The Business Research Company’s Motor Vehicle And Parts Dealers Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 10, 2021 /EINPresswire.com/ — According to the new market research report ‘Motor Vehicle And Parts Dealers Global Market Report 2021: COVID-19 Impact And Recovery’ published by The Business Research Company, the motor vehicle and parts dealers is expected to grow from $3920.36 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 are adopting a robust and cohesive strategy for data analytics in management.
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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.
Trends 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.
Global Motor Vehicle And Parts Dealers Market Segments:
The global motor vehicle and parts dealer market is further segmented:
By Type: Auto Parts And Accessories, Automobile Dealers, Other Motor Vehicle Dealers
By Ownership: Retail Chain, Independent Retailer
By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
By Geography: The global motor vehicle and parts dealers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific motor vehicle and parts dealers market accounts for the largest share in the global motor vehicle and parts dealers market.
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Motor Vehicle And Parts Dealers Global Market Report 2021 is one of a