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Auto Parts Inventory Management Software Market Report 2024-2033: Size, Share, Growth, Trends, Outlook
Auto Parts Inventory Management Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $10.39 billion In 2028 At A CAGR Of 13.4% :
The auto parts inventory management software market size has grown rapidly in recent years. It will grow from $5.44 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to industry growth and complexity, globalization and supply chain challenges, e-commerce and digital transformation, regulatory compliance and traceability, customer expectations and service excellence.
The auto parts inventory management software market size is expected to see rapid growth in the next few years. It will grow to $10.39 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to IoT and connectivity, integration with autonomous and electric vehicles, increasing number of auto parts retailers, growing complexity of auto parts, increasing online sales of auto parts. Major trends in the forecast period include predictive analytics and machine learning, IoT-driven inventory tracking, blockchain for supply chain transparency, cloud-based solutions for flexibility, integration with autonomous and electric vehicle technologies.
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Auto Parts Inventory Management Software Market Major Segments
The auto parts inventory management software market covered in this report is segmented -
1) By Type: Hardware, Software
2) By Application: Auto Reconditioning Businesses, Vehicle Dealerships, Fleet Management, Tire Distributors, Car Rental Companies, E-commerce Platform
3) By End-Users: Automotive Manufacturers, Automotive Aftermarket, Original Equipment Manufacturers (OEMs)
Key Driver - Auto Parts Inventory Management Software Market Growth Fueled By Expanding Automotive Industry
The expanding automotive industry is expected to propel the growth of the auto parts inventory management software market going forward. The automotive industry refers to a wide range of companies and organizations involved in the design, development, manufacturing, selling, and repairing of motor vehicles. Economic expansion in many countries increases consumer spending and demand for automobiles; therefore, distributors and retailers understand the value of using advanced inventory management solutions. Auto parts inventory management software helps businesses optimize stock levels, save costs, minimize stockouts, and improve operational efficiency. For instance, in May 2023, according to reports published by the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry, in 2022, 85.4 million motor vehicles were produced globally, a 5.7% increase from 2021. Therefore, the expanding automotive industry is driving the growth of the auto parts inventory management software market.
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Prominent Trend - Strategic Partnerships Transforming Auto Parts Inventory Management
Major companies operating in auto parts inventory management software are adopting a strategic partnership approach to offer complete auto parts inventory solutions to the auto industry. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2023, DataScan, Inc., a US-based RFID inventory counting solution, partnered with AccuParts International, a US-based provider of industrial and transportation parts. The partnership will bring unparalleled experience and expertise in auto parts inventory management to the table, benefiting dealerships and distributors looking to streamline their inventory processes and increase operational efficiencies. With integrating DataScan's RFID inventory counting technology with AccuParts, the joint venture claims to give useful data insights and recommendations to assist in increasing profitability and efficiency in the automotive industry. With integrating DataScan's RFID inventory counting technology with AccuParts, the joint venture claims to give useful data insights and recommendations to assist in increasing profitability and efficiency in the automotive industry.
Auto Parts Inventory Management Software Market Players
Major companies operating in the auto parts inventory management software market are SAP SE, Infor Inc., Epicor Software Corporation, Hubworks LLC, Windward Software, Carrus Technologies Inc, Wasp Barcode Technologies, Motility Software Solutions LLC, Fuse5 Automotive Software, ADS Solutions Corp, Fishbowl, System Nexgen, Acumatica Inc., Rarestep Inc, Alterity Inc, AutoPower Corporation, Finale Inventory, FleetSoft LLC, Amador of America Inc, Eagle Business Accounting Software, MAM Software Group Inc, Sortly Inc, RazorERP, Checkmate by Car-Part
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Largest And Fastest Growing Region In The Market
North America was the largest region in the auto parts inventory management software market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the auto parts inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Auto Parts Inventory Management Software Market Report Structure
3. Auto Parts Inventory Management Software Market Trends And Strategies
4. Auto Parts Inventory Management Software Market - Macro Economic Scenario
5. Auto Parts Inventory Management Software Market Size And Growth
…..
27. Auto Parts Inventory Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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