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Automotive Service Market Overview
According to MRFR analysis, the global Automotive service market is expected to register a CAGR of ~5.51% from 2022 to 2032 and hold a value of over USD 1126.6 Billion by 2032.
The automotive service market refers to the range of maintenance, repair, and after-sales services provided for vehicles. It includes services such as routine maintenance, oil changes, tire rotations, brake repairs, engine diagnostics, and warranty repairs. The COVID-19 pandemic had a significant impact on the automotive service market. The temporary closure of dealerships and service centers, reduced vehicle usage, and economic uncertainty initially led to a decline in demand for automotive services.
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However, as restrictions eased and vehicle owners sought to maintain their vehicles, the market started to recover. The shift towards contactless and online service booking, increased emphasis on vehicle sanitization and safety measures, and the rise of remote diagnostics and telematics are reshaping the automotive service industry in the post-pandemic era. Service providers are adapting to changing customer expectations and implementing innovative solutions to meet the evolving needs of vehicle owners.
Key Players
Scope of the Report – Automotive Service Market:
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 695.2 Billion |
|
CAGR during 2023-2032 |
5.51% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
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Regional Analysis
North America and Europe are major regions in the market, driven by a large vehicle population, established dealer networks, and a strong culture of vehicle maintenance. These regions have a well-developed automotive service infrastructure and a high demand for both routine maintenance and repair services. Asia-Pacific, particularly China and India, is witnessing significant growth in the market, fueled by a growing vehicle ownership rate and an increasing preference for professional automotive services. Latin America and the Middle East are emerging markets, with rising disposable incomes and a growing demand for automotive maintenance and repair services. The regional growth of the automotive service market is influenced by factors such as vehicle ownership trends, economic conditions, regulatory frameworks, and consumer awareness of vehicle maintenance practices.
Market Segmentation
The Global Automotive service market has been segmented into type, Service Provider and Propulsion Type
Based on Type: Maintenance Services, Mechanical, Exterior & Structural
Based on Service Provider: Franchise General Repairs, OEM Authorized Service Centers, Local Garage, Tire Stores & Repair Chains and Others
Based on Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Two Wheelers
Based on Propulsion Type: Internal Combustion Engine (ICE) and Electric
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Automotive Service Market Restrain
One significant restraint in the automotive service market is the increasing complexity of vehicle technology. Modern vehicles are equipped with advanced electronics, sensors, and computer systems that require specialized knowledge and equipment for diagnostics and repairs. This complexity poses a challenge for service providers who must invest in continuous training and expensive tools to keep up with the evolving technology.
Moreover, the proliferation of electric vehicles (EVs) presents another restraint for the automotive service market. EVs have different components and systems compared to traditional internal combustion engine vehicles. Service providers need to acquire new skills, tools, and infrastructure to handle EV maintenance and repairs effectively. This transition can be costly and time-consuming for many service providers, especially smaller ones with limited resources.
Additionally, the increasing use of advanced driver-assistance systems (ADAS) in vehicles poses a challenge for service providers. ADAS technologies, such as adaptive cruise control, lane departure warning, and automatic emergency braking, require specialized training and calibration equipment for accurate diagnosis and repair. Service providers without the necessary expertise and tools may be hesitant to offer services related to ADAS, limiting their market potential.
Furthermore, the growing trend of do-it-yourself (DIY) repairs and maintenance among vehicle owners can impact the automotive service market. Many consumers now have access to online tutorials, repair manuals, and affordable automotive tools, empowering them to undertake basic repairs and maintenance tasks themselves. This can lead to a decline in demand for professional automotive services, especially for routine tasks like oil changes and filter replacements.
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