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The Future of the Automotive Service Industry: Top Challenges and Emerging Opportunities
Automotive Service Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing e-commerce delivery operations, increasing complexity of automotive systems, increasing production and demand for electric passenger cars, and increasing yearly maintenance spending on cabs.
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%. The growth in the forecast period can be attributed to growing leisure and tourism industries, increase in demand for automobile production and sales, growing demand for commercial vehicles, increasing penetration of electric vehicles, increasingly using artificial intelligence-based automated vehicle. Major trends in the forecast period include AI-automated vehicle inspection technology, technological integration, automotive technology and software expertise, integration of traditional mechanical components, and collaborations and partnerships.
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Market Drivers and Trends:
The prevalence of coronary artery disease is expected to propel the growth of the atherectomy devices market going forward. Coronary artery disease (CAD) refers to a condition characterized by the narrowing or blockage of the coronary arteries due to plaque buildup, leading to reduced blood flow to the heart. The prevalence of coronary artery disease is due to a global increase in the elderly population, a rise in sedentary behaviors, increased levels of stress and mental health issues, and increased consumption of unhealthy foods. Directional coronary atherectomy is a minimally invasive procedure designed to remove blockages from coronary arteries, enhancing blood flow to the heart muscle and alleviating pain. For instance, in May 2023, according to the Centers for Disease Control And Prevention, a US-based governmental organization, the percentage of coronary heart disease ( a condition where plaque builds up inside the coronary arteries) in adults aged 18 and over was 4.6% in 2020, which increased to 4.9% in 2021. Additionally, the percentage of angina for adults aged 18 and over accounted for 1.6% in 2022, compared to 1.5% in 2021. Therefore, the prevalence of coronary artery disease retailers is driving the growth of the atherectomy devices market.
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Automotive Service Market 2024 Key Insights:
• 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%.
• Rising Adoption Of Electric Vehicles Fueling Growth In The Automotive Service Market
• Innovative Tire-Changing Technologies Transforming Automotive Service Industry
• North America was the largest region in the automotive service market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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