Press release
Automotive Service Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Automotive Service Market share
The size of the automotive service market has seen substantial growth in the past few years. The estimate suggests a rise from $723.74 billion in 2024 to $765.66 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%. The historical growth has its roots in factors such as the rise in e-commerce delivery activities, the growing complication of automotive systems, increased production and need for electric passenger vehicles, and a surge in annual maintenance costs for taxis.
Anticipations suggest a robust expansion in the automotive service market size in the coming years, reaching a value of $944.99 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. Factors contributing to this predicted growth during the forecast period include the expansion of leisure and tourism sectors, a surge in automotive production and sales, a rise in demand for commercial vehicles, a growing presence of electric vehicles, and greater use of AI-based automated vehicles. Major trends to watch for in this span may include AI-enhanced vehicle inspection technologies, technological integration, advancement in automotive technology and software, integration of traditional mechanical features, and collaborations and partnerships.
What Is Stimulating Growth in the Automotive Service Market?
The automotive service market is set to expand as the popularity of electric vehicles (EVs) continues to surge. Electric vehicles, which are automobiles powered by rechargeable batteries or energy storage systems, offer an eco-friendly alternative to standard vehicles that run on fossil fuels. The increasing adoption of EVs can be attributed to heightened environmental awareness, government programs, and technological innovations. By providing specialist services such as diagnostic assessments, battery health inspections, and software updates, automotive services hope to enhance the reliability of electric vehicles, thereby bolstering consumers' trust in their sustainable and efficient operation. For example, the International Energy Agency, a France-based international organization, reported in March 2023 that approximately 14% of all automobiles sold in 2022 were electric, marking an increase from about 9% in the previous year. Moreover, electric vehicle sales in 2023 reached 14 million, showing a 35% jump from 2022. The growing prevalence of EVs thus contributes to the automotive service market's development.
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Who Are the Major Industry Players Fueling Automotive Service Market Expansion?
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
Which Key Developments Are Influencing the Automotive Service Market?
Leading businesses in the automotive service market are prioritizing the creation of ground-breaking technologies, such as tire-changing technology, to elevate convenience, proficiency, and professional care within the industry. This tire-changing concept comprises diverse apparatus, equipment, and strategies tailored to make the process of removing and affixing tires on vehicles trouble-free. To illustrate, Kwik Fix Auto Pvt. Ltd., an automotive service company based in India, launched the mobile-operated Flat Tyre Changer Service Swift in November 2023. It offers a dealership-grade tire-changing experience delivered at the client's convenience. This service transcends emergency intervention, becoming a fundamental component of the client's vehicle management approach by offering services ranging from tire fitting and balancing to regular inspections and upkeep.
How Is the Segmentation of the Automotive Service Market Defined?
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
Subsegments:
1) By Maintenance Services: Oil Change Services, Tire Rotation And Balancing, Brake Inspection And Service, Fluid Replacement Services
2) By Mechanical: Engine Repair, Transmission Repair, Suspension And Steering Repair, Exhaust System Repair
3) By Exterior And Structural: Body Repair, Paint Services, Dent Repair, Windshield Repair And Replacement
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What Is the Leading Region in the Automotive Service Market?
North America was the largest region in the automotive service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Automotive Service Global Market Report?
- Market Size Analysis: Analyze the Automotive Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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