Latest News- Automotive Repair And Maintenance Services Market: ICE is expected to lead the Type segment during 2025-2029

The Automotive Repair And Maintenance Services Market is being driven by Need to ensure safety of passengers

The Automotive Repair and Maintenance Services Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 154.1 billion. Electric Vehicles (EVs) are innovative automotive solutions that can be recharged from external sources of electricity, such as rechargeable battery packs, charging drives, or wall sockets. By operating on electricity, EVs significantly contribute to reducing harmful air pollution, thereby enhancing air quality and mitigating health issues associated with it. Furthermore, if renewable energy is utilized for EV recharging, the resulting reduction in greenhouse gas emissions becomes a substantial environmental benefit. Consequently, EVs represent a pivotal shift towards sustainable transportation, minimizing the detrimental impact on the environment. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • ICE
  • Electric
• Service
  • Tires
  • Wear and tear parts
  • Collision body
  • Batteries
  • Others
• Vehicle Type
  • Passenger vehicle
  • Commercial vehicle
• Channel
  • Online booking and on-demand services
  • Walk-in service centers
  • Subscription-based maintenance plans
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Need to ensure safety of passengers
• Growing preference for road transportation
• Availability of automotive repair financing and insurance

However, the market also witnesses some limitations, which are as follows:

• Growing use of public transport
• Using counterfeit parts during repair and maintenance
• Increase in ride-sharing services

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Market Scope in Automotive Repair And Maintenance Services Market Research Report

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Research Analysis Overview

The Automotive Repair and Maintenance Services Market encompasses various aspects of vehicle maintenance, including safety checks, independent services, and dependable maintenance for passenger cars, electric vehicles, and commercial fleet sizes. Service providers offer flexibility and cost competitiveness, utilizing advanced tools like automotive diagnostics and augmented reality apps, as well as big data analysis. Dealerships and franchise stores provide new car registrants with post-sale services, while online presence and digital platforms ensure price transparency. Auto repair technicians deliver aftermarket maintenance, and vehicle ownership includes customization options for passenger cars and components. The automotive sector continues to evolve with new technologies and regulations, shaping the future of the market.

Market Research Overview

The global automotive components and equipment market encompasses businesses involved in the manufacturing of parts and accessories for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs over the past decade. Additionally, the expanding vehicle fleet size and the growing emphasis on vehicle safety are expected to contribute to market expansion. Furthermore, the emergence of independent auto services and the competition among service providers to offer advanced and cost-effective maintenance solutions will further fuel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/