DUBLIN--(BUSINESS WIRE)--The "E-Commerce Automotive Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type, and Consumer Type" report has been added to ResearchAndMarkets.com's offering.
The global e-commerce automotive aftermarket market is expected to grow from US$ 57,301.1 million in 2022 to US$ 1,60,985.4 million by 2028. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
APAC has a robust automotive industry supported by a well-established automotive manufacturing industry in China and India. India produced 3,394,446 cars in 2020, as per the countryeconomy.com statistics report.
In 2020, China was the largest vehicle-producing country globally; it produced 25,225,242 passenger cars and commercial vehicles, per the same statistics report. Strong automotive industries and the rise in passenger car and commercial vehicle manufacturers are among the significant factors driving the region's demand for the e-commerce automotive aftermarket market.
Another factor behind the rise in the APAC e-commerce automotive aftermarket market is the increasing uptake of electric vehicles (EVs). The Automotive Federation Report published by the Association of Southeast Asian Nations (ASEAN) states that the total number of vehicle sales in ASEAN member states accounted for 2.45 million in 2020.
Growing population and economic development are further augmenting the market growth. EV uptake is also likely to be fueled by growing pollution and rising concerns of environmental pollution support eco-friendly modes of transport.
ASEAN has developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency, ~20% of all vehicles on the road in Southeast Asia will be electric by 2025, including 59 million 2 and 3-wheelers and 8.9 million cars.
Moreover, several ASEAN countries have started taking steps to increase EV adoption. For instance, in July 2020, the Brunei Darussalam National Council on Climate Change launched the Brunei Darussalam National Climate Change Policy (BNCCP), Brunei's first climate change policy. Furthermore, the country aims to increase the share of EVs in total vehicle sales to 60% in the coming years. Therefore, the growing trend of EV adoption in APAC supports the e-commerce automotive aftermarket market growth in terms of more EV sales.
Rising consumer preferences for power and acceleration and increasing disposable income will increase product demand for optimization for luxury and sports cars. This will enhance safety and improve fuel efficiency and integrity with advanced driver assistance systems such as electric power-assisted steering (EPAS) systems and suspension over the forecast period.
The surge in China's e-commerce automotive aftermarket market is attributed to the fastest-growing e-commerce industry, social media advances, and escalating mobile payment options. The biggest players in China are Alibaba, Amazon, Tmall, and JD.com. Thus, the growth in automotive e-commerce will support the e-commerce automotive aftermarket market in APAC.
Key Market Dynamics
Market Drivers
- Rising Number of E-Commerce Providers
- Increased Replacement Rates Boost B2C Industry
Market Restraints
- Counterfeit Auto Parts Overshadow Original Components
Market Opportunities
- Rise in DIY and DIFM Consumers
Future Trends
- Increasing Customer Awareness for Automotive Aftermarket
Company Profiles
- Alibaba Group Holding Limited
- Amazon.com, Inc.
- AutoZone, Inc.
- Shopee365
- CATI S.p.A.
- eBay Inc.
- LKQ Corporation
- The Pep Boys
- CarParts.com, Inc
- Denso Corporation
For more information about this report visit https://www.researchandmarkets.com/r/c4wbqe
