Automotive Dealer Management System Market Trends
Growth Drivers
- Increased Focus on Improving the Customer Experience – Automotive dealer management systems can improve customer service by providing tools to coordinate customer relationships and interactions. For example, the CRM analytics for vehicle DMS allows us to track customer interactions and preferences to provide more professional and effective service.
- Surging Demand for Used Cars - About the half number of people around the world prefer to buy used cars. Therefore, the car dealer management system distinguishes and guides used cars according to customer needs and environmental settings. Furthermore, the dealer management system offers insights into the used car market, facilitates remarketing efforts, and aids dealerships maximize profitability in this sector.
- Rising Need for Inventory Management - Distributors can inspect all mobile phones using inventory management tools in dealership management software without physical inspection. The program can save all vehicle records, allowing users to quickly access and restore specific records.
- Growing Technological Advancements – Advancements in technology such as cloud computing, artificial intelligence, and machine learning have significantly impacted the automotive dealer management system market. The cloud-based dealer management system offers scalability, and mobility, and provides easier access to data, allowing dealerships to operate efficiently across multiple locations.
Challenges
- High Cost of Automotive Dealer Management System – Systems for managing automotive dealers are often expensive and provide a limited amount of customization options. Modern automobile dealer management systems are being optimized for web and mobile platforms owing to technical improvements. Real-time analytics and smart features are also supported by automotive, dealer management systems, however, these features might be costly, which in turn limits their adoption to some extent and inhibits the industry.
- Insufficient Connectivity Between Departments
- No Remedy Exists to Enhance or Get Rid of Service Cycle Constraints
Automotive Dealer Management System Market: Key Insight
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
9.1% |
|
Base Year Market Size (2024) |
USD 4.91 billion |
|
Forecast Year Market Size (2037) |
USD 15.23 billion |
|
Regional Scope |
|
