To avoid the spread of COVID-19, governments worldwide have adopted robust policies. The pandemic has caused immense uncertainty and panic in the industry for all industrial value chain members involved. Growth of Automotive E-commerce Market Will Slow Down During COVID-19 Pandemic Further, multiple online offers, a low pricing strategy, and the facility of comparing parts online based on guarantee, price, and specification are further fueling the growth of the market. Factors such as higher price transparency, the convenient shopping experience, and greater diversity of parts have driven customers to online purchases.
Moreover, the global automotive e-commerce market growth is attributed to the increased demand for automotive components and parts as the aging of the vehicle fleet is increasing.
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Automatic or powered windows are a form of system that requires little or no force to operate, and this feature is projected to drive the market forward. Automotive power window systems must also be able to operate quietly. Another factor that is predicted to drive the growth of the market is technological advancements.
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In addition, the growth in per capita income of consumers and increasing penetration of the internet have led to the growth in online sales of automotive parts and components, subsequently fueling the market growth over the forecast period.Ĭonsumers are shifting from manual to automatic or semi-automatic operations of vehicle automation. The market is driven by the growth of the global e commerce industry, increasing automotive sales, and the digitalization of interfaces and channels. Most OEMs are experiencing a few bottlenecks in their business operations such as supply chain disruptions, the decline in the import and export of automobile components, and restrictions on the transportation of non-essential items. Based on our analysis, the global market exhibited an average growth of 4.5% in 2020 as compared to 2019.
The market is projected to grow from USD 75.28 billion in 2022 to USD 213.08 billion by 2029, exhibiting a CAGR of 16.02% during the forecast period. The global automotive e-commerce market size was valued at USD 66.34 billion in 2021.
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