Digitalization is a Major trend Witnessed in the Automotive Retail Market

Automotive retailing is constantly evolving industry due to constant innovation and changing consumer preference, which is likely to propel the automotive retail market in the near future. Sells of new or used cars through local distribution as well as automotive parts known as automotive retail. Continuous innovation in product development, shifting toward alternative powertrain, introduction of autonomous vehicles, and increasing penetration of connected vehicles is creating tremendous opportunity for OEMs as well as dealerships. Digitalization is a major trend witnessed in the automotive retail market. Automotive retail is likely to shift from product-driven to customer-centric in order to enhance consumer experience and to adapt to consumer behavior and expectations.

Consumers are likely to expect car purchase online from direct manufacturer and dealers to get transparent and unique solution for their car selection process online which is likely drive the automotive retail market during the forecast period. Increasing role of used cars and fleets are also creating to business model in order to adapt to rapid changes and to provide the best solution to customers. Similarly, rise in use of vehicles and fleets across the globe is anticipated to boost the automotive retail market during the forecast period.

The automotive retail market can be segmented based on retail type, sales channel, vehicle type, and region. Based on the retail type, the automotive retail market can be segregated into physical retail and digital retail. Physical retail likely to lose its importance, owing to the shift in consumer preference from physical to digital retail. More than 50% of consumers prefer buying parts from OEMs and third-party through the online platform. Furthermore, a majority of dealers are shifting toward digitization in order to enhance customer experience, behavior, and to make purchase easy for customers, which in turn is likely to boost the digital retail segment during the forecast period.

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Based on sales channel, the automotive retail market can be divided into OEMs, dealers, and third-party service provider. OEMs are introducing their services online in order to expand their business and also due to rise in digitization and customer preference. Reliable solutions and technical support are likely to propel the OEM segment significantly during the forecast period. However, most dealers are changing their business models and collaborating with OEMs to increase distribution channels along with strong technical support in order to maintain their position in the market.

In terms of region, the automotive retail market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is likely to emerge as a leading market for automotive retail, globally, during the forecast period. Rise in sales of new vehicles in China is a major factor driving the automotive retail market in Asia Pacific. Furthermore, the production of vehicles in China reached close to 29 million units in 2017. Along with China, India, Japan, and South Korea are leading automotive hubs in the region and hence, the automotive retail market in the region is likely to expand during the forecast period.