At $ 38.2 billion in 2019, global e-commerce in auto aftermarket services is expected to generate revenue of $ 292.6 billion by 2030, representing compound annual growth of 23.3% from 2020 to 2030. The market is driven by increased consumer awareness About automotive parts and components and their specifications, the growing popularity of “ do it yourself ” (DIY) methods, the boom in the automotive after-sales service market, due to the increasing number of VIOs (working vehicles), the increase in the average life of cars, and the increasing prevalence of road accidents in the whole world.
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In recent times, public awareness of auto parts has increased dramatically all over the world. Moreover, nowadays, people tend to buy auto parts from different e-commerce platforms than traditional stores and outlets. This is due to the wide variety of auto components available in online stores compared to brick based stock. Moreover, several notable electronic retail companies such as Wal-Mart Stores Inc. And Amazon.com Inc. And Alibaba Group Holding Ltd. It sells vehicle components and spare parts in its core systems.
Geographically, APAC e-commerce in the auto aftermarket services market recorded the highest growth in past years. Moreover, according to forecasts by P&S Intelligence, an India-based market research firm, this trend will continue in the coming years. This is because there is a thriving auto industry in this region. According to numerous reports, the APAC automobile industry is the largest in the world, with a total production of nearly 50 million cars each year.
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Hence, it can be said without any doubt that the market will show tremendous growth around the world in the coming years, mainly due to the increasing preference of customers to shop online, the increase in the after-sales service market for cars, the growing popularity of the DIY culture and the increasing consumer awareness about parts and components. Cars all over the world.