According to our new research study, titled " E-commerce Automotive Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Consumer Type, and Geography," the E-commerce Automotive Aftermarket Market is projected to reach US$ 1,60,985.4 million by 2028 from US$ 57,301.1 million in 2022. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
The automotive aftermarket is concerned with the custom manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories following the sale of the automobile to a consumer by the original equipment manufacturer (OEM). However, OEMs can fail to produce components and accessories for sale.
The E-commerce automotive aftermarket market refers to an internet-based e-commerce platform where car components are offered to do-it-yourself customers and service professionals. The aftermarket includes all automotive spare parts, equipment, accessories, and services purchased through e-commerce platforms following regular vehicle usage. Customers' broad usage of e-commerce services has boosted the global e-commerce automotive aftermarket.
Furthermore, the rapidly increasing electric vehicle industry will likely create new possibilities for e-commerce automotive aftermarket market participants in the coming years. The growing influence of digital transformation is transforming the global automobile sector. The automotive aftermarket is also changing from conventional legacy systems to digitalized systems powered by big data, predictive analytics, mobility, and IoT. E-commerce development is predicted to provide opportunities for all industry participants, including original equipment manufacturers (OEMs), original equipment suppliers (OESs), workshops and garages, distributors, end customers, non-auto stakeholders, and mobility startups. The continued trend of people customizing and creating automobile interiors and exteriors based on their preferences adds to the market development.
Moreover, the easy availability of cheap replacement parts and simple procedures, such as changing oil, tires, and mirrors with little tool requirements, are increasing the size of the DIY sales outlet business, thereby positively influencing the e-commerce automotive aftermarket market. Increased e-commerce platforms and collaboration between e-commerce platform providers and brick-and-mortar retailers are expected to boost the global e-commerce automotive aftermarket market over the forecast period.
Based on product type, the e-commerce automotive aftermarket market is classified into braking (brake pads, hydraulics and hardware, and rotor and drum), steering and suspension (ball joints, tie rods, sway bar links, bearings/seals, and others), and hub assemblies, universal joints, gaskets, filters, spark plug, and others. Based on consumer type, the market is bifurcated into B2B and B2C. Based on geography, the market is segmented into 5 major regions: Asia Pacific (APAC), North America, Europe, Middle East & Africa (MEA), and South America (SAM).