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Automotive E-Commerce Market Size, Share, and Analysis, By Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler), By Consumer (B2B, B2C), By Component (Infotainment and Multimedia, Engine Components, Tires and Wheels, Interior Accessories, Electrical Products) and Regional Forecasts, 2022-2032
Automotive E-Commerce Market size was USD 48.4 billion in 2021 and projected to grow from USD 69.4 billion in 2023 to USD 361.4 billion by 2032, exhibiting a CAGR of 20.1% during the forecast period.
Automotive E-Commerce refers to the purchasing and selling of automobiles and components online. This is performed via multiple methods from computers to smartphones to tablets. Physical sales are often conducted in addition to an online sale. Automotive retailers are majorly adopting omnichannel strategy for selling, whereby customers may use both digital and physical channels for informed purchase, similar to many other digital commerce sectors.
Automotive E-Commerce Market is expected to reach USD 361.4 billion, growing at a CAGR of 20.1% during the forecast period owing to the growing penetration of the internet and smartphones, growing globalization in the automotive industry, and acceptance of omni-channel strategies by the retailers. Also, automotive OEMs are spending more money on e-commerce and digital marketing platforms to reach a wider audience of consumers. These factors are expected to boost the growth of Automotive E-Commerce Market over the forecast period.
Automotive E-Commerce Market is classified based on the Vehicle Type into Passenger Car, Commercial Vehicle, and Two-Wheeler. The Passenger Car category registers majority share of the Automotive E-Commerce Market due to rising Internet usage. Also, merchants and OEMs in the industry have begun selling their goods like passenger vehicles online, which will further drive the Automotive E-Commerce Market throughout the projection period.
Automotive E-Commerce Market is classified based on the Component into Infotainment and Multimedia, Engine Components, Tires and Wheels, Interior Accessories, and Electrical Products. The Engine Components category holds the majority of the market due to the steady increase in the number of operating cars getting older. Pistons and rings, bearings, engine blocks and cylinder heads, valves and filters are the components under the category of engine components. Furthermore, the industry is growing since tires and wheels need to be replaced frequently since they wear out quickly.
Availability of Wide Range of Components Available Online is Expected to Boost the Market Growth
The global Automotive E-commerce Market is being driven by the easy accessibility of a wide variety of vehicles, auto parts, and componentry online. Online shopping for automotive parts and components is becoming more and more popular with consumers today. Hence, there has been a significant change in the automobile industry toward automotive e-commerce platforms. With the intense competition in the market, vendors are focusing on providing services like scheduling vehicle maintenance appointments, buying used cars, and accepting trade-ins. To outperform traditional shops, they are also trying for competitive pricing models.
Adoption of Modern Payment Technology is Expected to Boost the Market Growth
Retailers of automotive automobiles, parts, and accessories join hands and use cutting-edge technology to take payments through credit card and also payments by digital wallets for buy-now, pay-later transactions due to the global surge in e-payment volume. Both shops and customers will benefit significantly from the use of cutting-edge payment technology. Hence, the benefits of enhanced payment methods like faster checkout, more purchase alternatives, and considerable cashback offers, will propel the growth of the Automotive E-Commerce Market throughout the projection period.
Sales of Duplicate and Low-Quality Products and Cyber Security Issues to Restrain the Market Growth
Numerous businesses sell affordable replicas of original car parts and accessories. These parts are of low quality and frequently malfunction. Genuine suppliers engaged in the Automotive E-Commerce Market are given a bad reputation, which negatively affects their online sales. In the near future, online fraud and cyber security concerns, and lack of customer trust, are predicted to impede market growth.
The Wipro cloud solution for automotive e-commerce was introduced in November 2022. Wipro also collaborated with Augmented Reality & ThreeKit 3D to offer an augmented reality component, the firm said in a statement, allowing customers to see a virtual representation of the car on their own driveway.
MasterBeat Corporation reported that JTEC Autoworld, a provider of online automobile parts, started offering products through Amazon in July 2021. JTEC wants to boost its marketing and sales by using Amazon and several other platforms of e-commerce.
Automotive E-Commerce Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America will dominate the industry due to the rising preference of regional consumers for online buying, the availability of well-developed infrastructure, the expanding demand for premium and luxury cars, and the rising need for hassle-free purchases. Furthermore, Europe is anticipated to be the second-fastest market due to the growth of e-commerce.
The COVID-19 pandemic caused a significant drop in the supply of key raw materials for automotive components. Numerous small and large participants in the automobile industry dealt with problems like production halts, limited part supplies, government-mandated plant closures, inefficient output during lockdowns, reduced workforce, declining liquidity, and others. Hence, the market witnessed a severe economic decline in 2020. For better momentum in the industry, players started emphasizing on reducing such threats and progress as regulations were relieved.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 20.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Vehicle Type |
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Consumer |
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Component |
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By Region |
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Automotive E-Commerce Market size was estimated at USD 48.4 billion in 2021 and is expected to reach USD 361.4 billion in 2032.
Automotive E-Commerce refers to the purchasing and selling of automobiles and components online. This is performed via multiple methods from computers to smartphones to tablets.
Passenger Car and Engine Components segments accounted for the largest Automotive E-Commerce Market share
Key players: Amazon.com Inc., Robert Bosch GmbH, Alibaba Group Holding Ltd., AutoZone Inc., O Reilly Automotive Inc., Genuine Parts Co., LKQ Corp., Pep Boys, eBay Inc., Napa Auto Parts, CarParts.com Inc., Tire Rack, Delticom AG, AutoAnything Inc., CARiD.com, and Other Prominent Players are the key players in the Automotive E-Commerce Market
Better price transparency, diversity of components and parts, and convenient shopping on different platforms have driven customers to online purchases, impacting the growth of the Automotive E-Commerce Market.
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