Key Trends Reshaping the Automotive Service Market: Innovative Tire-Changing Technologies Transforming Automotive Service Industry Industry Transformation

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Automotive Service Market Size Growth Forecast: What to Expect by 2025?
The size of the automotive service market has significantly expanded in the past few years. The market is projected to rise from a size of $723.74 billion in 2024 to $765.66 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.8%. Factors contributing to the growth experienced in the historic period include the rise in e-commerce delivery operations, heightened complexity of automotive systems, growing production and demand for electric passenger cars, as well as increased annual maintenance expenditures on taxis.

How Will the Automotive Service Market Size Evolve and Grow by 2029?
Predictions for the automotive service market size depict a robust rise in the coming years, expanding to $944.99 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. Factors driving this growth forecast include the flourishing leisure and tourism sectors, an upswing in automobile production and sales, increasing need for commercial vehicles, a surge in electric vehicle adoption, and the rising use of AI-based automated vehicles. The projection period is also likely to see trends like AI-powered vehicle inspection technology, enhanced technological integration, deepened expertise in automotive technology and software, integration of traditional mechanical components, and an increase in alliances and partnerships.

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What Drivers Are Propelling the Growth of Automotive Service Market Forward?
The escalation in electric vehicle usage is predicted to stimulate the expansion of the automotive service market in the future. These vehicles, driven by electric motors and powered by rechargeable batteries or energy storage systems, represent a more eco-friendly and sustainable alternative to conventional vehicles running on fossil fuels. The rise in electric vehicles (EVs) is due to mounting environmental concerns, government initiatives and technological progress. Automotive services for EVs assure dependability through unique maintenance protocols such as diagnostics, battery health assessments and software patches, bolstering confidence in their sustainable and effective performance. For example, in March 2023, the France-based intergovernmental body, International Energy Agency, reported that around 14% of all new cars purchased in 2022 were electric, a jump from approximately 9% the previous year. Moreover, electric vehicle sales reached 14 million in 2023, marking a 35% rise from 2022. Thus, the growing influx of electric vehicles is fuelling the expansion of the automotive service market.

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Which Emerging Trends Are Transforming the Automotive Service Market in 2025?
Leading businesses in the automotive service market are directing their efforts towards the creation of pioneering technologies like tire-changing technology. This aims at transforming the norms of convenience, effectiveness, and specialized care in this industry. Tire-changing technology incorporates a range of tools, machinery, and techniques for the easy removal and attachment of tires on vehicles. To illustrate, Kwik Fix Auto Pvt. Ltd., an automotive service company from India, launched the Flat Tyre Changer Service Swift in November 2023. The service, operated via mobile, delivers a dealership-quality experience of changing tires right at the customer's preferred location. This service has evolved to not just cater to emergencies but to be an essential element of the customer's vehicle management plan. Its offers range from tire installation and alignment to regular inspections and upkeep.

What Are the Key Segments in the Automotive Service Market?
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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Who Are the Key Players Shaping the Automotive Service Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.

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