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Auto Parts Inventory Management Software Market Analysis: $11.5 Billion by 2029 With a CAGR of 12.6%
Auto Parts Inventory Management Software
Auto Parts Inventory Management Software Market Value Projection: How Much Will the Market Size by 2025?
The market for auto parts inventory management software has seen a swift expansion in recent years. The market is foreseen to escalate from $6.27 billion in 2024 to $7.15 billion in 2025, recording a compound annual growth rate (CAGR) of 14.0%. Factors contributing to this growth during the historic period include industry expansion and complexity, supply chain setbacks amidst globalization, digital transformation alongside e-commerce growth, regulatory compliance and traceability needs, as well as evolving customer expectations and the demand for service excellence.
What Will Be the Market Growth Forecat for Auto Parts Inventory Management Software in 2029?
Expectations for the auto parts inventory management software market suggest a swift expansion in the upcoming years, reaching a value of $11.5 billion in 2029. This represents a compound annual growth rate (CAGR) of 12.6%. This projected growth during the forecast period can be attributed to factors such as IoT and connectivity, integration with autonomous and electric vehicles, expansion of auto parts retailers, complex developments in auto parts, and a surge in online auto parts sales. Key trends anticipated in the forecast period include the use of predictive analytics and machine learning, IoT-assisted inventory tracking, blockchain-enabled supply chain transparency, flexible cloud-based solutions, and an increase in the integration with autonomous and electric vehicle technologies.
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What Are the Core Competitive Drivers in the Auto Parts Inventory Management Software Industry?
The surge in the automotive industry is anticipated to drive the growth of the auto parts inventory management software market in the future. The automotive industry encompasses a broad scope of companies and organizations engaged in the ideation, creation, production, sale, and repair of motor vehicles. Economic growth in various countries leads to an upsurge in consumer spending and a heightened demand for cars; as a result, distributors and retailers appreciate the benefits of employing sophisticated inventory management solutions. Auto parts inventory management software allows businesses to optimize their stock levels, conserve resources, decrease stockouts and enhance operational effectiveness. For example, reports from the European Automobile Manufacturers Association, a Belgium-based automobile industry lobbying and standards group, stated that 85.4 million motor vehicles were manufactured worldwide in 2022, which represents a 5.7% growth from 2021. Thus, the burgeoning automotive industry is propelling the growth of the auto parts inventory management software market.
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Which Auto Parts Inventory Management Software Market Segment Is Projected to See the Fastest Growth?
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 After market, Original Equipment Manufacturers (OEMs)
Subsegments:
1) By Hardware: Barcode Scanners, RFID Systems, Point Of Sale (POS) Terminals
2) By Software: Inventory Management Software, Order Management Software, Reporting And Analytics Software
Which Trends Are Opening New Opportunities in the Auto Parts Inventory Management Software Market?
Key players in the auto parts inventory management software market are forming strategic alliances to provide comprehensive solutions tailored for the automotive industry. These form of partnerships enable companies to leverage each other's assets and expertise to mutual advantage. For example, in September 2023, a partnership was formed between DataScan, Inc., a US-based firm specializing in RFID inventory counting solutions, and AccuParts International, a U.S. supplier of industrial and transport components. This collaboration brings a wealth of experience and knowledge in auto parts inventory management, benefiting those in the dealership and distribution sectors seeking to optimize their inventory processes and enhance operational efficiency. The partnership aims to integrate DataScan's RFID inventory counting technology with AccuParts to provide valuable insights and suggestions to boost profitability and optimize performance in the auto industry.
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Who Are the Leaders in the Auto Parts Inventory Management Software Market?
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
Which Regional Auto Parts Inventory Management Software Markets Offer the Greatest Growth Potential?
North America was the largest region in the auto parts inventory management software market in 2024. 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.
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