The COVID-19 pandemic has significantly affected various industries worldwide, including the automotive aftermarket. Although the automotive care industry was amongst many which were severely damaged--the sector fared better than forecasted, expecting to become a USD477 billion industry by 2024 due to the pandemic-induced upsides that have pushed forward technology advancements and adoption in e-commerce.
YCP Solidiance, alongside other contributors and The Auto Care Association, has collaborated on creating the 31st edition publication titled the "2022 Auto Care Factbook." The recently released publication provides in-depth data and insights on the industry, comprising a well-rounded e-commerce section that discusses penetration strategy and product category performance standouts in the international market, particularly Mexico, Chile, Vietnam, and China.
China as the Blueprint of Autocare E-Commerce Ecosystem
China's aftermarket e-commerce ecosystem's evolution is worth noting as it serves as a global blueprint of other emerging markets through its diverse structure and ample opportunities. The country's automotive aftermarket e-commerce ecosystem bases its standpoint on three essential stakeholders; Auto Parts E-Commerce Platforms, Auto Service E-Commerce Platforms, and Auto Supply Chain Platforms as the foundation of B2C, O2O (Online to Offline), and B2B elements in the market.
Early Adoption of Private Passenger Cars in Vietnam
YCP Solidiance also contributes to the research for the Vietnamese auto care industry overview, emphasizing the growing demand for electric motorbikes, passenger vehicles, and dispositions of ownership arrangements.
While continuing to grow strongly due to its stable healthcare, politics, and economic climate, the Vietnamese aftermarket ecosystem remains relatively small and fragmented due to its early adoption of private passenger cars. Most automotive aftermarket components in Vietnam are sold through distributors or wholesalers and are concentrated in larger cities despite their connected and internet-savvy communities.
The 2022 Auto Care Factbook is an award-winning, industry-leading, and go-to source annual report for automotive aftermarket industry data that comprises critical insights for businesses to make informed decisions and thrive in the auto care industry.
Download the Factbook here to find out more.