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E-Commerce Automotive Aftermarket Global Market Report 2022: Ukraine-Russia War Impact
Major players in the e-commerce automotive aftermarket are Robert Bosch GmbH, Amazon. com Inc, Meritor Inc, eBay Inc, Genuine Parts Co. Inc, AutoZone Inc, CarParts. com Inc, Advance Auto Parts, Buyautoparts LLC, Alibaba Group, Denso Corporation, O’Reilly Automotive, 3M Company, Continental AG, Federal-Mogul Corporation, and National Automotive Parts Association.
New York, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Commerce Automotive Aftermarket Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368674/?utm_source=GNW
The global e-commerce automotive aftermarket is expected to grow from $58.32 billion in 2021 to $69.94 billion in 2022 at a compound annual growth rate (CAGR) of 19.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The e-commerce automotive aftermarket is expected to reach $131.22 billion in 2026 at a CAGR of 17%.
The e-commerce automotive aftermarket consists of sales of e-commerce automotive aftermarket products and related services by entities (organizations, sole traders, and partnerships) that are used to offer online marketing and sales of all vehicle spare parts through public websites. E-Commerce automotive, also known as automotive electronic commerce, is the buying and selling of replacement parts, accessories, and equipment used to maintain or improve the original product of an automobile over the internet.
The main types of e-commerce automotive aftermarkets are B2C and B2B.The business-to-customer (B2C) market refers to the retail model in which goods or services are sold directly from a business to the end user who has purchased the goods or services for personal use.
The different components include engine parts, drive transmission and steering parts, suspension and braking parts, equipment, electrical parts and others and involve various types of channels such as third-party retailers and direct to customer.
Asia Pacific was the region region in the e-commerce automotive aftermarket in 2021. The regions covered in the e-commerce automotive aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in e-commerce is expected to contribute to the growth of the e-commerce automotive aftermarket going forward.E-commerce refers to the electronic buying and selling of goods over the internet.
E-commerce is useful in the sales of automotive aftermarket products online as it offers convenience, ease of purchase, and home delivery of products. For instance, according to the United Nations Conference on Trade and Development, a body of the United Nations Secretariat, global e-commerce sales jumped to $26.7 trillion in 2019, and online retail sales of commodities increased from 16% in 2019 to 19% in 2020. Therefore, the increase in e-commerce is driving the growth of the e-commerce automotive aftermarket.
New product innovations have emerged as a key trend gaining popularity in the e-commerce automotive aftermarket.Major companies operating in the automotive sector are focused on developing various new products such as online web portal solutions to strengthen their position in the market.
For instance, in January 2020, Continental, a Germany-based technology and manufacturing company, launched an online web portal for the automotive aftermarket which facilitates the selection of appropriate spare parts from the inventory of workshops and dealers.This online web portal unites all brands and products, allowing dealers and workshops to easily identify the right spare part for their vehicle from the selection available.
For the first time, Continental is offering a free, complete online catalog that combines all brands and goods for the first time.Thanks to this, dealers and workshops will be able to quickly select the appropriate spare component from the available selection.
Additionally, instructional and product films are accessible, and it is simple and quick to locate the appropriate contact person for a given product category.
In February 2022, Bosch, a Germany-based engineering and technology company, acquired a 26% stake in Autozilla Solutions for an undisclosed amount.This acquisition aimed to expand the digital B2B marketplace for independent aftermarkets in India.
Autozilla Solutions is an India-based online car spare parts marketplace.
The countries covered in the e-commerce automotive aftermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The e-commerce automotive aftermarket research report is one of a series of new reports that provides E-Commerce automotive aftermarket statistics, including E-Commerce automotive aftermarket industry global market size, regional shares, competitors with an E-Commerce automotive aftermarket share, detailed E-Commerce automotive aftermarket segments, market trends and opportunities, and any further data you may need to thrive in the E-Commerce automotive aftermarket industry. This e-commerce automotive aftermarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06368674/?utm_source=GNW
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