The Europe e-commerce automotive aftermarket is expected to expand significantly by 2028 owing to the rising expansion of online retail across the region. Meanwhile, a projected recovery in the region's passenger car market would further foster industry outlook through the analysis timeline.
The European Automobile Manufacturers' Association, or the ACEA for short, estimates that registration of passenger cars across the EU would return to growth in 2022, increasing by as much as 7.9% to hit the 10.5 million units mark as chip supplies start to stabilize in the region.
Additionally, the surging adoption of smartphones and increasing disposable incomes in the region are further set to support market growth through the forecast time period.
Recently, major participants in the industry have been focusing on creating strategic alliances and negotiating new commercial deals with e-commerce platforms. For Instance, in April 2022, Alibaba Group, a Chinese multinational e-commerce platform, announced plans to extend its southeast Asian arm, Lazada, to focus on local vendors in the European region.
Earlier, in December 2021, Alibaba.com had signed an agreement with Wallonia Export & Investment Agency (AWEX), a Belgian trade promotion organization, to promote SMEs around the globe.
In another instance, in April 2022, Knorr-Bremse, a leading manufacturer of braking systems in commercial vehicles, acquired shares in Robert Bosch GmbH, a prominent engineering firm, to expand its global reach. The agreement between the two came as a result of a legal dispute faced by Knorr-Bremse in 2018 for paying an annual liability of ???380 million.
Moreover, notable advancements in digitalizing the automotive industry supply-chain have improved ease of accessibility for customers, which has been favorable for the product outlook. To quote another instance, in April 2022, Carrefour Group joined hands with Daphni, a European venture capital firm, to launch Dastore, a dedicated e-commerce venture capital fund aimed at investing in digital retail startups. This venture will allow the group to stay close to innovations and emerging technologies.
The Europe e-commerce automotive aftermarket has been bifurcated on the basis of product, e-commerce retail, consumer, and country.
In terms of the product, the market has been further divided into replacement parts (spark plugs, gaskets, steering & suspension, braking, wipers, filters, lighting, tires, universal joints, hub assemblies, and others) and accessories.
Among these, the steering & suspension sub-segment is expected to grow at a CAGR of over 14% through the assessment timeframe.
The Europe e-commerce automotive aftermarket share from the hub assemblies segment is estimated to progress at approximately 12% CAGR over the forecast period owing to the increasing demand for passenger vehicles.
Based on country, the Europe e-commerce automotive aftermarket spans the geographies of the UK, Germany, Spain, France, Poland, Russia, Nordics, Benelux, and RoEU.
France e-commerce automotive aftermarket is anticipated to depict around 16% CAGR through the review timespan. An upsurge in people's disposable income is creating new opportunities for e-commerce platforms, which is slated to drive industry growth.