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Motor Vehicle And Parts Dealers Market Key Trends And Competitor Assessment 2024-2033
Motor Vehicle And Parts Dealers Market Demand
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Motor Vehicle And Parts Dealers Market 2024 Key Insights:
• 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 Role Of Data Analytics In Driving Efficiency And Customer Loyalty In The Motor Vehicle And Parts Dealership Market
• Motor Vehicle Dealers Are Improving Customer Experience Through Experiential Retail
• Asia-Pacific was the largest region in the motor vehicle and parts dealers market in 2023
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