Surge of Automotive Aftermarket in APAC to Power Revenue Explosion in E-Commerce in Automotive Aftermarket Between 2020 and 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.
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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.
Geographically, the Asia-Pacific (APAC) e-commerce in automotive aftermarket registered the highest growth in the years gone by. Moreover, as per the forecast of P&S Intelligence, a market research firm based in India, this trend will continue in the coming years. This is because of the presence of a flourishing automotive industry in this region. According to many reports, the APAC automotive industry is the largest in the world, with a total production of nearly 50 million automobiles every year.
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.