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Pramod Kumar -
May 25, 2023 -
Business -
Southeast Asia E-Commerce in Automotive Aftermarket
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The Southeast Asian e-commerce in automotive aftermarket generated USD 3,819.8 million in 2022. This will power at a rate of 11.4% in the years to come, to reach USD 9,184.6 million by 2030.
Thailand dominated the industry in Southeast Asia in the past, and this trend will continue in the future as well, with a rate of nearly 11%.
This will be as a result of its substantial populace, increasing disposable income, fast urbanization, and expansion of the vehicle industry with a number of OEMs.
The industry will also benefit from tech progressions, fleet owners' rising consciousness and usage of quality spare parts, and the initiatives of the government associated with the safety of passenger and vehicles. Malaysia will grow the fastest in the industry. There was a sale of 508,761 vehicles in 2021 and there is a direct impact of the same on the increasing sales of car. In addition, the population of the nation gets more accustomed with the usage of digital media, there will be a tremendous potential for e-commerce in the aftermarket.
There is an increase in DIY culture in the industry because of the growing trend of customization of the vehicles, with owners of the cars and auto enthusiasts acclimating their own vehicles. While service and maintenance facilities and technicians have been the main clienteles for the manufacturers of the car parts.
This is the reason why DIY enthusiasts now comprise of a considerable portion of the component sales with the help of e-commerce platforms.
Equipment will have the fastest growth in the Southeast Asian e-commerce in automotive aftermarket, at a rate of around 12%, as mentioned by a market expert at P&S Intelligence. This is because of the prevalent trend of upgrading the number of pieces of equipment of vehicles over time and the obtainability of a number of products on online platforms.
The requirement for quality products has grown, with number of cars predicted to increase in the near future, aftermarket companies are investing profoundly in the upgradation of their products and concentrating on offering in-vehicle connected devices, which will benefit the market in the near future.
Furthermore, as a result of the growing investment in R&D by manufacturers of the product, these kinds of solutions have become significantly popular among e-commerce platform users.
The fast global digitization will create prospects for the progression of online services. E-commerce has allowed customers for purchasing products from anywhere and do the price comparison of diverse products with just a swipe on your phone. Increasing awareness of customers about product details has played a major role in increasing the demand for e-commerce in automotive aftermarket in Southeast Asia.
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