Automotive Service Market Expansion 2024-2033: Growth Drivers and Dynamics

Market Size –
The automotive service market size has grown strongly in recent years. It will grow from $687.74 billion in 2023 to $723.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing e-commerce delivery operations, increasing complexity of automotive systems, increasing production and demand for electric passenger cars, and increasing yearly maintenance spending on cabs.

The automotive service market size is expected to see strong growth in the next few years. It will grow to $898.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing leisure and tourism industries, increase in demand for automobile production and sales, growing demand for commercial vehicles, increasing penetration of electric vehicles, increasingly using artificial intelligence-based automated vehicle. Major trends in the forecast period include AI-automated vehicle inspection technology, technological integration, automotive technology and software expertise, integration of traditional mechanical components, and collaborations and partnerships.

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Scope Of Automotive Service Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Automotive Service Market Overview

Market Drivers –
The automotive service market size has grown strongly in recent years. It will grow from $687.74 billion in 2023 to $723.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing e-commerce delivery operations, increasing complexity of automotive systems, increasing production and demand for electric passenger cars, and increasing yearly maintenance spending on cabs.

Market Trends –
Major companies operating in the automotive service market are focusing on developing innovative technologies, such as tire-changing technology, to redefine the standards of convenience, efficiency, and expert care in the automotive service industry. Tire-changing technology encompasses various tools, machines, and methods designed to facilitate the removal and installation of tires on vehicles. For instance, in November 2023, Kwik Fix Auto Pvt. Ltd., an India-based automotive service industry, introduced the mobile-run Flat Tyre Changer Service Swift and a dealership-quality tire-changing experience provided at the customer’s convenience. The service goes beyond emergency responses to become an integral part of the customer’s vehicle management strategy, offering everything from tire fitting and balancing to routine checks and maintenance.

The automotive service market covered in this report is segmented –

1) By Service Type: Maintenance Services, Mechanical, Exterior and Structural
2) By Provider: Franchise General Repairs, OEM Authorized Service Centers, Local Garage, Tire Stores And Repair, Other Providers
3) By Application: Passenger Vehicle, Commercial Vehicle

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Regional Insights –
North America was the largest region in the automotive service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Companies –

Major companies operating in the automotive service market are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Kia Corporation, Denso Corporation, Carmax Autocare Center, Bridgestone Corp., Faurecia SE, Lear Corporation, Asbury Automotive Group Inc., Mahindra and Mahindra Automotive, Firestone Natural Rubber Company LLC, Belron International Ltd., Inter Cars S.A., Driven Brands Holdings Inc., Halfords Group plc, Monro Inc., Safelite Group Inc., Jiffy Lube International Inc., Midas International LLC

Table of Contents
1. Executive Summary
2. Automotive Service Market Characteristics
3. Automotive Service Market Trends And Strategies
4. Automotive Service Market – Macro Economic Scenario
5. Global Automotive Service Market Size and Growth
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31. Automotive Service Market Other Major And Innovative Companies
32. Global Automotive Service Market Competitive Benchmarking
33. Global Automotive Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Service Market
35. Automotive Service Market Future Outlook and Potential Analysis
36.Appendix