Auto Care Association, MEMA Aftermarket Suppliers Release 2024 Joint E-commerce Trends and Outlook Forecast Report
The two automotive aftermarket industry associations partnered to provide forecasts and analysis of the trends in online sales of automotive parts and accessories.
BETHESDA, Md. and RESEARCH TRIANGLE PARK, N.C., Nov. 6, 2024 /PRNewswire/ -- The Auto Care Association and MEMA Aftermarket Suppliers have released the 2024 Joint E-commerce Trends and Outlook Forecast report, providing insights into consumer purchase of automotive parts and accessories through the online channel. Unveiled at the 2024 AAPEX event taking place in Las Vegas, Nev., the report offers in-depth analysis and forecasts to support the industry adaptation to consumer behavior for research and purchase of automotive parts and accessories. Research and analysis for the 2024 Joint E-commerce Trends and Outlook Forecast were led by Jefferies, with a team of leading industry collaborators.
E-commerce sales have continued to grow post-pandemic as inflation pressures push consumers toward online channels while seeking lower costs. When third-party marketplaces are excluded, e-commerce sales grew 4.3% versus 2024 and at a compounded annual growth rate (CAGR) of 6.7% through 2027. When complete sales for Amazon, eBay Motors and Walmart are included, total channel sales are projected to grow at a 6.7% annualized growth between 2020 to 2027.
Most automotive focused e-commerce platforms have tools for consumers to ensure that the parts they order are compatible with a specific year, make, model, and trim – many even guarantee part fitment, reducing the risk for consumers purchasing online
The 2024 Joint E-commerce Trends and Outlook Forecast report provides data and insights for online sales of selected parts categories. Some categories have seen sizable growth in 2024, while many peaked during Covid and have fallen back near pre-pandemic levels of internet channel share.
"Readers will learn which product categories follow strong seasonal sales trends via e-commerce, which ones account for sales through Amazon, how much sales on Amazon surge in conjunction with promotional periods, and average cart size amounts for selected parts categories," said Michael Chung, senior director, market intelligence, Auto Care Association.
The report provides key insights on shifting consumer purchasing trends, including the notable rise in hybrid vehicle sales, which saw increased demand as EV sales slowed over the past two years.
"This research examines not only current consumer demographics, such as age, household income, vehicle mileage, and vehicle age, but also forecasts when hybrid momentum may stabilize, allowing EVs to regain market share. Our partnership with the Auto Care Association keeps MEMA members well-informed to navigate these evolving consumer preferences and changing market conditions," said Philip Atkins, director, strategic research and planning, MEMA, The Vehicle Suppliers Association.
MEMA Aftermarket Suppliers and Auto Care Association members can access the report as a membership benefit. Non-members can purchase the report at digital.autocare.org or mema.org.
About the Auto Care Association
The Auto Care Association is the voice of the auto care industry, a $435 billion plus industry comprised of more than 4.9 million American workers. Providing advocacy, educational, networking, technology, market intelligence and data resources to serve the collective interests of members, the Auto Care Association serves the entire supply chain of the automotive aftermarket: businesses that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials and supplies, and perform vehicle service, maintenance and repair. To learn more, visit www.autocare.org.
About MEMA Aftermarket Suppliers
MEMA Aftermarket Suppliers exclusively serves manufacturers of aftermarket components, tools and equipment, and related products, an important part of the automotive parts manufacturing industry which supports over 900,000 American jobs in all 50 states. MEMA Aftermarket Suppliers is a recognized industry change agent—promoting a collaborative industry environment, providing a forum to address issues, and serving as a valued resource for member companies. Members represent all areas of the aftermarket including light vehicles, commercial vehicles, and remanufacturing. MEMA Aftermarket Suppliers is a membership group within MEMA, The Vehicle Suppliers Association.
MEMA is the leading North American trade association for vehicle suppliers, parts manufacturers, and remanufacturers. Automotive and commercial vehicle suppliers are the largest manufacturing sector in the United States and lead the way in new vehicle innovations. MEMA has been the voice of the vehicle supplier industry since 1904. Its more than 1,000 members are Strong by Association.
Members supply the aftermarket with the parts that keep millions of vehicles on the road, fueling international commerce and meeting society's transportation needs. MEMA members are committed to safety and sustainability.
MEMA has offices in Southfield, Mich.; Research Triangle Park, N.C.; and Washington, D.C. Learn more at mema.org/aftermarket-suppliers.
SOURCE Auto Care Association
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