Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) --
The garage and service station market valuation is predicted to reach USD 1.6 trillion in revenue by 2032, as reported in a research study by Global Market Insights Inc.
The growth of the automotive sector worldwide and the increasing number of vehicles on the road is fueling the market growth. As more people buy cars, the need for regular maintenance, repair, and servicing is rising, leading to the strong need for more garages and service stations. The increasing complexity and extended life cycle, particularly for older vehicles is further necessitating more maintenance.
The growing number of electric and hybrid vehicles will influence the need for garage and service stations. As per the International Energy Agency (IEA), over 2.3 million electric cars were sold in the first quarter and 14 million electric cars were sold by the end of 2023. These vehicles require special services and equipment for battery maintenance and other special parts, subsequently making way for new service stations to handle these requirements.
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Advances in diagnostic tools and automotive technology have further enabled service stations to attract more customers by providing better and more accurate service. The introduction of digital platforms for service scheduling, problem resolution and customer engagement will support the market growth by improving customer convenience and satisfaction.
The garage and service station market from the franchise specialty shops segment will register a noteworthy CAGR from 2023 to 2032. These franchises attract customers through reliable brands and standard service offerings while ensuring customer loyalty and satisfaction. The ability to invest in advanced diagnostic tools, training and marketing is also improving service quality and operational efficiency. Franchise chains further benefit from economies of scale, allowing them to offer competitive prices and comprehensive service packages that independent garages struggle to match. The combination of brand trust, quality assurance and value for money service is also increasing the consumer demand, adding to the segment expansion.
The car wash product type segment in the garage and service station market may exhibit a decent growth rate over 2023-2032 due to the rising demand for convenient and comprehensive vehicle care services. As busy lifestyles are encouraging consumers to look for unique solutions to their automotive needs, garages and gas stations that offer car wash and repair & maintenance services are attracting more customers. Rising advancements in car wash technologies, such as automation systems and eco-design to improve customer satisfaction and operational efficiency will accelerate the segment growth.
North America garage and service station market will register a robust CAGR between 2023 and 2032. The proliferation of advanced automotive technologies, such as electric and hybrid vehicles is requiring the development of specialized service stations with the equipment and expertise to handle the unique needs of these vehicles. There is also the growing trend of preventive care among consumers, as awareness of the long-term cost benefits is increasing demand for regular services. State vehicle safety laws and emission standards are requiring constant inspection and maintenance, further stimulating the regional market growth.
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Some of the leading firms operating in the garage and service station market Meineke Car Care Centers, LLC., Jiffy Lube International, Inc., Midas International, LLC., Safelite Group, Firestone Complete Auto Care, Valvoline, and The Pep Boys. These companies are actively investing in R&D activities and are also focusing on product development & launches, collaborations as well as mergers & acquisitions to widen their global presence. To cite an instance, in August 2023, Kian Capital Partners acquired Meineke Car Care Center franchisee to establish PARC Auto, a new platform in the general automotive repair space.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Garage and service station market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Ownership trends
2.6 Business structure trends
Chapter 3 Garage and Service Station Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising middle class vehicle ownership worldwide
3.10.1.2 Improved vehicle durability and reliability
3.10.1.3 Rise in the adoption of advance diagnostic tools
3.10.1.4 Strict emission standards and safety regulations require regular maintenance and adherence
3.10.2 Industry pitfalls & challenges
3.10.2.1 Rapid evolution of electric and autonomous vehicles
3.10.2.2 Lack of skilled technicians and mechanics
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
3.14 Global Construction Investment
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Jiffy Lube International, Inc.
4.3.2 Safelite Group
4.3.3 The Pep Boys
4.3.4 Valvoline
4.3.5 Firestone Complete Auto Care.
4.3.6 Midas International, LLC
4.3.7 Meineke Car Care Centers, LLC.
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
