Market Research Future (MRFR) has published a cooked research report on the “Global Automotive Service Market” that contains information from 2018 to 2032. The Automotive Service market is estimated to register a CAGR of 5.51% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Automotive Service market— Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., Europart, Firestone, Hance’s European, Inter Cars S.A., Jiffy Lube International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, MyTVS Accessories, Safelite Group, Sun Auto Service, USA automotive, Wrench, Inc.
The global Automotive Service market is accounted to register a CAGR of 5.51% during the forecast period and is estimated to reach USD 1126.5 billion by 2032.
The main factors boosting market growth include increasing auto sales, the increase of aftermarket automotive services, and stringent government regulations governing the replacement or updating of vehicle components. The car industry is swiftly transitioning into a new era characterized by improved lifestyles, rising sustainability, changing consumer preferences, the inclusion of linked and electric vehicles, mobility fleet sharing, and connected and electrified vehicles. Among the developing nations with the greatest potential for the automobile sector are Brazil, China, and India.
The global automotive service market has been segmented based type, service provider, vehicle type and propulsion type.
On the basis of type, the market is segmented into maintenance services, mechanical, and exterior & structural. The mechanical category held the largest market share in 2022, and it is estimated that it will hold this position throughout the anticipated time frame. On the other hand, the projected period is expected to have the fastest CAGR in the maintenance services category.
Based on service provider, the global automotive service market has been segmented into franchise general repairs, OEM authorized service centers, local garage, tire stores & repair chains, and others. The local garage category accounted for the largest market share in 2022. In order to provide repair and maintenance services for a variety of vehicles, including hatchbacks, SUVs, sedans, and MPVs as well as two-wheelers, these firms often have a variety of service bays.
Based on vehicle type, the global automotive service market has been segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. In 2022, the passenger car segment dominated the market for automotive services. According to the Japan Automobile Manufacturers Association (JAMA), passenger automobiles make up over 72% of all automotive vehicles globally.
Based on propulsion type, the global automotive service market has been segmented into internal combustion engine (ICE) and electric. The internal combustion engine category held the largest proportion in 2022. This is explained by the increase in demand for ICE vehicles as a result of the COVID-19 problem and the overall global increase in demand for passenger cars.
The global Automotive Service market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automotive Service market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automotive Service market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automotive Service market comprises of Middle East, Africa, and Latin America.
The Asia Pacific Automotive Service market area will dominate this market. The presence of significant automakers has caused the market for automotive services in the area to expand quickly.
Moreover, the Europe market has been persistently growing over the forecast period. Growing R&D expenditures for OEM and aftermarket vehicle parts are the cause of this. Germany has many car suppliers and manufacturers, which has created a conducive environment for growth.
The North America Automotive Service Market is expected to register significant growth from 2023 to 2032. The increase in the number of repair and maintenance facilities nearby explains this. The rising average age of vehicles and the greater use of used cars in the United States are also driving up demand for auto repair and maintenance services.
Furthermore, the rest of the world's Automotive Service market is divided into the Middle East, Africa, and Latin America. The LAMEA automotive service market is a growing market that includes a range of services related to vehicle maintenance, repair, and aftermarket support. The market includes services such as oil changes, tire rotations, brake repairs, and engine diagnostics, among others.
Key Findings of the Study