New York, US, Aug. 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Retail Market Research Report Information by Retail Type, Sales Channel, Region, and Vehicle Type - Forecast Till 2032”, the Automotive Retail market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 7.15%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 7.22 Trillion by the end of 2032. As per the reports, the market was priced at almost USD 3.61 Trillion in 2022.
Automotive Retail Market Overview:
The Automotive Retail market has recently advanced. The main feature causing a rise in market performance is the continuous technological advancements in the automotive industry. Furthermore, the growth of electric and autonomous vehicle offerings is also considered to be one of the vital parameters enhancing the performance of the global market. Moreover, the escalating consumer demand for innovative and sustainable transportation options is also likely to positively impact the growth of the market over the assessment period.
Automotive Retail Competitive Analysis
The list of the top leaders across the global Market for Automotive Retail includes players such as:
- AutoNation Inc.
- Asbury Automotive Group
- Penske Automotive Group
- United Auto Group
- Lithia Motors Inc.
- Rush Automotive Enterprises
- Sonic Automotive
- Continental AG
- CarMax Inc.
- Delphi Automotive
- Robert Bosch
- Brigade Electronics
- Among others.
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Automotive Retail Market USP Covered
Market Drivers
The Automotive Retail market has recently advanced. The main feature causing a rise in market performance is the continuous technological advancements in the automotive industry. Furthermore, the growth of electric and autonomous vehicle offerings is also considered to be one of the vital parameters enhancing the performance of the global market. Moreover, the escalating consumer demand for innovative and sustainable transportation options is also likely to positively impact the growth of the market over the assessment period.
Market Restraints
On the contrary, various aspects may have a hostile effect on expanding the global market for Automotive Retail. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 7.22 Trillion |
| CAGR during 2023-2032 | 7.15% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Vehicle Type, Sales Channel and Region |
| Key Market Opportunities | Adoption of e-commerce and online sales platforms for automotive retail. Integration of AI and data analytics for targeted marketing and customer insights. |
| Key Market Dynamics | Growing demand for vehicles due to urbanization and increasing disposable income. Advancements in digital technology enhancing the online car buying experience. |
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Automotive Retail COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has impacted public health and caused a severe disruption in almost all kinds of industrial operations. The global market for Automotive Retail is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
Automotive Retail Market Segment Analysis
Among all the types, the offline retail segment ensured the leading spot across the global market for automotive retail in 2022. The main parameter supporting the development of the market segment is the encompassing traditional dealership setups. On the other hand, the online retail segment is anticipated to showcase the maximum growth over the coming years, given mainly to the convenience and digital transformation of the automotive buying experience. As consumer behaviors shift towards online research and buying, online retail is expected to grow substantially over the forecast period.
Among all the vehicle types, the passenger cars segment ensured the leading spot across the global market for automotive retail in 2022. The main parameter supporting the development of the market segment is the widespread demand among individual consumers.
Among all the sales channels, the OEMs segment ensured the leading spot across the global market for automotive retail in 2022. Direct sales from manufacturers are the main parameter supporting the market segment's development. On the other hand, the aftermarket is anticipated to showcase the maximum growth over the coming years, given mainly to the ongoing support and customization options for vehicle owners.
Automotive Retail Market Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Automotive Retail market in 2022, with a maximum share of about USD 0.85 trillion. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The regional market is anticipated to grow substantially over the assessment period with a CAGR of nearly 6.8%. The rapidly growing automotive sector is the primary aspect boosting the development of the regional Automotive Retail market.
The Asia-pacific Region will grow at the maximum CAGR across the Automotive Retail market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Automotive Retail market is its growing middle-class population across the region.
The European Region estimates to hold the second position across the Automotive Retail market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Automotive Retail market is that the region is believed to be the hub for advanced automobiles.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
