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 contribute significantly to decreasing harmful air pollution, thereby enhancing air quality and mitigating health issues related to pollution. Moreover, if renewable energy sources, such as solar power, are utilized for EV charging, the resulting reduction in greenhouse gas emissions becomes a substantial environmental benefit. Thus, EVs represent a crucial advancement in the automotive industry, promoting sustainability and eco-friendliness. 

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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 offerings, including engine diagnostics, transmission overhaul, electrical fault finding, brake pad and clutch replacement, steering system repair, exhaust leak detection, coolant system repair, air filter and spark plug replacement, fuel filter replacement, tire pressure monitoring, headlight and wiper blade replacement, vehicle detailing, paintless dent repair, auto body refinishing, mechanical repair services, electrical repair services, preventive maintenance, repair estimate preparation, customer communication, online booking system, service history tracking, parts ordering system, shop efficiency metrics, and customer satisfaction metrics. Technicians analyze diagnostic codes to efficiently provide top-notch services, ensuring high technician productivity and customer satisfaction.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, 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, market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for the automotive parts and equipment market include the escalating demand for electronic control units (ECUs) and other electrical components due to the rising sales of EVs, motorcycles, and PCs. Furthermore, diagnostic scan tools and engine performance tuning, as well as brake system repair, are essential services contributing to market expansion.. 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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Email: media@technavio.com
Website: www.technavio.com/