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Asia Pacific E-commerce Automotive Aftermarket Size to Expand at Over 15% CAGR through 2026

Author : Ronak Bora | Published Date : 2020-11-17 

The APAC e-commerce automotive aftermarket is projected to record momentous gains over the forthcoming timeframe owing to factors such as rapidly increasing automobile sales, rising penetration of internet, rapidly growing digitalization, and escalating demand for international brands in the region. The market is especially being driven by the high demand coming from developing economies since they contribute a considerable demand, further accounting for the highest growth rates across the region.

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In addition, the growth of easy transaction and communication channels due to the proliferation of the regional IT infrastructure is likely to fuel the industry growth. The innovation of customer-friendly e-commerce platform interface has resulted in increased online sales of the products. In fact, mobile transaction held nearly 15% share of the overall transactions back in 2019. Various regional manufacturers are also actively adopting omnichannel to enhance their product sales.

According to reports, the APAC e-commerce automotive aftermarket is projected to record a CAGR of over 15.3% through the forecast time period.

Below are some of the key trends that are shaping the APAC e-commerce automotive aftermarket industry growth:

Surging demand for lighting components in automotive lighting systems

The lighting product segment is projected to witness a substantial growth of around 16.5% over the forecast time period. The projected growth is ascribed to the rising demand for lighting components in lighting systems like integrated front side, lighting mount or rear side, and signaling. The key components of the lighting system comprise of bulbs, head lights, fog lights, signal lights, off road lights, and LED lights.

The surging demand for customized lighting systems coupled with concerns about the visibility of the vehicle will provide a robust growth impetus for manufacturers in the overall market landscape over the coming years. Many of these manufacturers are investing in online portals to improve their product sales. Increasing consumer spending on e-commerce websites owing to the availability of numerous products at best competitive prices with superior features such as product pick up option from the nearest store and same day delivery will boost the growth of this segment.

Direct-to consumer retailers to drive market demand

With respect to retail, direct-to-consumer market accounted for a share of over 5% in the overall market landscape and is expected to witness high growth over the forecast time period. This anticipated growth can be ascribed to the rising consumer awareness regarding product quality, price transparency, and features among various suppliers. Further, rising digitization and connectivity throughout the value chain will further add up to the segmental growth. E-commerce is considered as the best market for novel parts, also providing a platform for old and obsolete inventory to various automotive parts.

Rapidly growing automotive aftermarket industry in China

On the geographical front, the China e-commerce automotive aftermarket is expected to witness high growth owing to factors such as increasing mobile payment options, social media advances, and rapidly growing e-commerce sector. The presence of large-scale players such as JD.com, Amazon, Alibaba, and Tmall is also favoring the market growth. China has approximately 730 million internet users and effectively accounts for over 40% of overall retail e-commerce done globally.

In addition, the increasing per capita income among the country’s population would also contribute towards the industry growth. In comparison to other countries, the vehicle age is comparatively less in China, which means several parts are needed for replacement. Rising vehicle age and continuous upgradation of vehicle components for achieving better fuel efficiency is expected to enhance the  automotive aftermarket sector in China.

Denso Corporation, Amazon, Napa Auto Parts, eBay Inc., Rock Auto.com, Auto Zone, Bosch Group, Flipkart, and Alibaba Group among many others are some of the key players operating in the APAC e-commerce automotive aftermarket.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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