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2025-2034 Motor Vehicle And Parts Dealers Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Motor Vehicle And Parts Dealers
What Is the Expected CAGR for the Motor Vehicle And Parts Dealers Market Through 2025?
The market size for motor vehicle and parts dealers has seen considerable growth in recent years. Its size will increase from $5429.77 billion in 2024 to $5874.52 billion in 2025 with a compound annual growth rate (CAGR) of 8.2%. Factors that contributed to its growth during the historic period include economic conditions, technological progress, interest rates, consumer tastes, and environmental rules.
What's the Projected Size of the Global Motor Vehicle And Parts Dealers Market by 2029?
The market size of motor vehicle and parts dealers is predicted to witness a robust increase in the coming years, escalating to $7664.14 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%. The surge during the forecasted period is likely due to the proliferation of electric vehicles (evs), digitization in sales and services, self-driving vehicles, environmental and eco-friendly initiatives, shared transport, and innovative practices in the auto retail sector. The forecast period is also set to experience significant trends such as online purchases and virtual showrooms, autonomous and interlinked vehicles, eco-friendly and sustainable initiatives, along with a heightened focus on safety attributes.
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Top Growth Drivers in the Motor Vehicle And Parts Dealers Industry: What's Accelerating the Market?
Data analytics technologies are being progressively embraced by motor vehicle and parts dealers, as a part of a solid and unified approach in management, to augment supply chain effectiveness, simplify operations for consumer engagement, and fortify customer loyalty. Most retail operations nowadays deem data as indispensable. Given the fast-paced expansion of retail data accompanied by the emergence of data analysis technologies, it should simplify the process for motor vehicle and parts dealers to detect and cater to their clients' requirements and anticipations. This trend is anticipated to propel the market in the future.
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What Trends Will Shape the Motor Vehicle And Parts Dealers Market Through 2029 and Beyond?
Increasingly, motor vehicle retailers are providing unique experiences and amenities to satisfy customer desires. The concept of experiential retail, where customers purchase experiences rather than mere objects or services, is being heavily adopted by dealerships. This shift is predominantly influenced by millennials who favor experiences over possessions. Frequently, these stores incorporate technology like augmented reality while blending conventional methods with mobile applications and pursuits. For instance, Audi, a prominent car brand, has integrated a virtual reality experience within their showrooms to lure prospective buyers. In order to offer a more bespoke and captivating experience to potential clients, they designed it while simultaneously addressing the challenge smaller dealerships face in stocking more than five vehicles.
What Are the Main Segments in the Motor Vehicle And Parts Dealers Market?
The motor vehicle and parts dealers market covered in this report is segmented -
1) By Type: Auto Parts And Accessories, Automobile Dealers, Other Motor Vehicle Dealers
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
Subsegments:
1) By Auto Parts And Accessories: OEM (Original Equipment Manufacturer) Parts, After market Parts, Tires And Wheels, Batteries And Electrical Components, Other Auto Parts And Accessories
2) By Automobile Dealers: New Car Dealers, Used Car Dealers, Electric Vehicle Dealers, Luxury Vehicle Dealers, Fleet Vehicle Dealers
3) By Other Motor Vehicle Dealers: Motorcycle Dealers, Boat Dealers, Recreational Vehicle (RV) Dealers, Heavy Truck Dealers
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Which Top Companies are Driving Growth in the Motor Vehicle And Parts Dealers Market?
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.
Which Regions Will Dominate the Motor Vehicle And Parts Dealers Market Through 2029?
Asia-Pacific was the largest region in the motor vehicle and parts dealers market in 2023. North America was the second-largest region in the motor vehicle and parts dealers market. The regions covered in the motor vehicle and parts dealers' market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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