Tag: CAGR

According to a market research study published by Contrive Datum Insights, the North American region will dominate the market due of the region’s well-developed infrastructure, the rising popularity of online purchasing, and the high demand for high-end and luxury vehicle.

Farmington, March 01, 2023 (GLOBE NEWSWIRE) — The Global Automotive E-Commerce Market Size Was Valued At USD 66.34 Billion In 2021. The Market Is Projected To Grow From USD 75.28 Billion In 2022 To USD 213.08 Billion By 2030, Exhibiting A CAGR Of 16.02{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} During The Forecast Period. Our analysis shows that between 2019 and 2020, the global industry expanded by an average of 4.5{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}.

Due to factors like supply chain disruptions, a decline in the import and export of auto parts, and restrictions on the transportation of non-essential goods, the majority of OEMs are struggling to operate their companies. The market is driven by the expansion of the worldwide e-commerce sector, an increase in automobile sales, and the digitization of interfaces and channels. Additionally, more people are going online, and consumer spending per individual is rising. The market will expand over the coming years thanks to the increase in online sales of car parts and components that has resulted from this.

Request Sample Copy of Report “Automotive E-commerce Market Size, Share & Trends Estimation Report By Component Type (Infotainment & Multimedia, Engine Components, Tires & Wheels, Interior Accessories, and Electrical Products), By Vendor Type (OEM Vendor and Third-party Vendor), By Vehicle Type (Passenger Car, Commercial Vehicle, and Two-wheeler), By Region, And Segment Forecasts, 2023 – 2030”, published by Contrive Datum Insights.

Recent Developments:

• July 2021 – MasterBeat Corporation announced that JTEC Autoworld has launched the Amazon retail arm of its online auto parts platform. JTEC plans to leverage Amazon and other e-commerce platforms to accelerate marketing and sales.

• January 2022 – Amazon and automaker Stellantis announced a strategic partnership to develop cars and trucks with Amazon software on the dashboard and distribute products made by Stellantis on the Amazon delivery network.

Story continues

Segment Overview

Component Type Insights

Due to an increase in the amount of new and used vehicles, the engine parts segment has the biggest market share. Pistons and rings, bearings, the engine block and cylinder heads, valves, and filters are all listed under “engine components.” Additionally, the segment is growing because tires and wheels need to be replaced frequently because they wear out rapidly.

Vendor Type Insights

The type of third-party vendor segment, which makes up the majority of the market, is also anticipated to hold the top spot during the forecast term. This is due to the fact that third-party vendors can fulfill customer expectations thanks to quick delivery and an excellent support network. In order to attract consumers, they also give discounts.

Vehicle Type Insights

The majority of the market is made up of the passenger vehicle segment, and over the following few years, this is anticipated to remain the case. This is due to an increase in passenger car sales. Advanced and optimized search engines are used by e-stores to improve the customer purchasing experience. These types of search engines allow end users to locate passenger cars by applying filters to parameters like vehicle details, price, trim, make, features, and exterior color. Most retailers allow customers to evaluate various passenger cars, which aids in choosing which one to purchase. Customers are more likely to purchase cars online as a result of all these variables, which is fueling the segment’s expansion.

Regional Outlook:                                                                                   

Because of the region’s well-developed infrastructure, the rising popularity of online purchasing, and the high demand for high-end and luxury vehicles, the North American region will dominate the market.

The market is anticipated to become one of the most lucrative in Asia-Pacific due to the presence of significant automotive e-commerce firms like Alibaba Group, Amazon.com, eBay Inc., and Flipkart Internet Private Limited. Government initiatives like Digital India and collaborations between physical stores and e-commerce platform providers are also anticipated to help the market expand.

Additionally, a CAGR of 16.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} is predicted for Europe between 2022 and 2029, making it the second-fastest-growing industry. Europe is one of the most significant regions for internet car purchases because of the expansion of e-commerce.

The rest of the world is expected to experience average growth from 2022 to 2029. It is anticipated that factors like the fact that the e-commerce market in those regions is constantly evolving and the creation of new channels that provide better logistics support will propel the market growth in Latin America, the Middle East, and Africa.

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Scope of Report:

Latest Trends:

A significant tendency is that consumers are buying more cars online.

