Automotive E-Commerce Market Projected to Reach USD 202.15 billion, with a CAGR of 19.67 % by 2030 – Report by Market Research Future (MRFR)
Automotive E-Commerce Market Growth Accelerated by Rising Influence of Digital Transformation Is Reshaping the Automotive Industry
New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive E-Commerce Market Information by Components, Consumer and Vehicle Type, and Region - Forecast till 2030", By 2030, the Automotive E-Commerce market can increase from USD 70.23 billion in 2022 to USD 202.15 billion, with a CAGR of 19.67% between 2022 and 2030.
*Automotive E-Commerce Market Synopsis*
Automotive ecommerce, often known as automotive electronic commerce, describes the online purchasing and selling of automobiles and their parts. This may be done using a variety of tools, including mobile tablets, PCs, and phones.
Also, the procedure of selling cars online need not be compartmentalized. Physical sales are frequently conducted in addition to an online sale. For instance, a new automobile could be sold on a physical lot but its aftermarket components are bought online.
*Market Competitive Landscape:*
The affluent firms in the automotive e-commerce market include
· com Inc. (U.S.)
· eBay Inc. (U.S.)
· Taobao (China)
· com (China)
· Alibaba Group Holding Limited (China)
· Wal-Mart Stores Inc. (U.S.)
· com Inc. (China)
· Snapdeal (India)
· Denso Corporation (Japan)
· American Tire Distributors Holdings Inc. (U.S.)
· Among others.
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COVID 19 Analysis*
Due to declining vehicle sales across the US and a rise in consumers using online marketplaces like Carvana, the automobile sector has undergone tremendous transformation over the past several decades. As lockdowns and issues with the worldwide supply chain resulted in a decline in physical automobile sales at COVID-19, this tendency became even more obvious.
The automotive e-commerce market grew heading into 2021 and 2022 despite the general decline in automobile sales, as the majority of prospective car purchasers were left with little choice. When business started to pick up again in 2021, the surge in online sales persisted because consumers had gotten accustomed to the simplicity of ecommerce solutions. Before the epidemic, 32% of US automobile customers were willing to make an internet purchase.
*Automotive E-Commerce Market Report Scope:*
*Report Metrics* *Details*
Market Size 2030 2030: USD 202.15 Billion
CAGR during 2022-2030 19.67% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Components, Consumer and Vehicle Type, and Region
Key Market Opportunities The influence of digital transformation is reshaping the automotive industry Digitalization is allowing customers to connect faster to the businesses
Key Market Dynamics Aging vehicle fleet Growth of the e-commerce industry Digitization of channels and interfaces
*Browse In-depth Market Research Report (188 Pages) on Automotive E-Commerce Market:*
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Automotive E-Commerce Market USP Covered:*
*Market Drivers:*
Notwithstanding the COVID-19 outbreak, there is one area of hope for the automobile industry, which is automotive ecommerce. Online auto sales have increased dramatically since 2010, reaching 100%. The statistics speak for themselves, and as a result, the auto industry has further switched its focus toward an online model in order to more effectively sell both auto parts and automobiles. By redesigning their websites, putting a priority on practicality, and emphasizing digital advertisements, companies like Ford have prioritized their automotive ecommerce websites and social media presences more than ever before.
The automobile sector and its distributors, like the majority of global sectors, have had to fast adapt as more and more consumers make purchases online. Automobile companies who had been reluctant to depart from the tried-and-true strategy of physical sales were compelled to change course, whether or not they were prepared to do so. The benefits of automotive ecommerce stores are significant — for both customers and automotive firms — and may help improve revenue across the whole value chain. This is a good development for enterprises.
The industry is also expanding as a result of the accessibility of a wide selection of vehicles, auto parts, and components online. Online shopping for automotive parts and components is becoming more and more popular with consumers nowadays. As a result, there has been a significant change in the automobile sector toward automotive e-commerce platforms. With the intense competition in the market, vendors are focusing on providing services, such as scheduling vehicle maintenance appointments, buying used cars, and accepting trade-ins. Furthermore, they are aiming at competitive pricing models to gain an advantage over traditional retailers.
*Market Restraints: *
Online fraud and cyber security concerns, as well as a lack of consumer trust, can likely impede the growth of the worldwide market over the given period.
Nonetheless, it is anticipated that in the near future, the automation of digital commerce and the growth of cross-border e-commerce would present opportunities for the automobile e-commerce sector.
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Automotive E-Commerce Market Segmentation*
*Insights By Component *
The infotainment and multimedia, engine components, tires and wheels, interior accessories, and electrical product categories make up the automotive e-commerce market segmentation, with respect to components. Due to the steady increase in the number of operating cars getting older, the engine components sector commands the majority of the market. Pistons and rings, bearings, engine blocks and cylinder heads, valves and filters are the vehicle parts that fall under the category of engine components. Furthermore, the industry is growing since tires and wheels need to be replaced frequently because they wear out rapidly.
*Insights By Consumer *
B2C and B2B are the market segments for Automotive E-Commerce, in terms of consumers. The B2C type category has the most market share and is expected to continue to rule the industry throughout the course of the projection. This is due to the fact that B2C companies are able to meet customer expectations through quick delivery, a first-rate service network, and the use of discount programs to draw in new clients.
*Automotive E-Commerce Market* *Regional Insights*
The market will be dominated by the North American area because of the region's growing preference for online buying, the availability of well-developed infrastructure, the rising demand for premium and luxury automobiles, and the market's expanding need for hassle-free purchases.
Due to the existence of significant automotive e-commerce businesses like Alibaba Group, Amazon.com, eBay Inc., and Flipkart Internet Private Limited, the industry in Asia Pacific is anticipated to become one of the most profitable regional marketplaces. The industry is also expected to grow as a result of government programs like Digital India and alliances between traditional retailers and the suppliers of e-commerce platforms.
Also, with a CAGR of 16.6% from 2022 to 2029, Europe is anticipated to develop at the second-fastest rate in the years ahead. Due to the expansion of e-commerce, Europe is one of the major markets for automotive e-commerce.
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https://www.marketresearchfuture.com/ask_for_schedule_call/4682From 2022 through 2029, the remainder of the globe is anticipated to see ordinary growth. The market expansion in those areas will be fostered by elements including the constantly changing e-commerce industry in South America, the Middle East, and Africa, as well as the development of innovative channels giving superior logistical assistance.
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