Authored By: Sarah
22 Aug 2024

Automotive Service Market Size to grow by USD 401.4 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Automotive Service Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle 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, market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for the global automotive parts and equipment market include the surge in electronic components utilization in automobiles, fueled by the expanding sales of electric vehicles, motorcycles, and passenger cars, leading to substantial demand for electronic control units (ECUs) and other electrical components over the past decade. - The Automotive Service Market is experiencing significant growth, fueled by the Increasing vehicle population. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Increasing vehicle population
    • Growth of automotive post-sale service
    • Uncertainty in automotive industry
    • Frequent changes in market dynamics
  • Growth Projections

The market size is estimated to grow by USD 401.4 billion, at a CAGR of 8.09% during the forecast period. The global automotive sector is undergoing significant transformation due to technological advancements and the introduction of innovative vehicles. In recent years, electronic systems have supplanted mechanical components in automobiles, leading to enhanced driver information, reduced fuel consumption, lower emissions, heightened safety, and improved driving experiences. To remain competitive, Original Equipment Manufacturers (OEMs) are integrating distinctive features into their vehicles and advancing product development to cater to this evolving trend. Notably, mid-range and economy cars are now being equipped with advanced technologies, setting new standards in the industry.

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  • Regional Insights

The automotive service market encompasses the repair, maintenance, and modification of various vehicle makes and models. Key players in this sector include independent garages, franchised dealerships, and aftermarket service providers. Growth in this industry is driven by factors such as increasing vehicle sales, rising disposable income, and technological advancements in automotive systems. Strategic partnerships, mergers and acquisitions, and product innovation are essential strategies for market expansion and competitiveness.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

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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