Being one of the fastest growing distribution channels of the automotive sector, E-tailing is growing at an impressive pace and is expected to continue doing so in the near future. The growth of the global automotive e-tailing market was calculated by taking various steps and applying a number of research methodologies by Market Research Future (MRFR). The published report on the same stated that the market will attain a projected CAGR of 12% over the forecast period of 2016 to 2022. Additionally, it was also mentioned that the global market will reach an estimated valuation of USD 55.22 billion by the end of the forecast period.
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Today, a vast number of businesses are seen deploying e-commerce as a tool for proliferating their sales and revenue volume, and the automotive industry is one amongst the same. Automotive e-tailing is referred to as the sale of automotive components and goods via various electronic medias. As stated previously by MRFR, the global automotive e-tailing market will grow at a notable pace in the coming years. The factors reported to be the primary driver of the global market is the expanding number ecommerce platforms and increasing collaborations and partnerships between companies and e-commerce providers. The easy mode of online ecommerce shopping and payment and the availability of a broad range of automotive products like interior accessories, engine parts, electrical components tires-wheel, and infotainment systems is driving the overall growth of the automotive e-tailing market. Additionally, the growing expansion of the automotive sector across various key and emerging countries is also helping accelerate the growth of the market. Furthermore, some of the other factors highlighted by MRFR aiding the global market includes customer reviews, comparison of features, and the availability of goods at a discounted or nominal rate.
Among other key factors, it is also worth mentioning about the rising number of initiatives undertaken in many developing economies for digitization. This has, in turn, boosted the growth of the global automotive e-tailing market. Automotive e-tailing offers buyers with complete assurance concerning the authenticity of the products being purchased. The market is growing in a striking fashion in the automotive industry because of its ability to solve problems of various automotive part suppliers, retailers, and manufacturers that are related to errors on conditions, complex order procession, payment and shipping, etc. Other factors driving the global market include the growing penetration of the internet, increasing preference of consumers for e-commerce platforms, increasing consumer base of vehicles, and increasing investment of companies on e-commerce platforms.
Despite these positive factors, a major percentage of the consumers incline their preference towards brick and mortar stores rather than online stores. This can limit the projected growth of the market in the coming years. Aside from this, some of the other vital factors that can restrain the growth of the automotive e-tailing market are online payment issues and frauds, delay in product delivery, and snail-paced adoption of e-commerce for automotive parts and components due to doubts concerning product quality.
The global automotive e-tailing market segmentation is done in terms of component, vendor type, and vehicles.
By vendor type, the market divides into OEM vendor and third-party vendor.
By component, the market comprises chassis, powertrain, and electrical & electronics.
By vehicles, the market includes into commercial cars and non-commercial.
The global automotive e-tailing market is regionally segmented into South America, Europe, North America, Europe, Middle East & Africa, and Asia Pacific. Herein, Asia Pacific leads the global automotive e-tailing market with the highest share and is expected to continue leading the standings over the forecast period.
The global automotive e-tailing market includes a host of key players. Some of them identified by MRFR in its report are: Rock Auto LLC. (U.S), Delticom AG (Germany), CARiD.com (U.S), eBay Inc. (U.S), JEGS High Performance (U.S), Advance Auto Parts, Inc. (U.S), AutoZone, Inc. (U.S.), Genuine Parts Company (U.S), O’Reilly Auto Parts (U.S), K&N Engineering, Inc. (U.S) and others.
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