Press release
Automotive Service Industry to Achieve $931.26 Billion Growth by 2029
Automotive Service
How Will the Automotive Service Market Grow by 2025 in Terms of Size and Growth?
The size of the automotive service market has experienced significant expansion in the past few years. The market is projected to increase from $723.74 billion in 2024 to reach $760.53 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this growth during the historical period include an upsurge in e-commerce delivery operations, growing complexity in automotive systems, heightened production and demand for electric passenger vehicles, and an increase in annual maintenance spend on taxis.
What Are the Estimated Growth Rates for the Automotive Service Industry Through 2029?
The size of the automotive service market is anticipated to witness robust expansion in the coming years, with a projected size of $931.26 billion in 2029 and a compound annual growth rate (CAGR) of 5.2%. This upward trend in the projected period can be associated with the thriving leisure and tourism sectors, escalating demand for automobile manufacturing and sales, increasing need for commercial vehicles, growth of electric vehicles' market share, and the rising use of artificial intelligence in automated vehicles. The forecast period will see prominent trends such as the advent of AI-automated vehicle inspection technology, technological amalgamation, proficiency in automotive tech and software, integration of conventional mechanical components, and strategic collaborations and partnerships.
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What Are the Strategic Drivers Boosting Automotive Service Market Performance?
The expanding uptake of electric vehicles is anticipated to stimulate the expansion of the automotive service market. Electric vehicles, which are cars powered by electric motors and powered by renewable batteries or energy storage systems, represent a greener and more sustainable alternative to conventional fossil fuel-driven vehicles. The rise in electric vehicles (EVs) is attributed to increasing environmental awareness, government interventions, and technological innovation. Automotive services for these vehicles guarantee reliability through specific maintenance procedures like diagnostics, battery health assessments, and software updates, thereby promoting trust in their environmentally friendly and efficient use. For example, data from the International Energy Agency, an intergovernmental organization based in France, showed that approximately 14% of all newly-sold cars in 2022 were electric, up from roughly 9% in 2022. Moreover, in 2023 there were 14 million sales of electric vehicles, marking a 35% increase from 2022. As a result, the growing prevalence of electric vehicles is leading to the expansion of the automotive service market.
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What Are the 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
What Are the Key Adoption Trends in the Automotive Service Market?
Leading firms in the automotive service market are channeling their resources towards the creation of novel technologies, such as tire-changing technology, with a view to redefine convenience, efficiency, and expert care within the industry. The technology comprises a range of tools, machines, and techniques designed to simplify the process of removing and installing tires on vehicles. An illustrative example of this would be in November 2023 when Kwik Fix Auto Pvt. Ltd., a company based in India engaged in the automotive service domain, launched the mobile-run Flat Tyre Changer Service Swift. This service furnishes clients with a dealership-caliber tire-changing experience which is provided as per customer's convenience. This service transcends the scope of emergency responses and morphs into an essential component of the client's vehicle management strategy, promising services ranging from tire fitting and balancing to scheduled checks and maintenance.
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Which Companies Lead the Competitive Landscape of the Automotive Service Industry?
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
Where Are the Key Automotive Service Market Opportunities by Region?
North America was the largest region in the automotive service market in 2024. 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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Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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