Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) — The “Motor Vehicle And Parts Dealers Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global motor vehicle and parts dealers market market witnessed substantial growth, with revenue increasing from $4,562.94 billion in 2022 to $4,929.73 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 8.0%. Despite challenges posed by the Russia-Ukraine war and the lasting impact of COVID-19, the market is projected to continue growing and reach an estimated value of $6,467.01 billion by 2027, with a CAGR of 7.0% during the forecast period.
This report provides an in-depth analysis of the global motor vehicle and parts dealers market, including insights into market segments, key players, and growth opportunities.
The report segments the motor vehicle and parts dealers market based on type into auto parts and accessories, automobile dealers, and other motor vehicle dealers. Additionally, the market is categorized by ownership into retail chain and independent retailer, and by the type of store into exclusive retailers/showrooms and inclusive retailers/dealer stores.
Impact of COVID-19: The outbreak of COVID-19 had a significant impact on the motor vehicle and parts dealers market in 2020, disrupting supply chains due to trade restrictions and declining consumption due to global lockdowns. However, as governments ease restrictions and economic activity resumes, the market is expected to recover from the shock and continue its growth trajectory over the forecast period.
Experiential Retail and Technological Advancements: Motor vehicle dealers are increasingly adopting experiential retail strategies to meet customer expectations. Experiential retail offers consumers an opportunity to buy an experience rather than just a product or service. This trend, driven primarily by millennials, incorporates technology such as augmented reality to create engaging and personalized experiences for potential customers. For instance, car brand Audi integrated virtual reality (VR) experiences in their showrooms to present vehicles to potential customers in a more interactive manner.
Regional Insights: Asia-Pacific dominated the motor vehicle and parts dealers market in 2022, with North America as the second-largest region. The report also covers other regions, including Western Europe, Eastern Europe, South America, Middle East, and Africa.
Key Drivers: The market’s growth is supported by stable economic growth projected in many developed and developing countries. As global GDP is expected to recover, investments in end-user markets are likely to increase, driving the market during the forecast period.
Reasons to Purchase:
- Gain a global perspective with the most comprehensive report available, covering 50+ geographies.
- Understand the impact of COVID-19 on the market and its response as the situation improves.
- Assess the influence of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its implications for the motor vehicle and parts dealers market.
- Measure the market’s response to high global inflation.
- Create regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and market trends.
- Understand customer preferences based on the latest market shares.
- Benchmark performance against key competitors.
- Utilize reliable high-quality data and analysis for internal and external presentations.
Key Questions Answered:
- Where is the largest and fastest-growing market for motor vehicle and parts dealers?
- How does the market relate to the overall economy, demography, and other similar markets?
- What forces will shape the market going forward?
A selection of Companies Mentioned in this report includes
- 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.
The “Motor Vehicle And Parts Dealers Global Market Report 2023” offers comprehensive insights and a complete perspective on the motor vehicle and parts dealers industry, empowering businesses to make informed decisions and capitalize on growth opportunities.
|No. of Pages||300|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$4929.73 billion|
|Forecasted Market Value (USD) by 2027||$6467.01 billion|
|Compound Annual Growth Rate||7.0%|
For more information about this report visit https://www.researchandmarkets.com/r/526nfh
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