LONDON--(BUSINESS WIRE)--The automotive e-retail market size is expected to post a CAGR of over 12% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The wide availability of vehicle models online is one of the major reasons for market growth. The global automotive market is experiencing a paradigm shift toward e-retail platforms, which is evident from the rising sales of vehicles online. For instance, in 2018, the sales of new vehicles online were estimated to be one-tenth of global new vehicle sales. The increasing online sales of vehicles is attributed to the wide availability of new models of vehicles online, which enables companies to cater to different groups of customers and generate new sales.
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As per Technavio, the use of virtual reality and vehicle tours will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive E-Retail Market: Use of Virtual Reality And Vehicle Tours
The automotive e-retail market is witnessing the emergence of innovative methods by vendors, which includes the introduction of virtual reality tours of new vehicles. Virtual reality tours provide a comprehensive view of vehicles for customers. For instance, CarSaver Management, which is a Walmart Inc. company offers virtual reality tours of vehicles to provide a comprehensive and holistic view of vehicles. This helps the users to take a 360-degree virtual tour of the exterior and interior of vehicles. Thus, the emergence of virtual reality and vehicle tours is one of the key trends that will drive market growth during the forecast period.
“Apart from the use of virtual reality and vehicle tours, other factors such as the availability of vehicle leasing and subscription services, and the popularity of automotive e-retail in APAC will have a positive impact on the automotive e-retail market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive E-Retail Market: Segmentation Analysis
This market research report segments the automotive e-retail market by geography (APAC, Europe, MEA, North America, and South America) and product (passenger cars and two-wheelers).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. However, North America is expected to emerge as the most dominant region during the forecast period. This can be attributed to the high demand for premium and luxury vehicles, well-developed e-retail infrastructure, and the rising demand for hassle-free purchasing in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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