Albany, NY -- (SBWIRE) -- 09/13/2017 -- Currently, the global e-commerce automotive aftermarket market is fragmented in nature on account of the presence of a large number of small, medium, and large players. Fuelling the market majorly is the growing number of do-it-yourself (DIY) consumers, who assemble purchased parts themselves. Since, such DIY customers do not require installation services for products purchased, they mostly purchase auto parts through online platform.
Besides that, the e-commerce platforms also serve as service aggregators to provide quality and price assurance to the customers. Various requirements and numerous product specifications in automotive aftermarket market makes it difficult for customers to estimate the cost of services or a product. The e-commerce platform helps to solve this problem by making it easy for customers to compare products and prices.
Also helping to catalyze growth in the e-commerce automotive aftermarket is the foray of aftermarket manufacturers in e-commerce. B2C sales channel eliminates the need for middlemen and helps manufacturers sell auto parts directly to the end user. It also aids them in reaching out to a large number of consumers without having to establish brick and mortar stores. This results in cost benefits which are ultimately passed on to customers.
A report by Transparency Market Research forecasts the global e-commerce automotive aftermarket market to register a robust 24.2% CAGR from 2017 to 2025 to become worth US$227.165 bn by the end of the forecast period from US$32.723 bn in 2016.
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The different types of products purveyed in the global e-commerce automotive aftermarket market are interior accessories, exterior accessories, performance parts, wheels and tires, tools and garage, auto body parts, oil, and coolants and fluids, among others such as paints and custom modifications. The wheels and tires segment, among them, is slated to hold a dominant share of about 30.5% share in the market in 2017. In terms of growth rate, the oil and coolants and fluids segments are predicted to outpace all others in the next couple of years.
From a geographical standpoint, North America leads the global e-commerce automotive aftermarket. Various brick and mortar stores in North America leverage third party e-commerce platform to sell their products along with their own e-commerce portal. In fact, numerous e-commerce players in North America are providing additional information and installation guides to customers to increase the number of do-it-yourself (DYI) customers. The U.S. and Canada are the two leading markets in North America.
Europe is another key market that is propelled by the growth in m-commerce – which accords a greater degree of flexibility and personalization – spending by Europeans. E-commerce platform players can market their product more efficiently through smartphone apps. Smartphone adoption rate in Europe is 60.4% with Sweden and the U.K. leading.
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Asia Pacific is another attractive e-commerce automotive aftermarket market because of the presence of e-commerce giants such as Amazon.com, Inc., Alibaba Group, Flipkart Internet Private Limited, and E-bay Inc. Among them, Alibaba and Amazon have different business models and together account for a sizeable proportion of the global e-commerce automotive aftermarket market in Asia Pacific region. Other factors serving to boost the market in the region are initiatives such as Digital India and availability of multiple electronic payment systems such as Paytm.
Some of the prominent participants in the global e-commerce automotive aftermarket market are Alibaba Group, Advance Auto Parts, Amazon.com, Inc., American Tire Distributors Holdings, Inc., U.S. Auto Parts Network, Inc., Auto Zone, Inc, Denso Corporation, EBay Inc., Pep Boys, National Automotive Parts Association, and Tire Rack.