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.
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.
The global motor vehicle and parts dealers market is expected to decline from USD 4461.5 billion in 2019 to USD 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 USD 5196.7 billion in 2023.
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Ankur Gupta, Head Marketing & Communications