Wilmington, Delaware, June 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Advertising Market by Type (Location Independent Advertising and Location-Based Advertising), Product (Online Advertising, Traditional Media, Pre-Roll Advertisements, and Others), and End User (Automotive Groups, Automotive Dealerships, and Others) Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the automotive advertising industry generated $18.45 billion in 2022 and is anticipated to generate $48.00 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.
Prime determinants of growth
The automotive advertising market has experienced significant growth and transformation, driven by several factors such as a surge in social media influence & digital marketing for automotive advertising, the rise in number of automotive advertising agencies, and the increase in awareness about particular models and focused brand awareness. However, the high cost of innovative and attractive advertisements and the huge market competition among automotive advertisers hampers market growth. In addition, rising adoption of AI tools for an automotive marketing strategy presents significant opportunities for market expansion.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $18.45 Billion |
| Market Size In 2032 | $48.00 Billion |
| CAGR | 10.2% |
| No. Of Pages In Report | 250 |
| Segments Covered | Type, Product, End User, And Region |
| Drivers | Surge In Social Media Influence & Digital Marketing For Automotive Advertising |
| Rise In Number Of Automotive Advertising Agencies | |
| Increase In Awareness About Particular Models And Focused Brand Awareness | |
| Opportunity | Rise In Adoption Of AI Tools For An Automotive Marketing Strategy |
| Restraints | High Cost Of Innovative And Attractive Advertisements |
| Huge Market Competition Among Automotive Advertisers |
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The location independent advertising segment to maintain its leadership status throughout the forecast period
By type, the location independent advertising segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the constant innovations such as electric vehicles (EVs), autonomous driving, and connectivity features. Advertising often highlights these advancements, leveraging location-independent platforms to reach global audiences interested in cutting-edge technology. However, the location-based advertising segment is witnessing a significant growth, as the rise in demand for smart connected vehicles opens up new opportunities for the growth of this segment during the forecast period.
The traditional advertising segment to maintain its leadership status throughout the forecast period
By product, the traditional advertising segment held the highest market share in 2022, and register a CAGR of 9.5% during the forecast period 2023 to 2032, as the automotive sector is currently relying heavily on TV commercials and print advertising for advertising their auto models. Further, government regulations regarding automotive advertising may often favor traditional channels. For instance, restrictions on the content or timing of digital ads in some geographical regions may be more stringent than those for traditional media, thus creating a significant growth prospect for this mode of advertising in the automotive industry. However, the pre-roll advertisements segment is witnessing the highest growth rate with a CAGR of 11.2%, owing to stringent adherence to regulatory standards and guidelines by government and regulatory bodies regarding advertising content and transparency, which in turn, drives the adoption of pre-roll advertisements in the automotive sector.
The automotive groups segment to maintain its leadership status throughout the forecast period
By end user, the automotive groups segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the rise in need for understanding the consumer preferences and trends, along with the innovation to attract tech-savvy consumers. However, the automotive dealerships segment is witnessing a CAGR of 10.7%, owing to growing competition among automotive brands and dealerships can drive innovation in advertising strategies and pricing models.
North America to maintain its dominance by 2032
By region, North America segment held the highest market share in 2022, growing a CAGR of 9.2%, owing to the increase in consumer preference for personal mobility and a lifestyle centered around automotive convenience, along with the increasing rate of digital ad spending by automakers in this region. In addition, intense competition among automotive brands imposes hostile advertising campaigns to capture market share. This competition may lead to innovative advertising strategies and creative content. However, Asia-Pacific is expected to witness a highest CAGR throughout the forecast period 2022-2032, owing to the surge in demand for government policies and incentives promoting the automotive industry, such as subsidies for electric vehicles or tax breaks for car buyers.
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Leading Market Players:
- Adpearance, Inc.
- CMB Automotive Marketing Limited
- Force Marketing
- Google LLC by Alphabet Inc.
- HigherVisibility
- Microsoft Corporation
- Meta Platforms, Inc.
- Omnicom Group Inc.
- Social Media 55
- Visarc
The report provides a detailed analysis of these key players in the automotive advertising market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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