Published on: December 10, 2019
The automotive retail market covers the sale of vehicles, parts, and accessories through various channels, including traditional dealerships and online platforms. Its growth is driven by technological advancements, increasing consumer demand for advanced features, and the expansion of electric and autonomous vehicle offerings. The rising penetration of smartphones and the internet is driving demand for automotive e-commerce platforms, as a growing number of people choose to purchase vehicles and parts online.
Several trends are shaping the automotive retail market, including the adoption of advanced driver assistance systems (ADAS), electric propulsion, and connectivity options in vehicles. The shift towards online sales, virtual showrooms, and augmented reality experiences is revolutionizing the way consumers interact with automotive products and services.
Key drivers of the automotive retail market include consumer demand for vehicles with advanced features and autonomous driving capabilities, the proliferation of electric propulsion technology, and the emphasis on sustainability and digitalization in the automotive industry. Additionally, technological advancements such as touchscreen infotainment systems and over-the-air software updates are driving innovation in the market.
The automotive retail market faces challenges such as the dominance of technological advancements requiring continuous investment and adaptation, the need to balance offline and online retail strategies to meet diverse consumer preferences, and the pressure to optimize supply chain efficiency and regional production to reduce operating costs. Additionally, ensuring seamless automotive experiences and customer satisfaction across diversified portfolios poses challenges for manufacturers and dealerships.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market. North America is a major contributor and a leading region for new technology adoption in the automotive sector. It holds the title of the world's largest automotive market by revenue, with a strong presence in passenger cars and commercial vehicles, as well as a robust foothold in the automotive e-commerce market.
The region is characterized by a significant number of do-it-yourself (DIY) customers, particularly interested in purchasing automotive components and accessories online. North American customers possess extensive knowledge of vehicle parts, leading to a high adoption rate of aftermarket parts and accessories.
Technavio's automotive retail industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our automotive retail market reports include:
In order to provide you with a comprehensive view of the automotive retail industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the automotive retail market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the automotive retail market is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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