Frost & Sullivan: Regional Vendors Thrive as eRetailing of Automotive Parts and Service Picks Up in Europe
Aug 27, 2014 UncategorizedComments Off on Frost & Sullivan: Regional Vendors Thrive as eRetailing of Automotive Parts and Service Picks Up in Europe
— Sale of tires and accessories will push online retailing revenues to more than EUR18 billion by 2020
LONDON, Aug. 27, 2014 /PRNewswire/ — The rapid growth in personal, in-vehicle and service shop connectivity is lending momentum to the creation of new customer touch points and driving the online sales of automotive parts and services in Europe. The emergence of independent eRetailers is further propelling the expansion of aftermarket eRetail, which has also been buoyed by aggressive participants such as Amazon.
New analysis from Frost & Sullivan, Opportunity Analysis for the Automotive Parts and Service eRetailing Market in Europe, finds that the market was valued at EUR5.29 billion in 2013 and estimates this to reach EUR18.33 billion by 2020. While France, Germany, and the UK contribute the highest to online sales due to higher Internet penetration, Russia is expected to witness maximum growth in revenues with a compound annual growth rate of 30 percent till 2020. Over the next five to seven years, Spain and Italy too will catch up as smartphone adoption increases.
“Sales through smartphone apps are an immediate opportunity for aftermarket participants in Europe to explore,” said