Latest News- Automotive Service Market: Mechanical services is expected to lead the Type segment during 2025-2029

The Automotive Service Market is being driven by Increasing vehicle population

The Automotive Service Market is expected to grow at a CAGR of 8.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 457.3 billion. The global automotive sector is undergoing significant transformation due to technological advancements and the introduction of innovative vehicles. Electronic systems have increasingly supplanted mechanical components in contemporary automobiles, driven by the demand for enhanced driver information, improved fuel efficiency, reduced emissions, heightened safety features, and a more enjoyable driving experience. Original Equipment Manufacturers (OEMs) are continuing to invest in research and development to cater to this evolving trend. According to the International Energy Agency's Global EV Outlook 2024, the electric vehicle (EV) market is experiencing robust growth, with global sales exceeding 17 million units, representing a 25% year-on-year increase. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Mechanical services
  • Exterior and structural services
  • Maintenance services
• Vehicle Type
  • Passenger cars
  • Light commercial vehicles
  • Two wheelers
  • Heavy commercial vehicles
• Channel
  • OEM authorized service centers
  • Independent garages
  • Mobile repair services
  • Digital service platforms
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • 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: 

• Increasing vehicle population
• Growth of automotive post-sale service
• Upgradation of vehicle components

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

• Uncertainty in automotive industry
• Frequent changes in market dynamics
• Increasing cost pressure on companies

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Market Scope in Automotive Service Market Research Report

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Research Analysis Overview

The Automotive Service Market encompasses various offerings, including specialty tools and high-tech equipment for advanced diagnostic techniques. It caters to vehicle performance optimization through fuel efficiency upgrades, performance tuning, and installation of aftermarket and performance parts. Custom modifications, restoration services for classic and vintage cars, and various inspection services are also provided. Additional offerings include vehicle registration, licensing, towing services, roadside assistance, emergency repair, and 24/7 service availability. Multi-point inspections, service packages, value-added services, and customer retention strategies are employed, while digital marketing, social media engagement, and online reputation management ensure market visibility. Industry associations play a crucial role in market growth and innovation.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automotive sectors, 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 manufacturers of automotive components and equipment. Key growth drivers in the automotive parts and equipment market include the escalating demand for electronic control units (ECUs) and other electrical components due to the increasing sales of electric vehicles, motorcycles, and passenger cars over the past decade. Furthermore, the rise in oil change, tire rotation, brake service, engine diagnostics, and transmission repair services will continue to fuel 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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/