Some of the major APAC ecommerce automotive aftermarket participants are Alibaba Group, Amazon, AutoZone, Bosch, Denso Corporation, eBay, Flipkart, NAPA Auto Parts, RockAuto and Mannkando, etc.
Bengaluru, NFAPost: Global Market Insights, Inc. has recently added a new report on Asia Pacific E-commerce automotive aftermarket which estimates the market valuation for APAC will cross $ 34.46 billion by 2026. Shifting trend toward digital service-based business models will escalate the regional aftermarket demand.
Educating customers by providing informative brochures and visual methods for replacement of products will fuel the demand for the e-commerce automotive aftermarket. Manufacturers are focusing on customer buying behavior (B2B/B2C) to cater to custom need.
Superior product promotion and placement in the e-market are improving the internet traffic and conversion rate for auto products. In addition to this, providing customers with the information about the nearest store location, operating hours, product availability, and ability to purchase product on mobile application is the key factor surging industry share.
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Hub assembly sales through ecommerce channels with the availability of video displaying method for proper part change and reducing the probability for product damage & time consumption will further fuel the product demand. For instance, Autozone offers video library for car repair and product change on its portal.
In addition, industry participants offer “Remember the Car” option for easy product selection, eliminating the time required while selecting the vehicle. Reduced processing time along with filtered product option promotes easy product buying, enhancing the product sales.
The counterfeit market is playing a significant role in affecting the APAC e-commerce aftermarket industry. The existence of a number of replica manufacturers of genuine products in China might hamper market growth. These products are of inferior quality and break down very often, and they are sold at comparatively low prices to attract buyers. This creates a negative image of a brand in the market, thus affecting the sales of the e-commerce.
The third-party retailers’ segment will grow at a modest CAGR and hold around 95% demand share by 2026. Third-party retailers’ growth can be credited to bulk purchase of the product by auto workshops and independent service providers. The ease in product ordering owing to online development of the Request for Quotation (RFQ) and the availability of customer services will fuel the segment growth.
Increasing trend of automotive filters owing to their benefits, such as lower carbon emission and enhancement in the engine performance, will support industry growth. Filter replacement part will hold a revenue share of USD 3.86 billion in 2026. Major components of the filter are oil filters, air intake filters, fuel filters, and cabin air filters.
The B to Small B channel involves trading of basic automotive components, such as electronic units and sub-assembly systems, between equipment suppliers and medium-sized firms. The segment will grow at a decent CAGR of 15.5% by 2026. Superior profit margins and quick delivery along with easy availability are the key factors driving market growth.
Market players are investing in expanding geographically and strengthening their product portfolio to dominate the industry. Manufacturers are introducing e-commerce sites that offer a connection between service technicians and suppliers to further improve the industry foothold. Improvements in consumer services and quote development, offering instant services will further support the product penetration.
Other major players in the industry include Alibaba Group, Amazon, AutoZone, Bosch, Denso Corporation, eBay, Flipkart, NAPA Auto Parts, RockAuto, Mannkando, etc.
Some major discoveries in Asia Pacific ecommerce automotive aftermarket report
- China held a significant market share of over 45% in 2019, attributed to rising expenditure by industry players in online order management systems to develop an efficient CRM and vendor management to increase their regional foothold.
- Third-party e-commerce retail holds a significant revenue share in the Asia Pacific e-commerce automotive aftermarket. It involves franchisee repair shops, auto centers, independent as well as authorized repair shops. Increasing customization along with transparency in pricing is escalating the segment growth over the forecast period.
- Braking, filter, and lighting replacement parts found maximum utility in the e-commerce automotive aftermarket. The rising trend of automotive lightweight material has provided a strong business outlook.
- Online retailers focus on improving customer experience with simplified payment gateways, more interactive product advertisement, and after-sale support.
- B2C channel of the distribution segment will dominate the APAC e-commerce automotive aftermarket and is anticipated to grow at a CAGR of 15.0% by 2026. Increasing Do-it-yourself (DIY) trend in the B2C segment is a prime factor boosting the adoption of e-commerce channels.
- Tie-ups with regional manufacturers along with customized services and discounts offered are the key strategies implemented by the company. Instant delivery along with the notification of the product on availability is positively influencing the market growth.
- COVID-19 pandemic has severely disrupted the automotive industry. International trade has been temporarily suspended by the majority of the countries, thereby influencing the product demand across the APAC.
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