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Dec 03, 2020 (Market Insight Reports) —
According to this report, the Asia Pacific e-commerce automotive aftermarket was valued at USD 10.02 billion in 2019 and to depict a growth rate of 15.3% over 2020-2026. In line with this, the study also constitutes of crucial information on the current market scenario, developing technologies, widespread competitive landscape, strategies undertaken by market rivals, prospects, and vivid market segmentations.
The Asia Pacific e-commerce automotive aftermarket is primarily driven by demand from emerging economies as these contribute a significant demand and have the highest growth rates in the region. Increasing internet connectivity, escalating automobile sales, and demand for international brands will stimulate Asia Pacific e-commerce automotive aftermarket size. Furthermore, consumers’ inclination toward cost sensitivity and preference for competitively priced auto parts for service, repair, and replacement of the product will surge the e-commerce automotive aftermarket growth. Furthermore, positive outlook for vehicle demand, surging e-commerce, and growing preference for performance products will support industry expansion during the forecast period.
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Shifting trend towards DIY with increasing digitalization will expand Asia Pacific e-commerce automotive aftermarket size. Industry players in the region are investing in online order management system and developing effective CRM & vendor management solutions to increase their market share. The increasing number of e-stores in countries including China and Japan offering various brands due to partner-distributor e-commerce portal will further fuel the industry demand. The increasing customer expectations and balance between customer digital & physical capabilities along with product tracking systems offered by service providers are the key trends in the industry landscape.
The lighting products segment is expected to witness a significant growth of over 16.5% in the market from 2020 to 2026. The growth is attributed to an increasing demand for lighting components in lighting systems such as signaling, lighting mount or rear side, and integrated front side. The main components of the lighting system are LED lights, off road lights, signal lights, fog lights, head lights, and bulbs. An increasing concern regarding the visibility of the vehicle and demand for customized lighting systems will provide a strong business outlook for manufacturers in the e-commerce automotive aftermarket over the coming years. Several manufacturers in the industry are investing in online portals to enhance their product sales. Furthermore, increasing consumer spending on e- commerce websites due to the availability of products at competitive prices along with features such as same day delivery and pick up from the nearest store will boost segment growth.
By consumer, the business to consumer segment held over 55% share in 2019. Customers are shifting their preferences toward online shopping of automobile parts due to their cost-effectiveness when compared to conventional brick-and-mortar stores. Technologically advanced products, provision of discounted prices, and fast query solving are a few techniques by which the segment will observe a robust growth rate over the forecast spell.
E-commerce shopping is on the rise