NEW YORK, Jan. 7, 2024 /PRNewswire/ — The Automotive Service Market is estimated to grow by USD 351.69 billion, accelerating at a CAGR of 7.65%. The Automotive Service Market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer Automotive Service Market are Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron International Ltd., Bridgestone Corp., Carmax Autocare Center, Driven Brands Holdings Inc., EUROPART Group GmbH, Halfords Group Plc, Inter Cars S.A, Jiffy Lube International Inc., LKQ Corp., M and M Automotive, MEKO Auto Components Inc., Mobivia, Monro Inc., Sumitomo Corp., The Goodyear Tire and Rubber Co., USA Automotive, and Wrench Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying
Technavio has announced its latest market research report titled Global Automotive Service Market 2023-2027
Company Offering:
Arnold Clark Automobiles Ltd: The company offers different automotive services such as manufacturer and value service. Along with this, it also sells cars, trucks, garage equipment, automotive parts, and accessories.
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North America is projected to account for 31% of the global market’s expansion during the forecast period. This region encompasses technologically advanced nations and well-established markets like the United States and Canada, boosting the advancement of sophisticated engines. These advancements will inevitably necessitate diverse automotive services, including powertrain testing, thereby driving market growth during the forecast period.
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Impactful driver- Increasing vehicle population. The Automotive Service Market is driven by diverse factors, with Vehicle Maintenance at its core. Services such as Car Repair, Oil Change, Transmission Repair, Engine Diagnostics, Brake Service, Tire Rotation, and Wheel Alignment stand as critical components. Additionally, Suspension Service, Battery Replacement, Exhaust System Repair, Air Conditioning Service, and Collision Repair further shape this sector. These significant services ensure safety, functionality, and longevity, reflecting the market’s emphasis on comprehensive care for vehicles across various segments.
Key Trend – Increasing vehicle digitization and electrification. The Automotive Service Market is evolving with emerging trends like Auto Detailing, Mobile Mechanic services, and a growing demand for Electrical System Repair. Hybrid Vehicle Services and Performance Tuning cater to the rise in eco-conscious consumers seeking efficient solutions. Interior Restoration, Aftermarket Accessories, and Car Wash Services are gaining traction, while the emphasis on precise Paint and Bodywork reflect the market’s dedication to enhancing aesthetics and functionality in response to consumer preferences.
Major Challenges – The uncertainties plaguing the automobile industry are set as challenges across various facets of the Automotive Service Market. Auto Parts Supply disruptions, evolving Automotive Technology, and stringent Vehicle Inspection and Emission Testing standards impact operations. Fleet Maintenance complexities, compatibility of Diagnostic Tools, and adapting Warranty Services to changing needs challenge service providers. Moreover, ensuring efficient Fuel System Service amidst industry shifts demands continual adaptation and investment to meet evolving regulatory and technological landscapes.
Market Segmentation
The market is segmented by type (mechanical services, exterior and structural services, and maintenance services), vehicle type (passenger cars, light commercial vehicles, two-wheelers, and heavy commercial vehicles), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The mechanical services are attributed to the significant role played by auto mechanics. This segment is expected to contribute a significant increase in market share during the forecast period. These services encompass a variety of tasks, such as replacing oil filters, installing wiper blades, and changing tires and batteries, all contributing to vehicle maintenance. The current automotive environment requires enhanced performance and dependability, mandating established solutions, thereby driving a rise in the demand for automotive services.
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Automotive Service Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.65% |
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Market growth 2023-2027 |
USD 351.69 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.0 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron International Ltd., Bridgestone Corp., Carmax Autocare Center, Driven Brands Holdings Inc., EUROPART Group GmbH, Halfords Group Plc, Inter Cars S.A, Jiffy Lube International Inc., LKQ Corp., M and M Automotive, MEKO Auto Components Inc., Mobivia, Monro Inc., Sumitomo Corp., The Goodyear Tire and Rubber Co., USA Automotive, and Wrench Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
TOC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Vehicle Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact US:
Technavio Research
Jesse Maida
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SOURCE Technavio
