Wilmington, Delaware, United States, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Short-term vehicle subscriptions have become popular options for owning a car, which is likely to create significant growth opportunities for the market. Rise in shared mobility services and rapid expansion of the automotive aftermarket industry are expected to create substantial revenues for companies in the market. The vehicle services industry is expected to reach value of US$ 1.2 Bn by 2031. The market size crossed US$ 0.83 Bn in 2022.
Considerable demand for passenger vehicles in developed and developing countries has propelled their sales in these regions. This in turn has spurred demand for vehicle services. Surge in demand for connected cars and electric vehicles is a key market trend anticipated to bolster the vehicle services industry growth. The attribute of convenience, for example, door-to-door car maintenance service, is expected to propel the adoption of such services.
Key Findings of Vehicle Services Market Study
- Extensive Demand for Vehicle Services: Vehicle owners are adopting vehicle services owing to the need for repair and maintenance in order to improve vehicle performance and the average lifespan. Rise in demand for vehicle services among mobility service providers is likely to fuel the expansion of the market. Swift growth of shared mobility services in several countries is expected to accelerate market development in the next few years.
- Preference for Authorized Service Centers for Vehicle Servicing: Authorized service centers are offering prompt and reliable services in order to attract customers. Their credibility has led consumers to prefer car servicing in authorized service centers, as these centers use components that comply with manufacturer-specified standards; an example is use of genuine spare parts. Additionally, authorized service centers are offering promising discounts and rewards to make their services cost-effective to customers. Entry of new players who are keen to offer specialized maintenance for electric and hybrid vehicles is likely to offer lucrative growth opportunities.
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Key Drivers
- Rise in penetration of passenger cars especially electric vehicles, has propelled demand for vehicle maintenance and repair services. The rapidly evolving automotive aftermarket service industry is expected to boost market prospects.
- Strides made in the automotive industry, especially due to rise in automotive sales in the past few years in several countries, have fueled vehicle services market growth.
- Surge in popularity of short-term vehicle subscription services is expected to accelerate the market.
- Increase in penetration of connected cars is projected to bolster demand for car services. Preference for high-end utility cars and luxury vehicles in the tours and travels sector offers attractive opportunities for companies in the vehicles services industry.
Vehicle Services Market: Regional Growth Dynamics
- North America is projected to hold significant share in the global vehicle services market during the forecast period 2023–2031. Extensive awareness about periodic maintenance at manufacturer-specified service intervals has fueled the consumer adoption of vehicle services. Moreover, increase in average age of vehicles in operation in developed countries has broadened the market outlook. Europe is also a lucrative market owing to significant rate of adoption of vehicle repair and maintenance services.
- Asia Pacific is projected to account for leading market share during the forecast period. Rise in vehicle production and sizable investments by governments in several countries in the region to improve road infrastructure are likely to spur demand for vehicle services in the near future. Presence of several prominent aftermarket service providers is expected to propel the market in Asia Pacific.
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Vehicle Services Market: Competition Landscape
Many well-entrenched players operating in the global vehicle services market focus on expanding their supply chain networks in order to expand their customer base and consolidate their market positions. Entry of new players in the next few years is likely to shape the competitive dynamics in the market.
Key companies in the vehicle services market are Arnold Clark Automobiles Company, CARFAX Car Care, Conroe's Choice Automotive, Driven Brands, Driven Brands, Halfords Group plc, Jiffy Lube, Lookers plc., and Monro Muffler Brake.
Vehicle Services Market Segmentation
Type
- Interim Service Interval
- Full Service Interval
- Major Service Interval
- Subscription Services
Service Provider
- Authorized Service Providers
- Franchise General Repairs
- Local Garages
- Others
Vehicle Type
- 2-Wheelers & 3-Wheelers
- Passenger Cars
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Heavy-duty Trucks
- Buses & Coaches
Propulsion
- IC Engine
- Diesel
- Gasoline
- Electric
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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