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(Transportation-News.com, May 17, 2017 ) The rise of new retailing concepts and the paradigm shift in the preference of customers to move from traditional retail to a retail model that enables them to access information easily from anytime anywhere are forcing automakers to rethink their business model. The automotive OEMs are increasingly under pressure to enhance their online presence to augment sales and to keep pace with customer mobility from brick-and-mortar model to the online retail industry. With the increasing penetration of Internet and the access to detailed product information, consumers are willing to buy products after online research and evaluation. They no longer have to check out in several stores to find out the brands, prices and features, and other relevant information about the product they want to buy.
Technavios analysts forecast the global automotive e-retail market to grow at a CAGR of 33.70% during the period 2017-2021.
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Report identifies the growth of global e-commerce industry as the key factor in the global automotive e-retail market. Factors such as the rising internet penetration, a surge in the number of online shoppers, and a rise in per capita income, will fueling the growth of e-commerce industry, consequently fueling the growth of the automotive e-retail market. Developing regions such as APAC, Middle East, Africa, Central and Eastern Europe, and Latin America will showcase a potential growth in e-commerce in the automotive e-retail market. A gradual rise in employment rates coupled with the recovering economy is also projected to influence the growth of e-commerce in the US. In Europe, the growth of automotive e-retail industry is attributed to the rising acceptance of online shopping among people.
Along with the extensive growth of the e-commerce industry, the rising popularity and subsequent sale of electric two wheelers online is also contributing to the growth of the automotive e-retail market. Owing to factors such as the fluctuating fuel prices and the rising population levels, the governments are focusing on green modes of transportation. In addition, to reduce the dependence on petroleum products, governments are promoting the sale of electric vehicles. This growing concern about fluctuating fuel prices and a shift toward environmental-friendly products such as bio-compressed natural gas will, in turn, influence the growth of the automotive e-retail market.
The market is divided into the following segments based on geography:
APAC
Europe
US
Technavio's report, Global Automotive E-retail Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Key vendors
Alibaba Group
Paytm
Amazon
Flipkart
Other prominent vendors
eBay
Snapdeal
Market driver
Growing traffic congestion in urban region driving sales of two-wheelers.
For a full, detailed list, view our report
Market challenge
Stiff competition to new car sales due to fall in prices of used cars.
For a full, detailed list, view our report
Market trend
OEMs using social media and vehicle research portals for marketing.
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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