Automotive Retail Market Outlook – 2027
The automotive retail industry comprises two kinds of companies that sell replacement automotive parts & accessories to customers and commercial clients. To sell a wide assortment of new & used vehicles over the internet & networks of regional or national franchised dealerships, dealers are operating in an increasingly disrupted environment, creating the need to review their operating model, identify & unlock operational efficiencies, and discover new ways to operate in a digital, omnichannel environment. Many retail companies have worked with dealer groups, individual dealerships, and original equipment manufacturers (OEMs) to study the impact of disruptions on automotive retail and the traditional dealer model. The continuous change in the market is giving a boost to the retail sector and is expected to further augment the automotive retail market globally.
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COVID-19 scenario analysis
The global automobile sector has faced the most challenges during the COVID-19 pandemic. This is attributed to shutdown of production houses, which has resulted in increased inventories, thereby hampering the demand.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of automobiles across the globe, thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the production rate of automobiles, which negatively impacts the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The key factors fueling growth of the automotive retail industry is increase in demand for automobiles and innovation of ideas by various dealers in developing countries are expected to augment the market growth. However, system malfunctioning over time and high vehicle and infrastructure cost hamper the growth of the market. Conversely, partnerships and joint ventures of various automobile giants can create new opportunities in the automotive retail industry market during the forecast period.
The automotive retail industry market trends are as follows:
Increase in demand for automobiles
Rapid urbanization in many developing countries has created a huge demand for an automobile over the past decade. The buying power has significantly increased due to modernization, which has created a greater number of customers who are shifting to luxury, safety, and the efficiency of the engine. Hence, increase in demands for high-end vehicles in the market have forced manufacturers to develop their technologies to gain sustainability in the market. Thus, increase in production of automobile is anticipated to boost the automotive retail industry market.
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Innovative ideas by various dealers in developing countries
New emerging technologies and consumer trends have affected all industries and sectors. These changes are demanding companies to continuously innovate and introduce new products and services in the market. By introducing new products and services, companies are trying to stay relevant in a highly competitive and cost-sensitive automotive industry even in the luxury segment. To achieve this, companies are changing their innovation strategies and introducing open innovation approaches in the automotive industry, which build the required capabilities and captures near-term opportunities.
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