Get 30% off on all global market reports with code ONLINE30 – stay updated on tariff changes, macroeconomic trends, and more!
Automotive Service Market Size in 2029: A Look at Recent Changes and Trends
The size of the automotive service market has seen robust growth over the past few years. The market size is expected to increase from $723.74 billion in 2024 to $760.53 billion in 2025, at a compound annual growth rate (CAGR) of 5.1%. The growth in the past years has been mainly due to factors like an upswing in e-commerce delivery operations, complexity in automotive systems growing, rising manufacturing and demand for electric personal cars, and a surge in annual maintenance expenditure on taxis.
Anticipated robust expansion is on the cards for the automotive service market in the upcoming years, with predictions estimating it to balloon to $931.26 billion by 2029. This equates to a compound annual growth rate (CAGR) of 5.2%. The projected growth over this period can be credited to several factors like expanding leisure and tourism sectors, increased automobile production and sales, surging demand for commercial vehicles, and the infiltration of electric vehicles into the market, as well as the rising utilization of AI-based automated vehicles. The forecast period is poised to witness technological advancements such as AI-powered vehicle inspection tools, a blend of traditional mechanical components with automotive technology, fostering software expertise, and strategic alliances and partnerships.
Claim Your Free Sample Report:
http://www.thebusinessresearchcompany.com/sample….p;type=smp
What Core Factors Are Driving the Expansion of the Automotive Service Market?
The upswing in electric vehicle adoption is projected to boost the evolution of the automotive service market. Electric vehicles, which are cars driven by electric motors and fueled by rechargeable batteries or energy storage systems, present a less polluting and more sustainable substitute to standard fossil-fueled vehicles. The rise in electric vehicles (EVs) can be attributed to escalating environmental worries, government schemes, and progress in technology.
Automotive services for electric vehicles guarantee dependability by offering specialized maintenance like performing diagnostics, checking battery health, and providing software updates, thereby augmenting faith in their sustainable and seamless functioning. For instance, data from the International Energy Agency, a France-based intergovernmental organization, reveals that in March 2023, approximately 14% of all new cars sold were electric, a boost from roughly 9% in 2022. Furthermore, electric vehicle sales reached 14 million in 2023, marking a 35% surge from 2022. Thus, the escalating prevalence of electric vehicles is stimulating the development of the automotive service market.
How Is the Automotive Service Market Structured Across Key Segments?
The automotive servicemarket 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
Subsegments:
1) By Maintenance Services: Oil Change Services, Tire Rotation And Balancing, Brake Inspection And Service, Fluid Replacement Services
2) By Mechanical: Engine Repair, Transmission Repair, Suspension And Steering Repair, Exhaust System Repair
3) By Exterior And Structural: Body Repair, Paint Services, Dent Repair, Windshield Repair And Replacement
Access the Full Report Today:
http://www.thebusinessresearchcompany.com/report/…ket-report
What Innovation Trends Will Redefine the Automotive Service Market Landscape?
Primary players in the automotive service market, such as tire-changing technology developers, are aiming to elevate convenience, efficiency, and professional care within the industry. Tire-changing technology includes a range of systems, apparatus, and techniques developed to aid the detachment and attachment of tires on vehicles. For instance, in November 2023, the India-based automotive industry company, Kwik Fix Auto Pvt. Ltd., unveiled its mobile-operated Flat Tyre Changer Service Swift. This service, complete with a dealership-quality tire-changing experience, is designed to cater to the customer’s convenience. More than just a solution to emergencies, it seeks to become a fundamental component of the client’s vehicle management plan, delivering everything from tire installation and adjustments to regular inspections and upkeep.
Where Is the Automotive Service Market Experiencing the Fastest Regional Growth?
North America was the largest region in the automotive service market in 2024. 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.
Get a Customized Version of the Report:
http://www.thebusinessresearchcompany.com/customi…p;type=smp
Leading Players Shaping the Future of the Automotive Service Industry
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
Access the Complete Report:
http://www.thebusinessresearchcompany.com/purchas…x?id=15732
How Our Market Research Reports Help Maximize ROI Across Industries:
* Identify High-Growth Opportunities: Pinpoint emerging trends, untapped segments, and regional hotspots that align with your strategic goals.
* Reduce Investment Risk: Make data-driven decisions with confidence by understanding market dynamics, key drivers, and competitive threats.
* Optimize Strategic Planning: Align your product development, marketing, and expansion plans with industry forecasts and customer behaviour insights.
Americas +1 310-496-7795
Europe +44 7882 955267
Asia & Others +44 7882 955267 & +91 8897263534
News From
The Business Research Company …
Category: Industry Reports & Market Analysis Profile: The Business Research Company is a leading market research and consulting services provider. It offers over 9,500 market reports across 27 industries in 60+ geographies, providing detailed insights and forecasts. Its customised research solutions support companies in making critical decisions, while its continuous research service enhances organizational capabilities. The flagship Global Market Model database provides comprehensive market intelligence with 1,500,000 datasets covering 8,000+ mark …
This email address is being protected from spambots. You need JavaScript enabled to view it.
