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Automotive Service Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Automotive Service Market
What Is the Current Automotive Service Market Size and Its Estimated Growth Rate?
The automotive service market has grown significantly in recent years. It is expected to grow from $723.74 billion in 2024 to $765.66 billion in 2025, at a CAGR of 5.8%. The growth is attributed to the rise in e-commerce delivery operations, the increasing complexity of automotive systems, and the growing demand for electric passenger cars.
The automotive service market is projected to grow significantly, reaching $944.99 billion by 2029 with a CAGR of 5.4%. The growth is driven by the expanding leisure and tourism industries, higher demand for automobile production and sales, increasing demand for commercial vehicles, the rising penetration of electric vehicles, and the growing use of AI in vehicle automation. Major trends include AI-driven automated vehicle inspections, technological integration, partnerships, and automotive software expertise.
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How Are Emerging Segments Shaping the Automotive Service Market Landscape?
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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Which Growth Factors Are Influencing Automotive Service Market Expansion?
The growing adoption of electric vehicles is expected to drive the automotive service market. EVs, powered by rechargeable batteries and electric motors, are gaining popularity due to environmental concerns, government incentives, and advancements in battery technology. Specialized automotive services for EVs, such as diagnostics, battery health checks, and software updates, are vital for ensuring the vehicles' reliability and efficient operation. In 2023, electric vehicle sales increased by 35% from the previous year, contributing to the growth of the automotive service market.
Who Are the Dominant Players Across Different Automotive Service Market Segments?
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
What Trends Are Driving Growth in The Automotive Service Market?
Companies in the automotive service market are focusing on technologies like tire-changing systems to enhance convenience, efficiency, and customer service. These systems include tools and methods designed to improve tire removal and installation. For instance, in November 2023, Kwik Fix Auto Pvt. Ltd., an India-based service provider, launched a mobile-run Flat Tyre Changer Service Swift, offering customers dealership-quality tire-changing services at their convenience.
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Which Geographic Regions Are Expected to Dominate the Automotive Service Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Service Market?
2. What is the CAGR expected in the Automotive Service Market?
3. What Are the Key Innovations Transforming the Automotive Service Industry?
4. Which Region Is Leading the Automotive Service Market?
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