How Is The Motor Vehicle And Parts Dealers Market Segmented?
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
What Is Driving The Motor Vehicle And Parts Dealers Market? The Role Of Data Analytics In Driving Efficiency And Customer Loyalty In The Motor Vehicle And Parts Dealership Market
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 build loyalty. Data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, it would become easier for motor vehicle and parts dealers to identify and meet the needs and expectations of their customers. This is expected to drive the market going forward.
What Is Driving The Motor Vehicle And Parts Dealers Market? Elevated Vehicle Sales Forecasted To Drive Robust Growth In The Motor Vehicle And Parts Dealers Market
The increasing sales of vehicles are expected to propel the growth of the motor vehicle and parts dealers market going forward. Vehicle sales refer to the process of selling automobiles, which can include cars, trucks, vans, and other types of motor vehicles, to consumers or businesses. Motor vehicle parts are integral to the vehicle sales process, from manufacturing and customization to maintenance, safety, and regulatory compliance. They contribute to the overall value and appeal of vehicles, impact pricing and reliability. For instance, in April 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales in the USA increased from 1 million in 2022 to 1.6 million in 2023, representing a growth of 60% year-over-year. Therefore, the increasing sales of vehicles are driving the growth of the motor vehicle and parts dealers market.
Who Are The Major Players In The Global 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.
What Are The Key Trends Of The Global Motor Vehicle And Parts Dealers Market? Motor Vehicle Dealers Are Improving Customer Experience Through Experiential Retail
Motor vehicle dealers are increasingly offering unique experiences and features to meet customer expectations. Experiential retail refers to a store that 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 a 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.
What Are The Key Trends Of The Global Motor Vehicle And Parts Dealers Market? Increasing Focus On Innovative Retail Services To Provide Reliable Services To Their Customers
Major companies operating in the motor vehicles and part dealers market are focusing on developing innovative services such as wheels on web to provide reliable services to their customers. Wheels on web are an online retail sales platform where businesses or individuals can sell their products or services to consumers over the internet. For instance, in April 2023, Toyota Motor Corporation, a Japan-based automotive manufacturer, launched wheels on web. This is an online retail sales platform that gives customers a smooth virtual experience by allowing them to reserve, buy, and get delivery of their preferred Toyota models from the convenience of their own homes. Wheels on web is a business-to-consumer (B2C) platform that embodies the firm's primary commitment to improving customer experience in its digital domain and facilitating hassle-free car purchasing with advanced features and services.
Regional Outlook For The Global Motor Vehicle And Parts Dealers Market
Asia-Pacific was the largest region in the motor vehicle and parts dealers market in 2024. 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.
The countries covered in the motor vehicle and parts dealers market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Motor Vehicle And Parts Dealers Market?
The motor vehicle and parts dealers market includes revenues earned by entities by OEM and aftermarket part dealers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Motor Vehicle And Parts Dealers Industry?
The motor vehicle and parts dealers market research report is one of a series of new reports from The Business Research Company that provides motor vehicle and parts dealers market statistics, including motor vehicle and parts dealers industry global market size, regional shares, competitors with a motor vehicle and parts dealer market share, detailed motor vehicle and parts dealer market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle and parts dealers industry. This motor vehicle and parts dealer’s market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
