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Automotive Service Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast | Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, General Motors, Honda Motor Co. Ltd
Automotive Service Global Market Report 2024
As per the report, the automotive service market size has grown strongly in recent years. It will grow from $687.74 billion in 2023 to $723.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The automotive service market size is expected to see strong growth in the next few years. It will grow to $898.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
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Rising Adoption Of Electric Vehicles Fueling Growth In The Automotive Service Market
The rising adoption of electric vehicles is expected to propel the growth of the automotive service market going forward. Electric vehicles are automobiles propelled by electric motors and powered by rechargeable batteries or energy storage systems, offering a cleaner and more sustainable alternative to traditional fossil fuel-powered vehicles. Electric vehicles (EVs) are increasing due to growing environmental concerns, governmental initiatives, and technological advancements. Automotive service for electric vehicles ensures reliability through specialized maintenance, including diagnostics, battery health checks, and software updates, fostering confidence in their sustainable and efficient operation. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, around 14% of all new automobiles sold in 2022 were electric, an increase from about 9% in 2022. Further, there were 14 million sales of electric vehicles in 2023, a 35% increase from 2022. Therefore, the increasing penetration of electric vehicles is driving the growth of the automotive service market.
Innovative Tire-Changing Technologies Transforming Automotive Service Industry
Major companies operating in the automotive service market are focusing on developing innovative technologies, such as tire-changing technology, to redefine the standards of convenience, efficiency, and expert care in the automotive service industry. Tire-changing technology encompasses various tools, machines, and methods designed to facilitate the removal and installation of tires on vehicles. For instance, in November 2023, Kwik Fix Auto Pvt. Ltd., an India-based automotive service industry, introduced the mobile-run Flat Tyre Changer Service Swift and a dealership-quality tire-changing experience provided at the customer's convenience. The service goes beyond emergency responses to become an integral part of the customer's vehicle management strategy, offering everything from tire fitting and balancing to routine checks and maintenance.
The automotive service market covered in this report is segmented -
1) By Service Type: Maintenance Services, Mechanical, Exterior and Structural
2) By Provider: Franchise General Repairs, OEM Authorized Service Centers, Local Garage, Tire Stores And Repair, Other Providers
3) By Application: Passenger Vehicle, Commercial Vehicle
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Major companies operating in the automotive service market are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Kia Corporation, Denso Corporation, Carmax Autocare Center, Bridgestone Corp., Faurecia SE, Lear Corporation, Asbury Automotive Group Inc., Mahindra and Mahindra Automotive, Firestone Natural Rubber Company LLC, Belron International Ltd., Inter Cars S.A., Driven Brands Holdings Inc., Halfords Group plc, Monro Inc., Safelite Group Inc., Jiffy Lube International Inc., Midas International LLC
Contents of the report:
1. Executive Summary
2. Automotive Service Market Report Structure
3. Automotive Service Market Trends And Strategies
4. Automotive Service Market - Macro Economic Scenario
5. Automotive Service Market Size And Growth
…..
27. Automotive Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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