Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The report titled "Motor Vehicle And Parts Dealers Market" has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.
The global motor vehicle and parts dealers market is expected to decline from $4461.5 billion in 2019 to $4420.7 billion in 2020 at a compound annual growth rate (CAGR) of -1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $5196.7 billion in 2023.
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Top Companies in the Global Motor Vehicle And Parts Dealers Market: AutoNation; CarMax; Group 1; Penske Automotive Group; Sonic Automotive and Other
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
Asia Pacific was the largest region in the global motor vehicle and parts dealers market, accounting for 36% of the market in 2019. North America was the second largest region accounting for 34% of the global motor vehicle and parts dealers market. Eastern Europe was the smallest region in the global motor vehicle and parts dealers 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.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Motor Vehicle And Parts Dealers Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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