E-Commerce Automotive Aftermarket: Introduction
- E-commerce Automotive Aftermarket refers to an e-tailing platform where auto parts are sold to do-it-yourself customers and service professionals through the internet. The aftermarket covers all automotive spare parts, equipment, accessories and services related to automobiles that are procured after periodic vehicle use through E-commerce portals. Increasing ecommerce platforms and collaboration between E-commerce platform providers and brick & mortar stores is anticipated to drive the E-commerce automotive aftermarket market throughout the forecast period.
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Key Drivers and Restraints of Global E-Commerce Automotive Aftermarket
- Increasing number of “Do It Yourself” DIY customers is likely to boost the online purchase of auto parts, thereby increasing the e-commerce share in the total automotive aftermarket as DIY
- Complex requirements and numerous product specifications in the automotive aftermarket market makes it difficult for customers to estimate the cost of services or a product. To avoid purchasing overpriced products and to avoid bad customer service, customers opt for a standardized platform from a trusted brand to purchase products and services. Big e-commerce platforms that offer products from multiple brands in multiple places play the role of a service aggregator by providing standardized services throughout its operating area
- E-commerce platforms offer flexibility and convenient shopping experiences throughout the path to purchase. It offers extensive research and comparison on prices, features, delivery speed, special offers, and others. All these key elements or differentiators make it easy for DIY and DIFM customers to compare products from multiple online sources as compared to brick and mortar stores. All these features of online shopping are accelerating the e-commerce automotive aftermarket market globally.
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Global E-Commerce Automotive Aftermarket: Segmentation
- On the basis of product type, the E-commerce automotive aftermarket market has been segmented into braking, steering and suspension, hub assemblies, universal joints, gaskets, wipers, filters, lighting, and spark plugs. Under braking, the market is further segmented into brake pads, hydraulics and hardware, and rotor and drum. Steering and suspension segment covers ball joints, tie rods, sway bar links, bushings, bearings/seals, and coil springs.
- Based on channel, the e-commerce automotive aftermarket market has been segmented into marketplace, 3rd party standalone e-tailer and direct to customer. Factors such as increasing number of do-it-yourself (DIY) consumers and flexibility of extensive online research are supporting the industry growth. The increasing combination of ‘brick and click’ model is anticipated to drive the e-commerce automotive aftermarket. The running investments by the competitors and growing M-commerce spending will develop new opportunities for the e-commerce automotive aftermarket globally. Mergers, acquisitions and regional expansion strategies are being adopted by key players in the e-commerce automotive aftermarket. All these factors help the e-commerce companies to understand the demand and supply gap in the regions. These partnerships are permitting e-commerce automotive aftermarket to extend their services, offerings and provide customized services to the end users based on their requirements.
- The third party standalone e-tailer segment is expected to grow at relatively faster than marketplace and direct to customer segment during the forecast period. In 2018, the third party standalone e-tailer segment accounted for about 50% of total E-commerce automotive aftermarket.
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Global E-Commerce Automotive Aftermarket: Regional Segmentation
- Based on region, the global E-Commerce Automotive Aftermarket can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global e-commerce automotive aftermarket by 2027. Many government initiatives in emerging nations such as “Digital India” and collaboration between brick and mortar stores and E-commerce platform providers and is anticipated to boost the industry demand in Asia Pacific region. In 2018, China is expected to have highest market share accounting for more than 35% of Asia Pacific market.
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