The global Automotive e-commerce Market is garnering substantial traction, mainly due to the rapid digitalization and growing online purchases. Besides, the expanding used/resale vehicle market and vehicle part manufacturing sectors, alongside the rising popularity of e-commerce platforms, substantiate the market size.
The onset of the Covid-19 pandemic worldwide sped up the online business industry exponentially, mandating social distancing practices. The global aftermarket that saw a huge slump in 2020 is projected to resuscitate in FY22 and beyond, heading with the developing trade-in vehicle market.
With the global OEMs and aftermarkets assessed to outperform in the next few years, the market value is expected to increase substantially. According to Research Future (MRFR), the global automotive e-commerce market is expected to expand approximately at a 22.20% CAGR during the review period (2022 – 2030).
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The ramping up demand for automotive accessories encourages automotive e-commerce companies to onboard more and more products from technology-enabled end-to-end after-sales auto service and spare part providers and a wide range of OEM spares and consumables.
Moreover, the rapid increase in automated, pre-owned vehicle websites with fast and easy fully-digital solutions impacts the market landscape positively. The state-of-the-art e-commerce technology supports local businesses, allowing customers to move through the buying process quicker, offering them alternatives to the traditional car shopping model.
Typically, digital retailing solutions enhance the online buying experience while reducing complexities in the car buying process. With automotive e-commerce platforms, buyers can save time and retailers can save resources, streamline operations, and deliver optimized profits within a fully secured online transaction.
Today, consumers prefer buying vehicles, used automobiles, and auto components online. At the same time, notable international players like Amazon and Alibaba are working on expanding their platforms by acquiring smaller local platforms from emerging markets. Furthermore, the rapid growth in the global e-commerce industry and digitization of channels and interfaces push the market revenues.
Global Automotive E-Commerce Market – Competitive Analysis
Highly competitive, the automotive e-commerce market appears fragmented, with several well-established players forming a competitive landscape. Industry players try to bring disparate point systems together from multiple providers and integrated environments that can enhance customer experience. These e-commerce platform providers incorporate approaches such as mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings.
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Major Players
Leading players in the global automotive e-commerce market include eBay Inc. (US), Taobao (China), Amazon.com, Inc. (US), Alibaba Group Holding Limited (China), Wal-Mart Stores, Inc. (US), Tmall.com (China), Snapdeal (India), Denso Corporation (Japan), JD.com, Inc. (China), and American Tire Distributors Holdings, Inc. (US), among others.
Global Automotive E-Commerce Market – Segments
The market report is segmented into components, vehicle types, consumers, and regions. The vehicle type segment comprises heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), and passenger cars.
The component segment comprises electrical products, infotainment & multimedia, tires & wheels, engine components, interior accessories, and others. The consumer segment comprises B2B and B2C. Further, the region segment comprises the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.
Automotive E-Commerce Market – Regional Analysis
Europe is the most lucrative market for automotive e-commerce globally, with increasing online sales of auto components. Besides, the rising adoption of e-commerce platforms providing greater flexibility and customization features drives the region’s market shares. The growing consumer inclination toward purchasing vehicles from international markets to gain access to low-cost components and a wider range of products boosts the market size.
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Industry/ Innovation/ Related News
March 15, 2022 — Shift, an automotive eCommerce platform, announced the acquisition of certain assets and dealer-listing marketplace technology of Fair Technologies. The acquisition would enable Shift to become the Amazon of the used cars, accelerating its ability to build a digital marketplace that allows dealers and independent sellers to list their used cars alongside Shift’s owned inventory.
Fair’s technology, team, and well-established dealer relationships would allow Shift to develop an online marketplace for used cars that can help dealers participate in e-commerce and grow their market share.
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