Global e-commerce trades for the automotive aftermarket are expected to rise at a compound annual rate of 18.9 percent, touching $49.5 billion in 2022.
FREMONT, CA: E-commerce remains to be on an accelerated path of expansion in the automotive aftermarket industry, particularly as the average age of automobiles climbs past its current record of 11.4 years. According to new research, 56 percent of shoppers are purchasing online automotive parts and accessories. Automotive aftermarket e-tail profit is anticipated to double within three years.
Against a setting of plateauing new vehicle sales, aftermarket parts is the most striking areas of development in the automotive business. Across the world, large numbers of vehicle owners are spending on replacement parts that keep their vehicles on the road for a more extended period and accessories that add a touch of personalization, functionality, or performance.
The aftermarket is mainly attractive as one enters the later stages of the existing economic development. During a downturn, automobile owners are more likely to invest in repairs than purchase a new car. While a few accessories and other aftermarket products are optional purchases, most parts and supplies sold on the aftermarket are decisive to the vehicle owner’s personal life and career.
This backdrop has produced an incredible opportunity for manufacturers and retailers in the aftermarket to fabricate and organize a more robust e-commerce presence. Referring to other consumer items, e-commerce infiltration for automotive parts is low, but the aftermarket setting is developing swiftly, and e-commerce is the proliferating channel. Global e-commerce trades for the automotive aftermarket are expected to rise at a compound annual rate of 18.9 percent, touching $49.5 billion in 2022.
In supplement to lower cost compared to conventional retail and the wide-ranging convenience of buying online, there are other factors driving the growing esteem of e-commerce for the automotive aftermarket. These include the ease of discovering the right part, the capability to research independent reviews, price transparency, and broader product portfolios.
Present-day consumers are remunerating their business to those aftermarket retailers who provide convenient shipping options, flexibility, and seamless online experience. As the market continues to grow, companies can employ strategies to reach consumers with precise messages across channels.