Automotive E-Commerce Market Dynamics
The e-retail industry has hit it big in the past decade. Individuals have started choosing online shopping over the traditional means of buying goods. This has worked in the favor of the global market for automotive e-commerce. As per the research report published by MRFR (Market Research Future), this market will grow by leaps and bounds during the forecast period of 2017-2023.
The e-commerce industry has established its hold all across the globe. Owing to this fact it can be confidently asserted that the global market for automotive e-commerce will experience tremendous growth in the upcoming years. Figuratively, the market is anticipated to earn around USD 24 million by the end of the projection period. The approximate CAGR for this timespan will be higher than 6%.
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As already mentioned the customers are already leaning towards online shopping. This fact contributes as a prime growth driver for this market. These days’ people choose to buy automotive products online itself rather than taking that painstaking trip to the store. Out of this it is the automotive e-commerce market that reaps the benefit.
Furthermore, various other factors like obsoleting vehicle fleets, development of the e-commerce industry, digitization of various mediums, a variety of options and greater price transparency tend to positively influence market expansion.
The emergence of new and innovative products, changing customer preferences and rapid advancement of the technology sector will further foster the growth of the market.
However, the market may come across minor restraints like identification of damaged parts and lack of expertise amongst the masses to install the automotive component purchased online. Although, efforts are being made to rectify these minor issues and soon enough the market will cope with these.
Market Segmentation
The worldwide market for automotive e-commerce has been segmented into one single part. It is listed below along with its sub-segments.
Types – Universal joints, wipers, braking, gaskets and steering & suspension. Out of these, the braking sub-division totaled for the largest market share of 28.9% back in the year 2016. In the years that will follow, this segment will continue to grow. It is estimated to generate a staggering revenue. The CAGR for this segment over the forecast period is believed to be 7.55%.
Comprehensive Regional Analysis
The automotive e-commerce market is not constrained in terms of region, it has been quite successful in establishing a stronghold all across the world. The major reasons where the presence of this market can be observed are North America, Asia Pacific, Europe and Rest of the World.
After careful analysis of all the regional growth trends in the aforementioned areas, the report by MRFR (Market Research Future) concluded that North America led the market region-wise. It can be attributed to the presence of several brick and mortar stores that the third party e-commerce platform sellers can utilize to sell their products. Europe follows suit and is expected to witness rapid progression over the forecast period at an impressive CAGR.
Industry News
April 4, 2018 – Recently an e-commerce platform Carvana that specializes in retailing used cars announced its expansion in Lexington. The buyers can use this website to get access to more than 10,000 cars and their parts. This expansion is expected to work in the favor of the market and boost the business for the same.
Market Players & Growth Strategies
Some of the most reliable and efficient players of this market can be listed as Wal-Mart Stores, Taobao, eBay Inc., American Tire Distributors Holdings, Alibaba Group Holding Limited and Snapdeal.
All of the stakeholders of this market keep updating themselves with the latest industry trends to stay ahead in the competitive arena. Apart from that they also employ certain growth strategies like the expansion of business, strategic alliances and investment in research and development activities.
Key Questions Addressed by the Report
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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