According to a new report published by Allied Market Research, titled, “Automotive E-Commerce Market,” The automotive e-commerce market was valued at $38.67 billion in 2021, and is estimated to reach $176.24 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031.
Asia-Pacific is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the automotive e-commerce market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rapid growth of the automobile sector across all segments along with surge in customer inclination toward advancements of the electronic accessories such as infotainment units, music system, and others fuel the growth of the automotive e-commerce market.
There are prominent key factors that drive the growth of the automotive e-commerce market, such as growth of automotive aftermarket services, advancement of multiple payment modes, and increase in penetration of internet & smartphones. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnessed prominent growth in these countries that is expected to provide lucrative opportunities for the growth of the automotive industry which in turn is anticipated to fuel the market. In addition, in some undeveloped countries, there is an increase in the aftermarket sales, which is expected to boost the market.
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By components, the interior accessories segment held the largest share in 2021, accounting for nearly one-fourth of the global automotive e-commerce market and is projected to maintain its leading position throughout the forecast period. Furthermore, the segment is expected to register the highest CAGR of 20.0% during the forecast period, owing to increase in demand for improved aesthetic appearance in vehicles. The report includes analysis of segments such as the informational and multimedia, engine component, tires and wheels, exterior accessories, and electrical products.
Asia-Pacific held the largest share :
By region, the global automotive e-commerce market across Asia-Pacific dominated in 2021, holding nearly half of the market. In addition, the region is projected to portray the highest CAGR of 18.7% during the forecast period, owing to presence of automotive OEMs and changing automotive sales outlook. The report includes analysis of the market across Europe, North America, and Europe.
The passenger car segment to manifest the highest CAGR through 2031
By vehicle type, the passenger car segment is expected to register the highest CAGR of 19.0% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than two-fifths of the global automotive e-commerce market, and is projected to maintain its leading position during the forecast period. This is due to increase in demand for comfort and convenience accessories for passenger cars. The report includes analysis of the two wheeler and commercial vehicle.
The warehouse segment would showcase the highest CAGR by 2031
By operation, the warehouse segment is expected to manifest the highest CAGR of 18.8% during the forecast period, as industry players build comprehensive warehouse services in order to meet client’s demands more quickly. However, the transportation segment held the largest share in 2021, contributing to more than half of the global automotive e-commerce market, and is expected to maintain its dominance during the forecast period.
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Major market players
Advance Auto Parts
Alibaba Group
Amazon.Com, Inc.
Arch Auto Parts
AutoAnything, Inc.
Auto Zone, inc.
CARiD
e-Bay Inc.
Flipkart
JC Whitney
Napa Auto Parts
Pep Boys
RockAuto, LLC
Sears (Transform Holdco LLC.)
Smart Parts Online Pvt. Ltd. (boodmo)
Tire Rack.com, Inc.
U.S. Auto Parts Network Inc.
Similar Reports We Have on Automotive Industry:
Cross-border E-commerce Logistics Market – https://www.alliedmarketresearch.com/cross-border-e-commerce-logistics-market-A13894
Courier Services Market – https://www.alliedmarketresearch.com/courier-services-market-A06423
Courier, Express, and Parcel (CEP) Market – https://www.alliedmarketresearch.com/courier-express-and-parcel-market-A11516
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