The automotive industry is dominated by aftermarket car parts. The sector accounts for approximately 20% of the industry’s revenue. Parts manufactured by original equipment manufacturers (OEMs), third-party manufacturers, or used equipment can all be used to replace or modify automobile components. Parts for cars that are made by third-party manufacturers are called aftermarket parts. This term refers to a different company than the one that made the vehicle. Generic, non-OEM, and/or competitive replacement parts are other names for aftermarket parts. Check out more about aftermarket car parts
It is essential to point out that the United States currently has over 230.5 million licensed drivers. Similarly, the average age of vehicles on American roads is approximately 11.8 years. Therefore, it should not come as a surprise that the entire automotive aftermarket industry will be worth approximately $381 billion by 2020, with $282 billion going exclusively to light-duty vehicles. In addition, in June 2020, personal spending on auto parts reached an all-time high of $50.5 billion.
Additionally, the number of DIY automotive projects has steadily increased in light of the COVID-19 pandemic. The number of people purchasing auto parts online has also steadily increased. The auto parts ECommerce industry in North America is anticipated to exceed $20 billion in 2020. The ECommerce aftermarket industry has traditionally experienced annual growth rates of between 3.5 and 3.9 percent. However, aftermarket ECommerce is anticipated to expand even faster in light of the effects of the coronavirus pandemic for the foreseeable future.
It should also be noted that the automotive aftermarket industry as a whole has been significantly affected by the digital environment. The digital environment has had varying effects on parts, components, tools, accessories, and services worth approximately $140 billion that have been sold through all sales channels, including brick-and-mortar stores and service shops. By 2023, that impact is supposed to additional increment to more than $168 billion.
Some insurance companies may be able to use aftermarket parts instead of original equipment manufacturer parts for car repairs. However, the fact that these aftermarket parts are not manufactured by the same company as their vehicles may cause some car owners some anxiety. However, there is more to these accessories and components made by third parties. What automotive parts business owners need to know is covered in this guide to aftermarket auto parts.
Selling Auto Parts on Your ECommerce Website
As a business, you should also think about building your own ECommerce website, whether you decide to sell auto parts and accessories on Amazon, eBay, or both. An open-source framework or a self-hosted ECommerce system will essentially be used to build an ECommerce site. The most popular open-source website platform is WordPress. However, you should look into working with a web developer and designer to assist you in designing and developing your website if you are not particularly tech-savvy or possess the necessary knowledge. If you build your own website, you can customize and integrate the pages and information in any way you want, even though it requires more money.