E-Commerce in Automotive Aftermarket Research Report: By Component, Channel, Consumer - Global Industry Analysis and Growth Forecast to 2030

E-Commerce in Automotive Aftermarket Research Report: By Component (Engine Parts, Drive Transmission and Steering Parts, Suspension and Braking Parts, Equipment, Electrical Parts, Miscellaneous), Channel (Third Party Retailer, Direct to Consumer), Consumer (B2C, B2B) - Global Industry Analysis and Growth Forecast to 2030

Valued at $38.2 billion in 2019, the global e-commerce in automotive aftermarket is predicted to attain a revenue of $292.6 billion by 2030, exhibiting a CAGR of 23.3% from 2020 to 2030. The market is being driven by the rising consumer awareness about automotive parts and components and their specifications, soaring popularity of do-it-yourself (DIY) methods, and the surge of the automotive aftermarket, on account of the rising number of VIO (vehicles in operation), increasing average age of automobiles, and the growing prevalence of road accidents across the world.
In the recent times, the public awareness about automotive parts has increased significantly all over the world. Moreover, nowadays, people are more inclined to purchase automotive parts from various e-commerce platforms than the conventional stores and outlets. This is because of the availability of a wider range of automobile components in the online storesthan in the brick-and-mortar ones. Furthermore, several prominent e-retail companies such as Wal-Mart Stores Inc.,Amazon.com Inc., and Alibaba Group Holding Ltd. are selling vehicle components and parts in their platforms.
South Korea, Japan, China, and India are some of the most lucrative automotive aftermarkets in the APAC region. Amongst them, China is currently dominating the automotive aftermarket. As a result, the e-commerce in automotive aftermarket is booming in China. The major factors fueling the progress of the market in these nations are the rapid urbanization, soaring sales of vehicles, and the existence of a technologically literate customer base in them.
Hence, it can be said without any doubt that the market will demonstrate explosive growth all over the globe in the upcoming years, primarily because of the rising customer preference for online shopping, surge of the automotive aftermarket, growing popularity of DIY culture, and the increasing consumer awareness about automobile parts and components across the world.