Global Automotive Service Market Size, Share & COVID-19 Impact Analysis, By Type, By Service Provider, By Vehicle Type, By Propulsion Type, and by Region Forecast, 2024-2032

Global Automotive Service Market Size, Share & COVID-19 Impact Analysis, By Type, By Service Provider, By Vehicle Type, By Propulsion Type, and by Region Forecast, 2024-2032

Automotive Service market size is projected to grow from US $ $695 Billion in 2023to US $ 734.8 billion by 2032, growing at a CAGR of 4.2% during the forecast period 2024-2032.

The growing number of car sales is driving the market. By electrifying and connecting cars, altering customer behaviour, and adopting more sustainable practices, the automobile industry has ushered in a new era of better lives. Brazil, India, and China are the developing nations with the most promise in this field. According to Tata Motors, domestic passenger vehicle sales increased by 47% in February of this year. In June of this year, there were 10% more passenger automobiles registered in Europe than there were the previous year. In the middle of all of this growth, the market for SUVs, or sport utility vehicles, has expanded quickly in recent years. Additionally, governments are pressuring automakers to produce vehicles with low emissions and high efficiency, which has increased their requirement for R&D. The industry for vehicle repair and maintenance is predicted to grow throughout this forecast period due to the rising demand for cars to be manufactured and sold.

Over the next few years, as these exclusive technologies advance far faster than anybody else, there will be a number of fundamental changes that automobiles will see. Robotics manufacturing will immediately change as a result of artificial intelligence (AI) and machine learning, with AI enhancing robot precision, stability, and efficiency. With level 2 automation, manufacturers can offer a welcoming feature set to increase automobile sales, such as active safety systems with driver assistance. As consumers get used to the technology and level 4 autonomous car deployment advances, more time will be required for its full implementation.

“Mechanical segment, by type, to be dominating market from 2023 to 2030.”

With the largest market share in 2023, the mechanical category is expected to continue to dominate over the forecast period. However, maintenance services are the service category that is anticipated to develop at the quickest rate over the projection period.

“Local garages, by service provider, to be dominating market from 2023 to 2030.”

Local garages held the most market share in 2023. In order to facilitate the repair and maintenance of a wide variety of vehicle types, including hatchbacks, SUVs, sedans, MPVs, and two-wheelers, these businesses usually include many service bays.

“Passenger car, by vehicle type, to be dominating market from 2023 to 2030.”

The passenger car market dominated automotive services in 2023. The Japan Automobile Manufacturers Association (JAMA) states that passenger automobiles make up more than 72% of all motor vehicles in use worldwide. Passenger automobile use is predicted to rise sharply in nations like China, India, and Mexico that have younger populations, expanding middle classes, and higher family finances.

“Internal combustion engine, by propulsion type, to be dominating market from 2023 to 2030.”

The majority of 2023's engines were internal combustion ones. This is due to the fact that demand for ICE vehicles increased following the COVID-19 outbreak, and the number of passenger automobiles globally is rising regardless of fuel.

“Asia Pacific to be largest region in advanced manufacturing market.”

This market is dominated by the Asia Pacific Automotive Service market sector. This is the outcome of its auto repair company expanding quickly due to major automakers. The number of auto repair and maintenance facilities that are allowed to be constructed increases along with the number of cars on Asian roads. Furthermore, China held the highest proportion of the Asia-Pacific industry, while India's automotive service market increased at the fastest rate.

The market analysis also includes the following significant countries: Australia, China, Japan, and India Korea Brazil Germany France and the United Kingdom Spain and Italy.

Both OEM and aftermarket investments in R&D for automotive components are increasing, and the result is a 21.3% market share, with Europe Automotive Service coming in second. Germany offers a suitable environment for growth due to the large number of car suppliers and manufacturers. Furthermore, the UK's automobile service market was expanding at the fastest rate among all, with the German automotive service market making up the greatest portion of the European continent.

Automotive Service Competitive Landscape

The competitive landscape of the Automotive Service market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Automotive Service holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Automotive Service market is highly competitive, with numerous companies vying for market share. Prominent companies in the Advanced Manufacturing Market include:

Major Players:

Asbury Automotive Group, Inc., Europart, Carmax Autocare Center, Inter Cars S.A., Firestone, Jiffy Lube International, Inc., Hance’s European, M&M Automotive, LKQ Corporation, Mobivia Groupe, MEKO, Safelite Group, MyTVS Accessories, USA automotive, Sun Auto Service, Wrench, Inc. and others.

Recent Developments:

December 2023: The leading automotive services provider in North America, Driven Brands announced the opening of Driven Advantage, a new B2B digital marketplace powered by Mirakl Platform. More than 80,000 carefully chosen items from outside suppliers are made available to Driven Brands' 5,000+ automotive corporate sites, shop owners, franchises, and affiliates through the new B2B marketplace. Customers may simply manage spending and expedite ordering with Driven Advantage's one-stop shop, saving time on purchases. Driven Advantage increases sales volume with a single website that serves thousands of automobile locations, which benefits third-party merchants as well.

July 2022: Make Humane Target 1,000 acquisitions and targeted hiring are part of the plan to reach the target number of stores by year's end.

January 2021: Jiffy Lube International has already established more than 2081 franchisee-owned service stations in order to guarantee continuous expansion and presence.

March 2021: Mountain View Tyre & Service, Inc. was acquired by Monro Inc. The company's annual gross sales exceed USD 45 million. households eager to move away from areas like Silicon Valley frequently.