LONDON–(BUSINESS WIRE)–The global automotive tires e-retailing market size is expected to grow by USD 7.59 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increasing sales of various passenger vehicles, such as sedans, hatchbacks, minicars, sport utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and passenger vans are driving the growth of the global automotive tires e-retailing market. The growth in sales is mainly attributed to the rising population, growing urbanization, and increasing disposable income. This is driving the demand for automotive tires. Moreover, the vehicles produced in the market today have longer lifespans. Hence, the market will witness continuous demand for replacement tires through offline or online channels.
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As per Technavio, the consumer inclination toward online tire purchases will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Tires E-Retailing Market: Consumer inclination toward online tire purchases
With the continuous decline in sales of brick-and-mortar retail stores, the online sale of tires is expected to be an alternative to sustain in the market, especially in developed countries. The major reason for fewer sales in offline retail stores is the shopper’s increasing showroom behavior wherein the consumers visit the store to check the look and feel of the product and buy it later online at a cheaper and discounted price. This demand is driving the automotive tires e-retailing market. Moreover, offers like high discounts and warranty have boosted the purchase of tires online. Online shoppers also get exposure to a variety of tires, which helps them increase knowledge about the product and buy more effectively without much influence of sales personnel.
“Other factors such as the convenience of presenting a wider portfolio of automotive products, and the growing demand for vehicles from emerging economies will have a significant impact on the growth of the automotive tires e-retailing market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Tires E-Retailing Market: Segmentation Analysis
This market research report segments the automotive tires e-retailing market by distribution channel (third-party suppliers and OEM suppliers) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the automotive tires e-retailing market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growth in the number of online shoppers, change in consumers’ purchase patterns, and the strong presence of organized automotive tire e-retail suppliers such as Amazon.com, The Goodyear Tire & Rubber Company, and TIRE RACK.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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