Motor Vehicle And Parts Dealers Market Characteristics
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 l 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.
Competitive Landscape of the Motor Vehicle And Parts Dealerg Market
Major players in the global motor vehicle and parts dealers market include AutoNation, CarMax, Group 1, Penske Automotive Group, Sonic Automotive
Motor Vehicle And Parts Dealers Market Size
The motor vehicle and parts dealers market size is expected to increase by 2021, significantly growing at a CAGR of around 7% during the forecast period. The growth in the motor vehicle and parts dealers market is due to factors such as rise in disposable income and growing ownership of motor vehicles.
However, the market for motor vehicle and parts dealer market is expected to face certain restraints from several factors such as rising cost of raw materials
Motor Vehicle And Parts Dealers Market Segmentation
The global motor vehicle and parts dealers market is further segmented based on type and geography.
By Type - The motor vehicle and parts dealers market is segmented into auto parts and accessories, automobile dealers, ther motor vehicle dealers among these segments, the Parts And Accessories accounts for the largest share in the global motor vehicle and parts dealers market.
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, North America was the largest region in the global motor vehicle and parts dealer services market.
Trends in the Motor Vehicle And Parts Dealers Market Market
Virtual reality empowers the customer experience by letting them connect to the product with interactive and personalized options. Virtual reality allows the customers to immerse themselves in the experience of owning a product. Automotive company Lexus is using virtual reality technology which allows its customers to virtually test drive their new models. North Face, an apparel company, is using VR technology which transports its customers to Yosemite National Park as they are shopping at the stores. Volvo is also VR technology which lets the customers get the feel of being in the car and take an imaginary journey. Lexus made its customers take a virtual test drive of their new models in significantly realistic manner than a regular driving simulator. TopShop stores include “virtual fitting rooms” which allows its customers to select specific garments and see how they would look wearing those garments on a large screen.
Potential Opportunities in the Motor Vehicle And Parts Dealers Market
With the increase in trends of vehicle ownership by middle class in developing countries like India and Brazil in recent years , the scope and potential for the global motor vehicle and parts dealers market is expected to significantly rise in the forecast period.