Press release
Leading Element Driving Change in the Automotive Service Market in 2025: Rising Adoption Of Electric Vehicles Fueling Growth In The Automotive Service Market Driver
Automotive Service Market
The automotive service market is likely to see significant growth due to the rising popularity and adoption of electric vehicles. Electric cars, which are driven by electric motors and recharged using either batteries or energy storage systems, present a greener, more sustainable alternative to their traditional counterparts running on fossil fuels. The rise in electric vehicles (EVs) can be attributed to mounting environmental concerns, government-led initiatives and advances in technology. Ensuring the reliability of electric vehicles through automotive services like diagnostics, battery health inspections and software updates stimulates confidence in their sustainability and efficiency. The International Energy Agency, based in France, noted in March 2023 that roughly 14% of all new cars sold in the previous year were electric, marking an increase from around 9% in 2022. Moreover, electric vehicle sales hit 14 million in 2023, reflecting a 35% rise from the previous year. Consequently, the expanding reach of electric cars has become a driving force for the growth of the automotive service market.
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What is the future CAGR of the automotive service market, and how will it impact industry expansion?
The size of the automotive service market has seen robust growth over the past few years. The market, which was valued at $723.74 billion in 2024, is projected to increase to $765.66 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.8%. This significant growth in the historical period is a result of a rise in e-commerce delivery activities, the growing complexity of car systems, an uptick in the production and consumer demand for electric passenger vehicles, and an increase in annual maintenance spending on taxis.
In the coming years, the automotive service market is projected to experience substantial growth. Projected to reach $944.99 billion in 2029, it will expand at a compound annual growth rate (CAGR) of 5.4%. This growth during the forecast period is due to factors such as the expansion of the leisure and tourism sectors, the rise in demand for automobile manufacturing and sales, the increasing need for commercial vehicles, and the growing infiltration of electric vehicles. Furthermore, there is an increasing use of AI-based automated vehicles. The future trends to be seen during this period include AI-automated vehicle inspection technology, technological amalgamation, advances in automotive technology and software competence, the integration of conventional mechanical components, and strategic alliances and partnerships.
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What are the most significant trends transforming the automotive service market today?
Companies dominating the automotive service market are concentrating on creating groundbreaking technologies including tire-changing technology, with an aim to revolutionize the level of convenience, efficiency, and expertise in the field. This technology comprises numerous tools, machines, and procedures aimed at simplifying the process of removing and fitting tires to vehicles. A prime example of this is Kwik Fix Auto Pvt. Ltd., an Indian automotive service company, which in November 2023, unveiled the mobile-operated Flat Tyre Changer Service Swift. This service provides dealership-quality tire-changing at the customer's ease. More than merely attending to emergencies, this service has become a key component of a customer's vehicle management plan, providing comprehensive services from tire installation, balancing, routine checks to maintenance.
Which key market segments comprise the automotive service market and drive its revenue growth?
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 regions are at the forefront of automotive service market expansion?
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.
Who are the leading players fueling growth in the automotive service market?
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
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What Is Covered In The Automotive Service Global Market Report?
•Market Size Forecast: Examine the automotive service market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive service market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive service market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive service market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive service market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive service market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive service market.
•Competitive Landscape: Review strategic developments in the automotive service market, including expansions, agreements, and new product launches.
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