The industry trends suggest that the global Automotive services Market is expected to have a significant CAGR of 5.51%. During the forecast period, the market is expected to reach a valuation of US$ 1126.6 Bn by 2032
There has been an efficient flow of information across
multiple units in an industry allowing for the most efficient conversion of raw
materials to completed goods. Hence, it emphasizes the importance of the
connected enterprise system, a primary driver for the automotive market. The
COVID-19 pandemic outbreak has substantially impacted the automotive market's
value chain and demand. The pandemic had reduced demand for automotive
solutions in nations hit hard by the disease's spread.
During COVID-19, the internet of things (IoT) has played a
critical role in automotive since it aids in the creation of efficient,
followed by cost-effective, and responsive system architectures. Industrial
Internet of Things (IIoT) solutions have helped connect industrial assets,
boost efficiency, and quickly generate transparency.
Device management and shop floor software functions are
made easier with IIoT and edge computing solutions throughout the lifespan. As
a result, many companies started using IIoT solutions to automate the
manufacturing process and improve customer satisfaction. Such widespread
adoption of IIoT solutions will likely fuel automotive market growth.
Market segmentation
The automotive services market is as follows:
By End-user
●
Discrete industries
●
Process industries
By Service
●
Project engineering
●
Maintenance and support
●
Operational services
●
Consulting
By Geography
●
APAC
●
North America
●
Europe
●
MEA
●
South America
Industry news
Manufacturers in end-user industries like oil & gas,
food & beverages, automotive, and aerospace & defense are looking for
solutions that can help them with real-time data analysis, proactive
maintenance, and better visibility of the manufacturing plant to improve the
plant's efficiency.
Furthermore, automotive technologies, such as HMI, enable
manufacturers to monitor production processes closely and adapt rapidly to
changing demands, increasing operational efficiency and reducing unplanned
downtime.
Monitoring characteristics such as temperature, current,
voltage, speed, vibration, location, predictive maintenance, and asset
management solutions give users better visibility into the equipment state.
In July 2021, Amazon India had announced the launch of its
11 automated fulfillment centers. The centers will be integrated with automated
technologies, to begin with the automation of pick pack and shipping processes
and ensure safe and timely order processing.
Regional analysis
The European region dominates the global automotive
services market. The growth in the awareness among industries about the
benefits of automotive services and their application scope fosters the
adoption of these services. Moreover, the increase in the implementation of automotive
services among manufacturing facilities to achieve better production management
has improved power efficiency driving the market growth.
The APAC region is another lucrative market for automotive
services. Due to the increased focus on enhancing the process of efficiencies
and reducing production costs across various industry verticals, the APAC
region is expected to create scope for the market. Besides, increasing
government initiatives for digitalization, the growing demand for workplace
safety, and enhanced efficiency in industrial processes have boosted the
region's market shares.
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