Automotive Repair And Maintenance Services Market Size to grow by USD 134.9 billion between 2024-2028
According to a research report “ Automotive Repair And Maintenance Services Market” by Type (Internal combustion engine, Electric) Service (Tires, Wear and tear parts, Collision body, Batteries, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 134.9 billion, at a CAGR of 5.21% during the forecast period. In the context of the burgeoning logistics industry in emerging economies such as China and India, the reliance on road transportation for last-mile delivery is increasing significantly. The limited availability and high cost of rail freight services within these countries compel enterprises to opt for heavy-, medium-, and light-duty vehicles as a more reliable mode of transportation for their goods. In India, for instance, road transport is the preferred choice for container transport due to the high rail freight costs, poor last-mile connectivity, and scarcity of freight trains. This trend is expected to drive the demand for automotive repair and maintenance services in these markets, as the increased usage of vehicles necessitates regular upkeep and maintenance..
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By Type, the Internal combustion engine segment is projected to dominate the market size in 2024
The internal combustion engines segment of the automotive repair and maintenance services market is experiencing significant growth, driven by the increasing demand for passenger and commercial vehicles in both developed and developing economies. This trend is further bolstered by the limited global electric vehicle charging infrastructure and the popularity of petrol vehicles. Additionally, the aging of existing vehicles and the rise of shared mobility services, which necessitate higher annual maintenance costs due to increased usage, contribute to the market's expansion. The production increase of oil and shale gas also plays a role in the continued growth of this segment.
By Service, Tires segment is expected to hold the largest market size for the year 2024
In the automotive industry, tire maintenance is a critical aspect of ensuring optimal vehicle performance and longevity. Tires, which consist of a rubber casing fitted around wheel rims, provide essential traction between the road and the vehicle. However, they are susceptible to wear and damage due to various factors, including mechanical issues, such as misaligned suspension, and extreme weather conditions, like snow, cold temperatures, and heat. These elements can cause structural changes to tires, exacerbated by potholes, rocks, and poor road conditions. Regular tire maintenance, including pressure checks and rotations, is essential to prolong their lifespan and prevent costly breakdowns. Replacement is typically required every six to ten years to ensure safety and efficiency.
North America is forecasted to hold the largest market size by region in 2024
The North American automotive repair and maintenance services market is poised for expansion, driven by the region's burgeoning automobile industry. With a high concentration of leading vehicle manufacturers in the US and Canada, this technologically advanced and mature market is expected to experience significant growth during the forecast period. The increasing production rate of passenger and commercial vehicles, fueled by the rising demand for fuel-efficient models, particularly mid- and compact-sized crossovers, will further boost market demand.
The Automotive Repair And Maintenance Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The automotive repair and maintenance services market is a significant segment of the automotive sector, encompassing various aspects of passenger car ownership, from vehicle customization to dependable maintenance services. With increasing passenger car registrations and new car sales, the demand for aftermarket maintenance, repairs, and upgrades through auto repair technicians continues to grow. Price transparency, digital platforms, and online presence are becoming essential for service providers, including franchise stores and dealerships, to attract customers. Big data and automotive diagnostics tools enable service providers to offer cost-effective and flexible services, catering to the diverse needs of vehicle owners. Vehicle fleet size, safety, and the shift towards electric vehicles are key trends shaping the market. Augmented reality apps and advanced diagnostic tools are revolutionizing the way auto repair technicians diagnose and fix issues. Independent auto services also play a crucial role in the market, offering cost-effective alternatives to dealerships. In summary, the automotive repair and maintenance services market is a dynamic and evolving industry, driven by increasing vehicle registrations, the rise of electric vehicles, and the growing importance of digital platforms and price transparency. Service providers must focus on cost competitiveness, service flexibility, and safety to meet the demands of vehicle owners and stay competitive.
Market Research Overview
The Automotive Repair and Maintenance Services Market encompasses a wide range of vehicle types, including luxury vehicles, commercial vehicles, hybrid vehicles, and two wheelers. CXOs in the automotive sector are focusing on subscription-based maintenance programs, sensors, data analytics, and high-quality replacement parts to enhance profitability and repair time. Price sensitivity among customers is driving the demand for specialist repair services, aftermarket solutions, and self-driving capabilities. Connected car technologies, automotive technology, software expertise, online sales platforms, and shared mobility are transforming the automotive industry. Elitek Vehicle Services and other service providers are leveraging digital platforms, franchise stores, dealerships, and big data to offer dependable maintenance services at cost competitiveness and with service flexibility. The market for automotive repair and maintenance services is diverse, catering to passenger cars, electric vehicles, and commercial vehicles. Annual maintenance costs, replacement parts, road safety awareness, and vehicle ownership are key considerations for customers. Vehicle components, automotive diagnostics tools, and vehicle customization are also important areas of focus. As the automotive production continues to grow, the demand for automotive post-sale services is expected to increase. Price transparency, digital platforms, and online presence are becoming essential for service providers to attract and retain customers. Independent auto services and dealerships are leveraging augmented reality apps, sensors, and automotive diagnostics tools to offer specialized services to passengers cars, luxury vehicles, commercial vehicles, and two wheelers. In conclusion, the automotive repair and maintenance services market is a dynamic and complex industry, driven by factors such as vehicle type, price sensitivity, technology, and customer demand. Service providers must stay abreast of the latest trends and offer high-quality, cost-effective, and flexible services to remain competitive.
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