Market Research Future (MRFR) has published on the “Global Automotive Retail Market”.
The automotive retail market is estimated to register a CAGR of 7.15% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global automotive retail market— Fujitsu, Tele Tracking Technologies, Asahi Kasei Corporation, Trilumina, Teledyne Optech, Continental AG, Delphi Automotive, Robert Bosch, NXP Semiconductors, and Brigade Electronics.
The global automotive retail market is accounted to register a CAGR of 7.15% during the forecast period and is estimated to reach USD 7.22 Trillion by 2032.
The sale and distribution of vehicles and related goods via dealerships and online stores is referred to as the automotive retail market. It includes the selling of both new and old cars, in addition to aftermarket services and accessories. Consumer tastes, the state of the economy, and technological improvements all have an impact on the market.
The global automotive retail market has been segmented into type, vehicle type and sales channel.
On the basis of type, the market is segmented into offline retail and online retail. Online retail segment dominated the global market in 2022. The market is changing in favor of digitalization as a result of the growing impact of technical innovation.
Based on vehicle type, the global automotive retail market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars segment dominated the global Automotive Retail market in 2022. This is due to the increase in passenger vehicle sales. E-retailers use cutting-edge, optimized search engines to improve clients' purchasing experiences.
Based on sales channel, the global automotive retail market has been segmented into OEM and aftermarket. Aftermarket segment dominated the global market in 2022. This is due to the capacity of third-party vendors to meet customer expectations through quick delivery, an excellent service network, and the use of promotional offers to draw customers.
The global automotive retail market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automotive Retail market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automotive Retail market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automotive Retail market comprises of Middle East, Africa, and Latin America.
In 2022, the North American automotive retail market held a sizable portion of the market. Automobile sales in the area are predicted to rise as a result of increased consumer and passenger car production and sales, the use of cutting-edge technology in the manufacture of auto parts, and the digitization of automotive component delivery services. A lot of businesses are concentrating on acquisitions in an effort to grow their market share in the sector.
Moreover, from 2023 to 2032, the Europe automotive retail market is anticipated to experience significant expansion. In order to decrease the cost of these essential automotive components and, eventually, the cost of the finished product, universities and other R&D institutions are working harder than ever to improve their cost and operational efficiency. The prototype is expected to perform better than the current vehicles. These restrictions have put pressure on component suppliers to provide highly effective, environmentally friendly auto parts for both domestic and international markets.
Additionally, The Asia Pacific automotive retail market dominated this market in 2022 (45.80%). The surge in the production and sales of consumer and passenger vehicles, the growing digitization of automotive part delivery services, and the employment of more advanced technology in the production of auto parts are the reasons driving the market expansion of the automotive aftermarket industry.
Furthermore, the rest of the world's automotive retail market is divided into the Middle East, Africa, and Latin America. The Latin America automotive retail market is characterized by a growing demand for vehicles driven by rising disposable income and urbanization. Key players in this region offer a range of new and used vehicles through dealerships and online platforms. Challenges include economic fluctuations, regulatory complexities, and shifting consumer preferences.
Key Findings of the Study