E-Commerce Automotive Aftermarket – An Array Of Graphics And Analysis Of Major Industry Segments
The automotive industry is flourishing in the emerging economies of China and India on the back of increasing income per capita of the urban populations. Since these two countries are vastly populated, the automotive industry is expected to continue gaining new demand for a foreseeable future. At the same time, the concept of ecommerce has finally penetrated these two Asia Pacific countries too, opening up a prospering market for e-commerce automotive aftermarket market, which relates to providing the products and services once the vehicles are sold.
Since the maintenance of an automotive product is tiresome job owing to various components it constitutes with, a number of consumers are resorting to alternates that meet their requirements. The vendors of automotive aftermarket cater to localized demand and offer moderate products and services at lower costs. Consequently, this report projects the demand in the global e-commerce automotive aftermarket market to experience incrementing demand at a highly impressive CAGR of 18.5% during the forecast period of 2017 to 2025.
Growing ubiquity of smartphones and increasing dependency on the Internet has opened rich new avenues in this market, as consumers can now research their products, read reviews and make the transactions from the comfort of their home rather than visiting shops to shop. In addition to that, growing in vehicle population and reduced cost of automotive components have also helped the market in gaining news demand.
On the other hand, intangibility of the business, growing number of online frauds, increasing share of counterfeiting of automotive parts, lack of price transparency, need to continuously improve the products and technology, and increased parts complexity are a few challenges that the vendors of ecommerce automotive aftermarket market are facing.
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Nevertheless, the vendors of this market stand to gain new opportunities if they concentrate on openings such as large presence of Smbs along with increased spending on ecommerce platform and growing vehicle-age in circulation.
Based on offering, the market has been segmented into product and services, whereas on the basis of consumer, the market has been bifurcated into business to business (B2B) and business to client (B2C). Product-wise, the market has been classified into exterior accessories, interior accessories, wheels and tires, performance parts, auto body parts, tools and garage, coolants and fluids, and oil. Region-wise, the report categorizes and evaluates the potential of the regions of Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa.