Automotive Service Market To Benefit From Rising Auto Sales
Automotive Services Market To Cross USD 1126.6 Billion By 2032
The global Automotive Services market was worth nearly USD 695.2 Billion in 2022. The reports further project the market worth to attain around USD 1126.6 Billion by the end of 2032 while thriving at a substantial growth rate of around 5.51%.
In recent years, the global Automotive Services sector has witnessed significant expansion. The principal driver behind this remarkable market performance has been the substantial upswing in worldwide automotive sales. Moreover, stringent governmental regulations governing the replacement or enhancement of vehicle components, alongside the proliferation of post-market automotive services, have emerged as pivotal factors propelling the growth of the global automotive services market in recent times.
Analysis of Market Segmentation
The worldwide Automotive Services market exhibits a fragmented landscape, segmented across various dimensions, including Vehicle Categories, Service Providers, service types, Propulsion Methods, and geographical regions.
In terms of service categories, the global Automotive Services industry has been categorized into exterior & structural maintenance, mechanical repairs, and maintenance services.
Regarding Service Providers, the global Automotive Services arena has been diversified into tire establishments & repair chains, local workshops, service centers authorized by original equipment manufacturers (OEMs), franchises specializing in general repairs, and other relevant entities.
As for Vehicle Categories, the global Automotive Services market distinguishes between two-wheelers, heavy-duty commercial vehicles, light-duty commercial vehicles, and passenger automobiles.
In the context of Propulsion Methods, the global Automotive Services sector classifies between electric propulsion systems and internal combustion engines (ICE).
Regional Analysis
The global market for Automotive Services is analyzed across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The MRFR analysis reports the Asia-Pacific regional Automotive Services market leading spot across the global market for Automotive Services in 2022. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the rapid growth of the region’s automobile sector in the last few years.
Furthermore, the factors such as the increase in on-road automobiles across Asian nations and the presence of major automakers are also projected to have a positive influence on the development of the regional market over the coming years.
The European regional market for Automotive Services is anticipated to ensure the second position across the global market over the assessment period. The region has the German market as the largest contributor in revenue share. On the other hand, the UK market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the growing investments in R&D for automotive parts for OEMs and the aftermarket across the region. Germany is known for the presence of a large number of auto suppliers and manufacturers, which has bolstered a favorable climate for expansion.
The North American region will likely demonstrate maximum growth over the coming years. The region has the US market as the largest contributor in revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing the development of the regional market is the rise in the area’s repair and maintenance facilities. Furthermore, the requirement for auto repair and maintenance services in the United States is also propelled by the increasing average age of vehicles and the growing utilization of used cars.
Competitive Analysis
The global market for Automotive Services is known to have a strong and competitive landscape. The players across the market are focusing on investments in research & development activities to expand their product lines, which will help the Automotive Services market grow even more. They are also considering several strategic activities to expand their footprint, with vital market developments including new product launches, higher investments, mergers & acquisitions, contractual agreements, and collaboration with other organizations.
The list of prominent participants across the global market for Automotive Services includes players such as Wrench, Inc., Sun Auto Service, MyTVS Accessories, MEKO, LKQ Corporation, Inter Cars S.A., Firestone, Carmax Autocare Center com, Inc., USA automotive, Safelite Group, Mobivia Groupe, M&M Automotive, Jiffy Lube International, Inc., Hance’s European, Europart, Asbury Automotive Group, Inc., and several others.
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