which attracts the young population. For instance, Lexani, a California-based company offers luxury vehicle accessories online. Similarly, Brabus is a company that focuses on modifying and enhancing vehicles. It has created a car configurator to allow customers to modify and create their own cars online.
“Factors such as the growing demand for vehicle customization and increasing vehicle lifespan leading to vehicle parc growth will have a positive impact on the growth of the automotive aftermarket e-retailing market during the forecast period,” says a senior analyst at Technavio.
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Automotive Aftermarket E-Retailing Market: Segmentation Analysis
This market research report segments the automotive aftermarket e-retailing market by product (wheels and tires, brakes and brake pads and others), customer type (DIY customers and professional customers), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The North American region led the automotive aftermarket e-retailing market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as growing population of vehicles, strong presence of organized automotive aftermarket stores, and the increasing demand for aftermarket auto parts from professional and DIY customers.
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Some of the key topics covered in the report include:
- Wheels and tires
- Brakes and brake pads
- DIY customers
- Professional customers
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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