Europe E-commerce Automotive Aftermarket is anticipated to record positive growth on the back of increasing number of e-retail channels across the continent. Technological advancement has triggered a fundamental change in the automotive aftermarket in recent years. The emergence of e-commerce automotive aftermarket entities such as Amazon and eBay in the region has redefined automotive parts sales experience for customers.
Today, automotive customers increasingly prefer to purchase automotive accessories and parts from such online platforms. These platforms deliver a convenient solution for customers in search of low-cost parts and enable them to browse through similar products, check reviews, and avail quick delivery at an economical price point. The convenience and ease are among the major factors responsible for increasing e-retail channels in the region, which in turn will accelerate Europe e-commerce automotive aftermarket growth over the forecast period.
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As per a study conducted at Global Market Insights Inc., the Europe e-commerce automotive aftermarket is expected to exceed USD 45 billion by 2026.
Even though the automotive aftermarket has conventionally been driven by the necessary maintenance of a vehicle, the situation is changing rapidly in recent years. Today, the purpose of the aftermarket is not just to keep a vehicle running but to personalize and add glamour to it. Rising affordability due to decreased prices and the availability of warranties have prompted customers to look out for automotive accessories to customize their vehicle. This has led to an increase in demand for numerous interior as well as exterior accessories, predominantly boosting the accessories segment growth over the ensuing years.
Traditional sales model for the automobile industry has been mainly dealer-based. However, in recent years, customers have started preferring e-commerce automotive aftermarket for their retail experiences given convenience, speed, and reliability. Studies suggest that the direct-to-customer segment is anticipated to record a 15% CAGR through 2026. Assurance of top-quality automotive products with better communication with the manufacturing firm has led to significant segment growth. The direct-to-customer segment also delivers tailored auto parts as per client requirements to suit particular applications.
Meanwhile, the B to small B is expected to record more than 14% CAGR through 2026. Product manufacturers of electronic components and sub-assembly systems are among the major consumers in the B to small B distribution.
While talking about the competitive landscape, it is important to mention that Europe e-commerce automotive aftermarket has a strong presence of industry participants. These companies are undertaking numerous organic and inorganic strategies such as mergers, acquisitions; new technology launches, partnerships to improve their business landscape.
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For instance, recently Amazon Inc. introduced a Wi-Fi enabled weight-sensing portable shelf to streamline restocking crucial workplace supplies and other essential businesses. The development came to light on the heels of feedback from SMB customers regarding the problem they had with inventory replenishment – vendor-managed inventory not being very flexible, that is, since there were several constraints being levied on the basis of service area or minimum orders.
Notably, companies such as Amazon, eBay, Bosch are leading companies currently at the forefront of Europe e-commerce automotive aftermarket growth.
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