Press release
Motor Vehicle And Parts Dealers Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Penske Automotive Group Inc., AutoNation Inc., CarMax Inc.,
Motor Vehicle And Parts Dealers Market Size
The Business Research Company offers in-depth market insights through Motor Vehicle And Parts Dealers Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The motor vehicle and parts dealers market size has grown strongly in recent years. It will grow from $4935.17 billion in 2023 to $5323.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to economic conditions, technological advancements, interest rates, consumer preferences, environmental regulations.
The motor vehicle and parts dealers market size is expected to see strong growth in the next few years. It will grow to $7074.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electric vehicles (evs), digital sales and service, autonomous vehicles, sustainability and green initiatives, shared mobility, innovation in automotive retail. Major trends in the forecast period include online sales and digital showrooms, autonomous and connected vehicles, sustainability and green initiatives, increased emphasis on safety features.
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Market Segmentation:
The major types of motor vehicle and parts dealers are auto parts and accessories, automobile dealers, and other motor vehicle dealers. An automobile dealership is a retail establishment that sells, rents, or leases new or used automobiles. Retail chain and independent retailer ownership is managed through exclusive retailers/showrooms and inclusive retailers/dealer stores.
Major Driver - The Role Of Data Analytics In Driving Efficiency And Customer Loyalty In The Motor Vehicle And Parts Dealership Market
Motor vehicle and parts dealers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, it would become easier for motor vehicle and parts dealers to identify and meet the needs and expectations of their customers. This is expected to drive the market going forward.
Competitive Landscape:
Major companies operating in the motor vehicle and parts dealers market include Penske Automotive Group Inc., AutoNation Inc., CarMax Inc., AutoZone Inc., Lithia Motors Inc., O'Reilly Automotive Inc, Group 1 Automotive Inc., Jardine Cycle & Carriage Limited, Advance Auto Parts Inc., Sonic Automotive Inc., General Motors Company, Ford Motor Company, Toyota Motor Corporation, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Fiat Chrysler Automobiles N.V, Hyundai Motor Company, Kia Motors Corporation, Volkswagen AG, BMW AG, Tesla Inc., Subaru Corporation, Mazda Motor Corporation, Mitsubishi Motors Corporation, Isuzu Motors Limited, Suzuki Motor Corporation, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland Limited, Scania AB, Volvo AB, PACCAR Inc, Navistar International Corporation.
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Top Trend - Motor Vehicle Dealers Are Improving Customer Experience Through Experiential Retail
Motor vehicle dealers are increasingly offering unique experiences and features to meet customer expectations. Experiential retail refers to a store that offers consumers a chance to buy an experience rather than just an object or service. This trend is driven largely by millennial and their preference for experiences over things. These stores often use technology such as augmented reality and combine traditional elements with mobile apps and activities. For instance, car brand Audi has integrated a virtual reality (VR) experience in their showrooms to attract potential customers. The company designed the VR experience to present its vehicles to potential customers in a more personalized and engaging manner while solving the issue of smaller dealerships being unable to stock more than five cars.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Motor Vehicle And Parts Dealers Market Characteristics
3. Motor Vehicle And Parts Dealers Market Trends And Strategies
4. Motor Vehicle And Parts Dealers Market - Macro Economic Scenario
5. Motor Vehicle And Parts Dealers Market Size And Growth
…..
27. Motor Vehicle And Parts Dealers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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