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.
For More Information, Click on the Link Below:-
Global Motor Vehicle and Parts Dealers Market
Related Reports:-
Motor Vehicle And Parts Dealers Global Market Report
2019
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Ken Research
Ankur Gupta, Head Marketing &
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