Automotive Service Market Projected to Reach USD 1126.6 billion by 2032, at a 5.51% CAGR – Report by Market Research Future (MRFR)
Automotive Service Market Growth Boost by Rising Trends of Vehicle Customization and Digital Transformation across the Globe
New York, US, June 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Service Market Research Report Information By Type, By Service Provider, By Vehicle Type, By Propulsion Type, and By Region – Market Forecast Till 2032”, the automotive service market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 5.51%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 1126.6 billion by the end of 2032. As per the study documents, the market was worth around USD 695.2 billion in 2022.
Automotive Service Market Drivers
The market for automotive services is changing for the integration of digital technologies including artificial intelligence, data analytics, & IoT (Internet of Things). Real-time monitoring, predictive maintenance, and remote diagnosis are all made possible by these technologies, which boost productivity and customer satisfaction.
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Key Players
Eminent industry players profiled in the global automotive service market report include:
- Asbury Automotive Group, Inc.
- Carmax Autocare Center
- com, Inc.
- Europart
- Firestone
- Hance’s European
- Inter Cars S.A.
- Jiffy Lube International, Inc.
- LKQ Corporation
- M&M Automotive
- MEKO
- Mobivia Groupe
- MyTVS Accessories
- Safelite Group
- Sun Auto Service
- USA automotive
- Wrench, Inc.
- Among others.
Market Opportunities
Shift Towards Mobility Services to offer Robust Opportunities
The automotive scene is evolving as a result of the growth of ride-sharing services, the car-sharing platforms, & other mobility alternatives. To guarantee safe and dependable operations, these services primarily rely on vehicle maintenance & servicing, which helps to fuel the expansion of the automotive service industry.
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 1126.6 Billion |
| CAGR during 2023-2032 | 5.51% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Service Provider, Vehicle Type, Propulsion Type, and Region |
| Key Market Opportunities | Rising trend of vehicle customization |
| Key Market Dynamics | Increasing automotive sales, growth of automotive post sale services, and stringent government regulations to replace or upgrade vehicle components |
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Restraints and Challenges
High Competition to act as Market Restraint
Intense competition, rising complexity of vehicles, dearth of skilled technicians, cost pressures, and regulatory requirements may act as market restraints in the forecast period.
Automotive Service Market Segmentation
The global automotive service market is bifurcated based on type, service provider, vehicle type, and propulsion type.
By type, mechanical will lead the market over the forecast period.
By service provider, local garage will domineer the market over the forecast period.
By vehicle type, passenger car will spearhead the market over the forecast period.
By propulsion type, internal combustion engine will hold the lions share in this market in the assessment period.
COVID-19 Analysis
Due to reduced travel and lower usage of personal automobiles during the pandemic, there was a fall in the need for automotive services including maintenance, repairs, and inspections. The entire revenue of the automobile service sector has been adversely affected by this decline in demand. A worldwide supply chain is crucial to the automobile repair industry's ability to get parts and components. Due to plant closures, transit constraints, and decreased manufacturing capacity, the pandemic produced supply chain disruptions. This had an impact on the efficacy and efficiency of automobile service providers since it caused a shortage of replacement parts and delayed repairs. Customer tastes and behavior have changed as a result of the epidemic. The demand for routine car maintenance has decreased as more individuals choose work from home and travel less.
Many automobile service companies have adopted digital solutions to react to the issues brought on by the epidemic. This covers remote diagnostics, contactless car drop-off and pickup, and online scheduling. These digital changes have aided service providers in adapting to changing customer demands while yet maintaining some amount of company continuity. The automobile service business progressively recovered as immunization campaigns advanced and limitations were loosened. The need for maintenance & repairs rose as individuals started commuting and travelling on a regular basis again.
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Automotive Service Market Regional Analysis
APAC to Command Automotive Service Market
This market will be dominated by the Asia Pacific. The presence of significant automakers has caused the market for automotive services in the area to expand quickly. Authorized service centers which handle auto repair & maintenance are growing as the number of vehicles on Asian roads rises. Additionally, the Automotive Service industry in India had the Asia-Pacific region's fastest expanding market and China's Automotive Service market had the greatest market share.
The Asia Pacific region's automotive service market is a vibrant and expanding sector of the economy. A growing middle class, urbanization, and strong economic expansion in the area have boosted both the number of vehicles owned and the need for automotive services. Vehicle ownership has significantly increased in the Asia Pacific area as a result of factors like growing disposable incomes, expanding infrastructure, and urbanization. As a result, there is now greater demand for automobile services including upkeep, repairs, and aftermarket goods. The industry's future is being shaped by the move towards electric cars and the use of digital platforms, which is opening up new options for service providers & improving the entire experience of receiving automotive care.
North America to Have Admirable Growth in Automotive Service Market
From 2023 to 2032, the North American Market is anticipated to experience rapid expansion. The increase in repair & maintenance facilities nearby explains this. The increasing average age of cars and the greater use of secondhand automobiles in the United States are also driving up demand for auto repair & maintenance services. Additionally, the North American automotive service market in the United States had the biggest market share, while the industry in Canada had the quickest rate of expansion.
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The massive number of automobiles on road, the rising average age of vehicles, and the increasing complexity of automotive technology are some of the major drivers fuelling the expansion of the market in North America. Additionally, there is a constant need for automobile service providers due to the need for routine maintenance, inspections, and repairs. In addition, environmental issues are influencing the North American automotive services sector. The implementation of sustainable solutions and eco-friendly practices are becoming increasingly important. This involves promoting energy-efficient automobiles, using environmentally friendly items, and recycling and disposing of automotive trash.
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