The increasing internet penetration and growing online product portfolio of auto parts manufacturers are expected to fuel the growth of electronic retailing (e-tailing) in the global automotive aftermarket. Moreover, the availability of a wide range of products and hassle-free transaction options, with timely delivery, as per the consumer preference, will further result in a shift of consumers from traditional brick-and-mortar stores to e-commerce platforms. Equipment such as headlights and lighting components and dashboard instruments are easily available on online portals. Due to these factors, the global automotive equipment aftermarket is expected to grow from $78.18 billion in 2019 to $145.07 billion by 2030.
Online Distribution Channels are Expected to Register Higher Growth Rate throughout the Forecast Period
On the basis of distribution channel, the online distribution channel category is expected to progress with the higher CAGR, of 8.36%, during the forecast period (2020–2030). Online distribution channels allow consumers to directly buy the components from a seller, over the internet, using a web browser or a smartphone application. Customers can shop online using a range of devices, including desktop computers, laptops, tablet computers, and smartphones. With the rise in the internet penetration, especially in developing countries such as Brazil and India, the automotive aftermarket is expected to witness an increase in the online sale of products during the forecast period.
Similarly, in June 2019, Aisin World Corporation of America — a consolidated subsidiary of Aisin Seiki Co. Ltd. — and Leon Import S.A. (an aftermarket imports and sales company) announced a joint venture, with the establishment of Aisin Sales Latin America S.A., an automotive aftermarket company in Panama.
The major players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.
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