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

The Automotive Service Market in US is being driven by Increasing vehicle population

The Automotive Service Market in US is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 81 billion. The automotive industry is undergoing significant transformation due to the integration of advanced technologies and the production of innovative vehicles. In recent years, electronic systems have increasingly supplanted mechanical components in modern automobiles, driven by the demand for enhanced driver information, improved fuel efficiency, decreased emissions, heightened safety, and superior driving experiences. To remain competitive, Original Equipment Manufacturers (OEMs) are continually refining their product offerings, integrating sophisticated features in mid-range and entry-level vehicles to differentiate themselves in the market. 

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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
• Propulsion
  • Internal combustion engine
  • Electric
• Geography
  • US

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 vendors

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Market Scope in Automotive Service Market in US Research Report

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Research Analysis Overview

The US automotive service market encompasses aftermarket services for various vehicle types, including domestic passenger vehicles and Special Utility Vehicles. Government regulations, such as those regarding connected vehicles and electric vehicles, impact industry growth. Replacement parts for batteries, air filters, cabin filters, oil filters, wiper blades, starters, and alternators are in high demand. Shared mobility, including taxis and mobility fleet sharing, and online sales platforms are transforming the market. Software expertise and vehicle systems play a crucial role in aftermarket maintenance. MyTVS Accessories and collision body repair are also significant market segments. Annual maintenance costs for aging cars remain a concern, with electric vehicles and shared vehicles presenting new challenges.

Market Research Overview

The automotive aftermarket in the US encompasses businesses supplying parts and equipment for various vehicle types, including domestic passenger vehicles, special utility vehicles, and commercial vehicles, such as electric vehicles, motorcycles, and heavy-duty vehicles. The market's size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers include the rise of connected vehicles, increasing sales of electric vehicles, and the implementation of government regulations. Furthermore, the growing trend of mobility fleet sharing and the subsequent need for maintenance services contribute to market expansion. Electronic components, particularly engine diagnostics and vehicle safety systems, are experiencing significant demand due to the increasing complexity of modern vehicles.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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