Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Service Market (2024 Edition): Analysis By Channel (IAM (Independent After Market) and Authorized Dealership), By Service Type, By Vehicle Type, By Vehicle Propulsion Type, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Service market showcased growth at a CAGR of 5.39% during 2020-2023. The market was valued at USD 895.87 Billion in 2023 which is expected to reach USD 1.40 trillion in 2030.
The research report provides a complete analysis for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.
The surge in vehicle ownership is one of the main contributing factors in high demand for the Automotive Service, which is driven by economic growth in developing regions such as Asia-Pacific, Latin America, and parts of Africa. In this region, rising incomes and improving living standards have made personal vehicles more accessible to a broader segment of the population. For instance, in countries like China and India, the burgeoning middle class has significantly contributed to increased vehicle sales.
As more households acquire vehicles, the demand for routine maintenance, such as oil changes, tire rotations, and brake inspections, naturally escalates. Additionally, in developed regions like North America and Europe, the trend of keeping vehicles for longer periods has resulted in an aging vehicle fleet. Older vehicles typically require more frequent and extensive maintenance and repairs, driving further demand for automotive services. Components such as engines, transmissions, and electrical systems are more prone to wear and tear over time, necessitating professional attention to ensure continued functionality and safety.
The automotive industry is witnessing rapid technological advancements, with modern vehicles being equipped with sophisticated systems that enhance performance, safety, and connectivity. Features such as advanced driver-assistance systems (ADAS), infotainment systems, and telematics have become increasingly common. While these technologies improve the driving experience, they also introduce new complexities in vehicle maintenance and repair.
The integration of electronic systems means that servicing modern vehicles often requires specialized knowledge and equipment. This has led to a growing demand for skilled technicians who are trained to handle advanced diagnostics and repairs. Automotive service providers must invest in training and upskilling their workforce to keep pace with technological advancements, thereby increasing the overall demand for professional automotive services.
Additionally, due to environmental concerns and regulatory mandates are also shaping the automotive service landscape. Governments worldwide are implementing stricter emissions standards and encouraging the adoption of cleaner, more fuel-efficient vehicles. This shift is driving the growth of hybrid and electric vehicles (EVs), which have distinct maintenance requirements compared to traditional internal combustion engine vehicles.
EVs, for example, require less frequent oil changes but necessitate specialized care for their battery systems, electric drivetrains, and charging infrastructure. As the adoption of EVs continues to rise, the automotive service industry must adapt by offering tailored services and training technicians to manage these new challenges. Regulatory compliance, such as adhering to emissions standards and proper disposal of automotive waste, also necessitates a higher level of expertise and operational sophistication, further driving demand for professional services.
Furthermore, Modern consumers have high expectations when it comes to convenience and service quality. The digital age has transformed how customers interact with service providers, with an increasing preference for online booking, transparent pricing, and quick turnaround times. The rise of mobile service units and on-demand services, where technicians come to the customer's location, exemplifies this trend.
Service providers that can offer such conveniences attract a larger customer base, thereby boosting demand. Additionally, consumers are more informed and discerning, often seeking out service providers that offer value-added services such as vehicle health monitoring, extended warranties, and loyalty programs.
The expansion of the middle class globally has been a significant driver of the high demand for the automotive service market, influencing both vehicle ownership patterns and consumer behaviour. As economies develop and income levels rise, more individuals and families ascend into the middle class, affording them the financial capacity to purchase and maintain vehicles. This demographic shift not only increases the overall number of vehicles on the road but also intensifies the demand for automotive services to keep these vehicles in optimal condition.
Moreover, the expansion of the middle class is accompanied by changes in consumer behaviour and preferences related to vehicle ownership. Middle-class consumers tend to prioritize reliability, safety, and comfort when selecting vehicles, often opting for newer models with advanced features and technology. These vehicles, while offering enhanced performance and efficiency, also require specialized maintenance and periodic servicing to ensure their continued reliability. This shift towards more sophisticated vehicles further amplifies the demand for automotive services that can cater to the specific needs of modern cars, including diagnostics, software updates, and repairs of complex electronic systems.
In addition to increasing vehicle ownership, the middle class's demand for automotive services is bolstered by a growing emphasis on preventive maintenance and vehicle longevity. As individuals invest in higher-value assets like cars, they become more aware of the importance of regular upkeep to protect their investments and avoid costly repairs in the future.
Scope of the Report
- The report analyses the Automotive Service Market by Value ( USD Billion).
- The report analyses the Automotive Service Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Brazil, Canada, Germany, France, United Kingdom, China, India, Japan and South Korea).
- The report presents the analysis of Automotive Service Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the Automotive Service Market By Channel (IAM (Independent After Market) and Authorized Dealership).
- The report analyses the Automotive Service Market By Service Type (Repair and Maintenance, Car Wash and Detailing and Accessories Installation).
- The report analyses the Automotive Service Market By Vehicle Type (Passenger Vehicles, Commercial Vehicles and Two Wheelers).
- The report analyses the Automotive Service Market By Vehicle Propulsion Type (ICE and Electric).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Products, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Integration of Advanced Diagnostics Tools in Automotive Service
- Increase Electric Vehicles and Hybrid Vehicles Automotive Services
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of Automotive Service Market
Company Profiles
- Robert Bosch GmbH
- Goodyear Tire & Rubber Co.
- Bridgestone Corporation
- Autozone Inc.
- O'Reilly Automotive Inc.
- Advance Auto Parts Inc.
- LKQ Corporation
- Shell PLC
- TBC Corporation
- Pep Boys
For more information about this report visit https://www.researchandmarkets.com/r/wgahgm
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