“Global Automotive Advertising Market to reach a market value of USD 42 Billion by 2031 growing at a CAGR of 10%”
The Global Automotive Advertising Market size is expected to reach $42 billion by 2031, rising at a market growth of 10.0% CAGR during the forecast period.
North America, particularly the United States, is home to a significant portion of the global automotive sector. Thus, the North America region acquired 37.5% revenue share in the market 2023. Major automotive manufacturers, including General Motors, Ford, and Chrysler, alongside numerous international brands, have a substantial presence in the region. This strong automotive industry drives considerable advertising investment as brands compete for consumer attention and market share. Thus, these factors can lead to increased demand in the segment.
The surge of digital platforms, social media channels, and online marketing tools has ushered in a new era of advertising for automotive brands. In this dynamic landscape, automotive advertisers are harnessing the power of cutting-edge technologies such as data analytics, artificial intelligence (AI), and machine learning algorithms to revolutionize their marketing strategies.
Additionally, by fostering emotional connections and tapping into shared values, advertisers can cultivate brand loyalty and advocacy and foster long-term customer relationships that transcend mere transactions. In an era where consumers are inundated with advertising messages, the power of storytelling lies in its ability to cut through the clutter, engage audiences on a personal level, and leave an indelible mark on their hearts and minds.
However, advertisers operating in the automotive sector are subject to a variety of advertising standards and regulations imposed by governmental and industry bodies. These standards dictate the content, format, and presentation of advertisements to ensure they are truthful, accurate, and not misleading to consumers. Consumer protection laws are designed to safeguard consumers from deceptive or unfair advertising practices. Thus, these aspects can lead to reduced demand in the coming years.
data analyticsBased on type, the market is segmented into location-independent advertising and location-based advertising. In 2023, the location-based advertising segment garnered 63.8% revenue share in the market. The proliferation of mobile devices and smartphones has enabled the proliferation of location-based advertising.
Based on end-user, the market is divided into automotive groups, automotive dealerships, and others. In 2023, the automotive dealerships segment witnessed 30.6% revenue share in the market. To maintain visibility and stay top-of-mind among potential buyers, automotive dealerships invest in high-frequency advertising campaigns.
On the basis of the product, the market is divided into online advertising, traditional media, pre-roll advertisements, and others. In 2023, the traditional media segment witnessed 41.8% revenue share in the market. Traditional media channels, including television, radio, print, and outdoor advertising, have long been mainstays of automotive advertising, offering broad reach and brand visibility to mass audiences.
Free Valuable Insights: Global Automotive Advertising Market size to reach USD 42 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe segment acquired 26.1% revenue share in the market. Europe boasts a multifaceted media environment that incorporates conventional advertising channels (e.g., print, radio, television, and outdoor) alongside digital platforms.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 19.9 Billion |
| Market size forecast in 2031 | USD 42 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 10% from 2024 to 2031 |
| Number of Pages | 232 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Product, End-User, Region |
| Country scope |
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| Companies Included | Meta Platforms, Inc. (Meta), Microsoft Corporation, Google LLC (Alphabet Inc.), Force Marketing, Omnicom Group Inc., CMB Automotive Marketing Limited, Highervisibility, LLC, Visarc Limited, Social Media 55, and Adpearance, Inc. |
By Type
By End-User
By Product
By Geography
This Market size is expected to reach $42 billion by 2031.
Shift towards electric and autonomous vehicles are driving the Market in coming years, however, Regulatory compliance and legal constraints restraints the growth of the Market.
Meta Platforms, Inc. (Meta), Microsoft Corporation, Google LLC (Alphabet Inc.), Force Marketing, Omnicom Group Inc., CMB Automotive Marketing Limited, Highervisibility, LLC, Visarc Limited, Social Media 55, and Adpearance, Inc.
The expected CAGR of this Market is 10.0% from 2023 to 2031.
The Automotive Groups segment is leading the Market by End-User in 2023; thereby, achieving a market value of $19.3 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $15.2 billion by 2031.
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