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Auto Parts Inventory Management Software Market Analysis, Trends, Growth, Research And Forecast 2033
Auto Parts Inventory Management Software Market Analysis
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Auto Parts Inventory Management Software Market 2024 Key Insights:
• The auto parts inventory management software market is expected to grow to $10.39 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Auto Parts Inventory Management Software Market Growth Fueled By Expanding Automotive Industry
• Strategic Partnerships Transforming Auto Parts Inventory Management
• North America was the largest region in the auto parts inventory management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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