NEW
YORK, July 4, 2024 /PRNewswire/ -- The global
automotive service market size is estimated to grow by
USD 401.4 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 8.09% during the forecast period. Increasing vehicle
population is driving market growth, with a trend
towards increasing vehicle digitization and electrification.
However, uncertainty in automotive industry poses a
challenge. Key market players include Arnold Clark Automobiles
Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron
International Ltd., Bridgestone Corp., Carmax Autocare Center,
Driven Brands Holdings Inc, EUROPART Group GmbH, Halfords Group
Plc, Inter Cars S.A, Jiffy Lube International Inc., LKQ Corp., M
and M Automotive, MEKO Auto Components Inc., Mobivia, Monro Inc,
Sumitomo Corp., The Goodyear Tire and Rubber Co., USA Automotive,
and Wrench Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Mechanical
services, Exterior and structural services, and Maintenance
services), Vehicle Type (Passenger cars, Light commercial vehicles,
Two wheelers, and Heavy commercial vehicles), and Geography (North
America, APAC, Europe, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Arnold Clark
Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive
Inc., Belron International Ltd., Bridgestone Corp., Carmax Autocare
Center, Driven Brands Holdings Inc, EUROPART Group GmbH, Halfords
Group Plc, Inter Cars S.A, Jiffy Lube International Inc., LKQ
Corp., M and M Automotive, MEKO Auto Components Inc., Mobivia,
Monro Inc, Sumitomo Corp., The Goodyear Tire and Rubber Co., USA
Automotive, and Wrench Inc.
|
Key Market Trends Fueling Growth
The automotive industry is undergoing significant transformation
due to the integration of new technologies and the development of
advanced vehicles. In recent years, electronic systems have
increasingly replaced mechanical components in cars, driven by the
demand for enhanced driver information, improved fuel efficiency,
reduced emissions, increased safety, and superior driving
experience. OEMs are responding to this trend by introducing
innovative features in mid- and low-end vehicles, leading to a
substantial increase in the number of sensors per car. The focus on
Advanced Driver Assistance Systems (ADAS) such as lane assist,
blind spot detection, adaptive cruise control, and electronic
stability control is also driving the growth of electronic
components in vehicles, necessitating architectural redesigns. The
shift towards digitization and electrification is crucial for
automotive OEMs to meet evolving consumer needs and remain
competitive. Partnerships and collaborations with consumer
electronics, energy, and telecommunication companies are becoming
increasingly common to leverage their expertise in battery and
advanced electronic systems. The pursuit of greater fuel economy
through hybrid and plug-in hybrid vehicles is a key factor in this
trend, with lightweight chassis made of aluminum and electrified
powertrains reducing carbon emissions. Automotive service providers
can capitalize on these developments by offering engineering
solutions to optimize OEM and supplier processes and products,
contributing to market growth.
The Automotive Service Market is experiencing notable trends in
various vehicle components. Batteries, air filters, cabin filters,
oil filters, wiper blades, and starter-alternators are in high
demand due to increased focus on vehicle maintenance. Collision
body repairs continue to grow with the rise in road accidents.
Vehicle customization is a significant trend, with consumers
seeking chrome accessories, spoilers, LED lights, alloy wheels, and
other upgrades. Connected cars and mobility fleet sharing are
transforming consumer habits. The market for passenger car
registrations remains strong, with steel, iron, aluminum, crude
derivatives, nylon, polyester, and rubber being key materials in
vehicle production. Sustainability is a priority, with automotive
components undergoing innovation for improved efficiency.
Aftermarket automotive services, including franchise general
repairs and tire stores, are essential for maintaining the
longevity of vehicles. Special Utility Vehicles and maintenance
services for exterior and structural components are also in
demand.
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Market Challenges
- The automotive industry is currently facing significant
challenges due to the global semiconductor chip shortage and the
ongoing Russia-Ukraine conflict. The chip shortage has
resulted in a production halt for various automotive original
equipment manufacturers (OEMs), as they lack the necessary chips to
build new vehicles. This issue is expected to persist into 2023,
negatively impacting the automotive industry and the market in
focus. Additionally, the Russia-Ukraine conflict has disrupted supply chains,
making it difficult for automotive manufacturers to procure raw
materials and components, including semiconductors. The rising
costs and unavailability of these essential components have
hampered vehicle production. Some major automotive companies, such
as Volkswagen, Skoda, and BMW, have temporarily halted
operations in Russia due to
sanctions. These disruptions in production and global supply chains
could worsen existing automotive supply issues, negatively
impacting the automotive industry and the market in focus during
the forecast period.