OEMs, dealers, and other digital car sellers have a lot of new sales possibilities as a result of the growth of the automotive e-commerce industry. Online sales of automotive parts and components from third-party sellers like Amazon.com, Inc., O’Reilly Auto Parts, and Alibaba Group Holding Limited are predicted to expand at the fastest rate in this sector.

Driving Factors:

The market will expand as a result of the rising demand for omni-channel data.

The availability of a variety of vehicles, auto parts, and auto components online is a key factor in the market’s expansion. Auto buyers today are increasingly preferring to search for parts and accessories online. As a result, there has been a significant shift in the automotive sector in favor of automotive e-commerce sites. Due to intense rivalry, vendors are concentrating on providing services like scheduling auto repairs, purchasing used vehicles, and accepting trade-ins for used vehicles. Additionally, they aim to undercut traditional retailers by providing prices that are comparable with theirs. To meet the rising demand from online vehicle buyers, companies like Tesla, Carvana, Vroom, and Walmart, for instance, have positioned themselves to cover the void left by conventional automakers and dealers. Tesla sells its vehicles straight to customers, both new and used. Used cars are also sold directly to customers by Carvana and Vroom, and new and used cars are sold by Walmart through a network of dealers that include all the big automakers. The availability of a large selection of cars and auto parts online, as well as the fact that access is accessible around-the-clock, every day of the week, will also aid in the growth of this industry. The reality that independent e-commerce businesses are spending more on auto parts and online car sales will also aid market expansion. For instance, the fastest growth is anticipated for third-party sellers like Amazon.com, O’Reilly Auto Parts, and Alibaba Group Holdings Limited.

Restraining Factors:

The prevalence of counterfeit car parts will impede market expansion.

The prevalence of counterfeit car parts and components is likely to slow market expansion. Many businesses produce replicas of original auto parts that they offer for less money. The fake market frequently concentrates on components like tie rods, steering arms, windscreens, tail lights, headlamps, bumpers, and filters that are simple to duplicate and move quickly. The demand for counterfeit parts is expanding globally as a result of an increase in the number of businesses producing car parts. These components are of poor grade and frequently malfunction. It damages the company’s reputation, which hurts vehicle sales online. The fact that it is unsafe to purchase and sell cars online is the biggest issue. Despite the fact that data encryption has advanced in some ways, people are still reluctant to divulge their confidential and financial information. Some websites are unable to conduct actual operations. People’s reluctance to divulge information about their credit cards and names is preventing electronic commerce from expanding as quickly as it could. People use electronic pictures to make purchasing decisions. When a product is delivered, it may occasionally differ from the computer-generated images because it didn’t satisfy the customer’s requirements. Automotive e-commerce doesn’t draw customers because they can’t “feel and touch” the products.

Key Segments Covered:

Top Market Players:
O’Reilly Auto Parts (U.S.), Amazon (U.S.), Alibaba Group Holding Limited (China), AutoZone, Inc. (U.S.), Advance Auto Parts (U.S.), Delticom AG (Germany), eBay Inc. (U.S.), Walmart (U.S.), Bosch Auto Parts (Germany), Flipkart (India), and others.

By Component Type

By Vendor Type

• OEM Vendor

• Third-party Vendor

• Others

By Vehicle Type

• Passenger Car

• Commercial Vehicle

• Two-Wheeler

• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)

• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• Rest Of the World

Check out more related studies published by Contrive Datum Insights:

• Automotive Battery Management System Market – The Global Automotive Battery Management System Market Size Was USD 5.14 Billion In 2021. The Market Is Projected To Grow From USD 5.56 Billion In 2022 To USD 15.18 Billion By 2030, Exhibiting A CAGR Of 15.4{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} During The Forecast Period.

• Fuel Cell Device Market – The global fuel cell market is projected to reach a value of USD 10.5 billion by 2023, growing at a CAGR of 14.3{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the forecast period (2023-2030).

• Automotive Electronic Control Unit Market – The Global Automotive Electronic Control Unit Market Size Was Valued At USD 53.13 Billion In 2021. The Market Is Projected To Grow From USD 58.31 Billion In 2022 To USD 94.58 Billion By 2030, Exhibiting A CAGR Of 7.2{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} During The Forecast Period.

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About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

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