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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