- The Automotive Service market encompasses aftermarket services
for auto sales, passenger cars, light and heavy commercial
vehicles, two wheelers, and Special Utility Vehicles.
Sustainability is a growing concern, influencing consumer habits
towards shared mobility, electric and hybrid vehicles. Franchise
general repairs, tire stores, and maintenance services for exterior
and structural issues remain in demand. Price sensitivity, repair
time, and profitability are key challenges. Internal combustion
engines face aging cars requiring replacement parts. Shared
vehicles, taxis, and online sales platforms leverage software
expertise and connected car technologies. Self-driving
capabilities, sensors, and aftermarket solutions cater to
price-sensitive customers. The market includes various vehicle
types, from passenger cars to commercial vehicles and luxury
models. Regular maintenance and repair using gear oil, engine oil,
and brake oil are essential for optimal performance. Malfunctioning
vehicles require skilled auto repair technicians. Electric and
hybrid vehicles bring new opportunities, as do the ongoing
advancements in automotive technology.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This automotive service market report extensively covers market
segmentation by
- Type
- 1.1 Mechanical services
- 1.2 Exterior and structural services
- 1.3 Maintenance services
- Vehicle Type
- 2.1 Passenger cars
- 2.2 Light commercial vehicles
- 2.3 Two wheelers
- 2.4 Heavy commercial vehicles
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Mechanical services- The automotive service
market encompasses various mechanical offerings for automobiles,
including oil filter changes, wiper blade replacement, new tires,
and battery replacement. The need for enhanced performance and
dependability in contemporary vehicles drives the demand for
sophisticated solutions, thereby increasing the requirement for
automotive services. The sales of vehicles significantly influence
the adoption of automotive services. Economic activities,
particularly in emerging nations, have led to a high demand for
commercial vehicles, particularly light-duty commercial vehicles
like minivans. These vehicles are extensively utilized for business
purposes, such as intercity transportation, fueling the expansion
of the light-duty commercial vehicles market and subsequently the
demand for automotive services. Additionally, the burgeoning demand
for passenger cars in countries like India, China,
Brazil, and others will further
propel the growth of the passenger car segment and the automotive
services market as a whole during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Automotive Service market encompasses a wide range of
offerings beyond just auto sales, including aftermarket automotive
services for vehicle components. Sustainability is increasingly
influencing consumer habits, leading to a growing interest in
mobility fleet sharing and two-wheeler markets. Lifestyle choices
and the aging of cars drive demand for replacement parts and shared
vehicles, such as taxis and ride-hailing services. Online sales
platforms and software expertise are transforming the industry,
enabling more efficient aftermarket solutions. Sensors and
connected car technologies are revolutionizing maintenance,
offering real-time data for repair time and profitability. The
internal combustion engine remains a significant focus, but the
shift towards electric and self-driving capabilities is gaining
momentum. Price-sensitive customers and the need for quick repair
times continue to challenge profitability in the market.
Market Research Overview
The Automotive Service market encompasses a wide range of
industries and services related to the maintenance, repair, and
enhancement of various types of vehicles. This market includes
aftermarket automotive services, vehicle components manufacturing,
and maintenance services for passenger cars, light commercial
vehicles, heavy commercial vehicles, two wheelers, Special Utility
Vehicles, and more. Consumer habits and lifestyles continue to
evolve, with a growing trend towards sustainability and shared
mobility solutions like fleet sharing and taxis. Automotive
technology advances, including electric and hybrid vehicles,
connected car technologies, and self-driving capabilities, are also
driving demand for aftermarket solutions. Price-sensitive customers
prioritize repair time and profitability, while repair technicians
diagnose and address malfunctioning vehicles using sensors and
replacement parts. The market includes a diverse range of
materials, from crude derivatives and metals like steel, iron, and
aluminum, to synthetic materials like nylon, polyester, and rubber.
Vehicle customization trends continue to influence demand for
chrome accessories, spoilers, LED lights, alloy wheels, and
more.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Mechanical Services
- Exterior And Structural Services
- Maintenance Services
- Vehicle Type
-
- Passenger Cars
- Light Commercial Vehicles
- Two Wheelers
- Heavy Commercial Vehicles
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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