Major companies in the motor vehicle and parts dealers market include AutoNation; CarMax; Group 1; Penske Automotive Group and Sonic Automotive. The global motor vehicle and parts dealers market is expected to grow from $3920.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle And Parts Dealers Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018887/?utm_source=GNW
36 billion in 2020 to $4355.18 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5676.57 billion in 2025 at a CAGR of 7%.
The motor vehicle and parts dealers market consists of sales of motor vehicles and parts and related services by entities (organizations, sole traders and partnerships) that sell automobiles, other motor vehicles, automotive parts, accessories, and tires to ultimate users. The companies in the industry typically operate from showrooms where vehicles and related parts are displayed. The motor vehicle and parts dealers’ market is segmented into auto parts and accessories; automobile dealers and other motor vehicle dealers.
Asia Pacific was the largest region in the global motor vehicle and parts dealers market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 34% of the global motor vehicle and parts dealers market. Africa was the smallest region in the global motor vehicle and parts dealers market.
Motor vehicle dealers are increasingly offering unique experiences and features to meet customer expectations. Experiential retail refers to a store which 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 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.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicle and parts dealers market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the motor vehicle and parts dealers market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The 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 building loyalty, data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for motor vehicle and parts dealers to identify and meet the needs and expectations of their customers , thus it is expected to drive the market going forward.
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