Presently, there is a growing trend of purchasing and selling automotive parts through online platforms. Rising number of e-commerce sites offer online platforms to buy and sell automotive parts. This indicates high demand trajectories for the automotive e-retail market during the forecast period.
With the rise in e-commerce business, the automotive e-retail market is witnessing flourishing growth rate in recent years. Emerging economies such as India, China, and South Korea are experiencing a rise in disposable income. With constant improvement in development policies, income inequalities in these regions have seen a declining trend which improves per capita income. Rising per capita income coupled with growing investment in telecommunication networks improves the purchasing power of individuals and that increases their spending on electronic goods. Increase in the number of smartphone users is expected to drive the growth prospects of the automotive e-retail market during the forecast period. Rising income opportunity owing to the expansion of the global job market projects high growth trajectory for ecommerce industry. With the constant advancement in technology, online shopping in ecommerce sites become very easy and that is projected to drive the prospects of the automotive e-retail market during the forecast period. Growing economies such as in the Middle East, Africa, and Latin America are seeing a rise in online shoppers. This would drive the market prospects of the automotive e-retail market during the forecast period.
However, this service is severely impacted owing to the threat of cyber crime. In case of e-retail, shopping consumers have to share their confidential payment information with online vendors and this may lead to leakage of confidential information to untrusted users. Due to the frequent incidents of cyber crime, demand prospects of automotive e-retail is expected to stagnate and this factor acts as a restraint to this market over the forecast period.
Increasing population coupled with rising sale of electric two wheelers is fueling growth potential of the automotive e-retail market over the forecast period. Owing to rising population and fluctuation in fuel price, individuals have growing preference toward environment friendly electric vehicles which is driving the growth of the automotive e-retail market. With rising concerns related to global warming, governments are trying to curb the usage of petroleum based fuel products as much as possible and this leads to increasing demand for electric vehicles. These factors are anticipated to drive the automotive e-retail market over the forecast period.
On the basis of product type, the automotive e-retail market is segmented into two wheelers and passenger cars. Passenger cars held the largest share in recent years and this segment is expected to retain its dominance over the forecast period. The U.S. and many European countries such as Germany, the U.K, Italy, and Spain witness extensive automotive retailing and that projects high growth trajectory for this market over the forecast period. Increasing internet penetration coupled with greater convenience of online shopping lead individuals to buy passengers cars from online platforms. Therefore, expansive growth potential of the ecommerce industry is likely to promote the growth potential of the automotive e-retail market over the forecast period.
According to geographic locations, the automotive e-retail market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The U.S accounted for the dominant share of the automotive e-retail market in recent years. Growing ecommerce business and rising employment rate facilitates the growth potential of this market in this region. Moreover, automotive dealers and retail vendors enter into collaborations and that drives the retailing of automotive parts and vehicles through online platforms. Asia Pacific is likely to be the fastest growing region in the automotive e-retail market during the forecast period. Many emerging economies such as India, China, and South Korea will trigger the growth of the automotive e-retail market over the forecast period.
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Some of the key players of the automotive e-retail market include Amazon, Paytm, Alibaba group, Flipkart and others.