E-Commerce Automotive Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type [Braking (Brake Pads, Hydraulics & Hardware, and Rotor & Drum), Steering & Suspension (Ball Joints, Tie Rods, Sway Bar Links, Bearings/Seals, a

E-Commerce Automotive Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type [Braking (Brake Pads, Hydraulics & Hardware, and Rotor & Drum), Steering & Suspension (Ball Joints, Tie Rods, Sway Bar Links, Bearings/Seals, and Others), Hub Assemblies, Universal Joints, Gaskets, Filters, Spark Plug, and Others], and Consumer Type (B2B and B2C)

The global e-commerce automotive aftermarket market is expected to grow from US$ 57,301.1 million in 2022 to US$ 1,60,985.4 million by 2028. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.

APAC has a robust automotive industry supported by a well-established automotive manufacturing industry in China and India. India produced 3,394,446 cars in 2020, as per the countryeconomy.com statistics report. In 2020, China was the largest vehicle-producing country globally; it produced 25,225,242 passenger cars and commercial vehicles, per the same statistics report. Strong automotive industries and the rise in passenger car and commercial vehicle manufacturers are among the significant factors driving the region's demand for the e-commerce automotive aftermarket market.

Another factor behind the rise in the APAC e-commerce automotive aftermarket market is the increasing uptake of electric vehicles (EVs). The Automotive Federation Report published by the Association of Southeast Asian Nations (ASEAN) states that the total number of vehicle sales in ASEAN member states accounted for 2.45 million in 2020. Growing population and economic development are further augmenting the market growth. EV uptake is also likely to be fueled by growing pollution and rising concerns of environmental pollution support eco-friendly modes of transport. ASEAN has developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency, ~20% of all vehicles on the road in Southeast Asia will be electric by 2025, including 59 million 2 and 3-wheelers and 8.9 million cars.

Moreover, several ASEAN countries have started taking steps to increase EV adoption. For instance, in July 2020, the Brunei Darussalam National Council on Climate Change launched the Brunei Darussalam National Climate Change Policy (BNCCP), Brunei's first climate change policy. Furthermore, the country aims to increase the share of EVs in total vehicle sales to 60% in the coming years. Therefore, the growing trend of EV adoption in APAC supports the e-commerce automotive aftermarket market growth in terms of more EV sales.

Rising consumer preferences for power and acceleration and increasing disposable income will increase product demand for optimization for luxury and sports cars. This will enhance safety and improve fuel efficiency and integrity with advanced driver assistance systems such as electric power-assisted steering (EPAS) systems and suspension over the forecast period. The surge in China's e-commerce automotive aftermarket market is attributed to the fastest-growing e-commerce industry, social media advances, and escalating mobile payment options. The biggest players in China are Alibaba, Amazon, Tmall, and JD.com. Thus, the growth in automotive e-commerce will support the e-commerce automotive aftermarket market in APAC.

Impact of COVID-19 Pandemic on APAC E-commerce Automotive Aftermarket Market

Due to the COVID-19 pandemic, the lockdown of manufacturing facilities and warehouses across China, India, and South Korea initially hindered product inventories and demand. The Automotive Component Manufacturers Association of India reported that the industry's turnover declined by 34% in the first half of FY 20-21. However, the sales of automobiles improved every month in the second quarter of 2021 due to the economy's reopening. Furthermore, because of the ongoing COVID-19 crisis, the APAC e-commerce business saw an exponential increase in online orders and transactions in the latter months of 2020. The e-commerce business witnessed over 60% growth in orders between March and June 2020. The growing automotive sector results in continuous expansion for car aftermarket components in the e-commerce marketplaces in APAC. As a result of the rising demand for automotive aftermarket components, e-commerce sales of such components grew, favorably benefiting the e-commerce automotive aftermarket sector.

Based on product type, the e-commerce automotive aftermarket market is classified into braking (brake pads, hydraulics and hardware, and rotor and drum), steering and suspension (ball joints, tie rods, sway bar links, bearings/seals, and others), and hub assemblies, universal joints, gaskets, filters, spark plug, and others. Based on consumer type, the e-commerce automotive aftermarket market is bifurcated into B2B and B2C. Based on geography, the global e-commerce automotive aftermarket market is segmented into 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The overall e-commerce automotive aftermarket market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the e-commerce automotive aftermarket market with respect to all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the e-commerce automotive aftermarket market.

The key companies operating in the e-commerce automotive aftermarket market include Alibaba Group Holding Limited; Amazon.com, Inc.; AutoZone, Inc.; Shopee365; CATI S.p.A.; eBay Inc.; LKQ Corporation; The Pep Boys; CarParts.com, Inc; and Denso Corporation.

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