U.A.E. E-Commerce Automotive Aftermarket To Grow by 14.8% during 2020–2025

A number of factors, such as the increasing number of do-it-yourself (DIY) customers, growing customer convenience and awareness, surging vehicle sales, and rising number of road accidents, are projected to boost the growth of the U.A.E. e-commerce automotive aftermarket at a CAGR of 14.8% in the forecast period (2020–2025). At this growth rate, the market size is expected to reach$634.4 million by 2025from $318.2 million in 2020. Moreover, the government initiatives to drive the e-commerce sector and rise in the digitization rate in the country propel the market growth.

The primary factor improving the U.A.E. e-commerce automotive aftermarket growth prospects is the rising customer convenience and awareness. The availability of several products, easy transaction, timely delivery as per consumers’ need, and extensive offers and discounts on e-commerce portals result in a shift from buying parts from traditional stores to online parts purchasing. Thus, several sellers are now trading their automotive parts online, for better accessibility. Also, the portals offer wide-ranging product details to allow customers to understand the specifications and compare products of a similar kind.

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Additionally, based on component, the product segment of the U.A.E. e-commerce automotive aftermarket is classified into car parts, lubricant, battery, and tire. Among these, the tire category accounts for the largest share, and it is projected to lead the market in the coming years. This can be ascribed to the increasing demand for sport utility vehicles (SUVs) for off-roading activities and various leisure and transportation purposes, due to the rising number of tourists in the country. This drives the demand for tires, and in turn, propels the market growth in this category.

Key players in the U.A.E. e-commerce automotive aftermarket have been involved in several strategic measures, like partnerships and acquisitions and launch of products, services, and websites, to improve their position and stay ahead in the market. For example, MasterCard Inc. and Amazon.ae announced their partnership to enhance the shopping experience of customers in the country and increase their online orders by offering different discounts on the products, in October 2020. Some other key players in the market include AKSA Trade LLC, Noon.com, AutoPlus Dubai, Ubuy.com, Carrefouruae.com, and Ebay.com.

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Thus, the rising customer convenience and awareness regarding online parts purchasing and the expanding DIY culture in the U.A.E. are expected to propel the growth of the market during the forecast period.

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E-Commerce in Automotive Aftermarket to reach a value of $292.6 Billion by 2030

According to a report by P&S Intelligence, the global e-commerce in automotive aftermarket is predicted to generate a revenue of $292.6 billion by 2030, and is expected to witness a robust growth, of 23.3% CAGR, during the time period 2020–2030. This is due to the rising customer awareness regarding several vehicles parts and their specifications and convenience, growth of the overall automotive aftermarket, increasing number of do-it-yourself (DIY) customers, growth in average age of vehicles, and surging number of road accidents.

On the basis of channel, the e-commerce in automotive aftermarket is divided into direct-to-consumer and third-party retailer, between which, the latter division held the larger share of the market during 2014–2019 and is predicted to account for the highest revenue share in the coming years as well. This can ascribed to the increasing penetration of aftermarket sales operations by e-tailing companies, such as eBay Inc., Amazon.com Inc., and Alibaba Group Holding Ltd.

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In terms of component, the e-commerce in automotive aftermarket is categorized into drive transmission and steering parts, engine parts, equipment, suspension & braking parts, electrical parts, and miscellaneous parts. The equipment category is projected to register the fastest growth in the near future, owing to the growing number of DIY customers in the domain and the increasing requirement for the installation of accessories and parts that are intended to enhance the performance of the vehicles, improve the look, add comfort, and add more functions.

When geographical scenario is considered, the Asia-Pacific (APAC) region accounted for the major revenue share of the e-commerce in automotive aftermarket during 2014–2019, and the region is also projected to witness the highest CAGR in the years to come. This is due to the surging sales of automobiles in developing countries. Moreover, the increase in the gross domestic product and rise in disposable income of people are also leading to the growth of the market in APAC.

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The players operating in the e-commerce in automotive aftermarket are engaging in partnerships with each other for enhancing their presence in the industry. For example, Alibaba Group Holding Ltd. entered into a partnership with FAW Group in January 2020, with the aim of creating next generation intelligent connected vehicles in China. Under the agreement, FAW Group will make use of the former company’s open mobility platform, Banma Network Technology.

The major companies in the e-commerce in automotive aftermarket are Robert Bosch GmbH,DENSO CORP., Delphi Technologies PLC, ZF Friedrichshafen AG,Valeo SA, Continental AG, Amazon.com Inc., HELLA GmbH & Co. KGaA, Meritor Inc., eBay Inc., U.S. Auto Parts Network Inc., AutoZone Inc., Alibaba Group Holding Ltd., BuyAutoParts.com, Advance Auto Parts Inc., and Genuine Parts Co.

 

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Automotive Aftermarket Industry Revenue and Market Expansion Strategies

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.

Automotive Aftermarket Industry

Based on component, the equipment category is expected to progress with the highest CAGR, of 5.89%, during the forecast period. Dashboard instruments, under the equipment category, are expected to witness the fastest growth during the forecast period. With the rapid installation of technologically advanced and connected aftermarket instruments, including smart instrument clusters, central displays, and warning and information lights, in passenger cars, the automotive aftermarket is expected to witness significant growth during the forecast period.

What are the factors impacting the growth of this market?

1. Online Distribution Channels are Expected to Register Higher Growth Rate throughout the Forecast Period
2. Mergers and Acquisitions, Divestures, and Partnerships to Generate Growth Opportunities for Automotive Aftermarket Component Manufacturing Companies

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Globally, Asia-Pacific (APAC) was the largest market for aftermarket components during the historical period (2015–2019). The regional market is mainly driven by the rising number of vehicles in operation and average age of vehicles in countries such as China, Indonesia, Malaysia, and India. Additionally, the Latin American, Middle Eastern, and African (LAMEA) automotive aftermarket is growing rapidly, on account of the escalating demand for electric vehicles in the region. This, in turn, is expected to increase the requirement for electrical and other related equipment in the region, during the forecast period.

The significant 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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