Automotive Service Global Market Report 2024

Description

Automotive service encompasses maintenance, repair, and diagnostic tasks carried out on vehicles by skilled technicians. This work aims to ensure safe, efficient, and reliable vehicle operation. It is typically provided at service centers, dealerships, or independent repair shops. The goal is to maintain vehicle performance, prolong its lifespan, and prevent breakdowns or costly repairs through regular maintenance and timely interventions.

The main services within the automotive service market include maintenance services, mechanical repairs, and exterior/structural repairs. Maintenance services involve routine and preventive care to ensure vehicles run smoothly and efficiently. Providers of these services range from franchise general repair shops to OEM-authorized service centers, local garages, tire stores, and other service providers. These services cater to various applications, including passenger vehicles and commercial vehicles.

The automotive service market research report is one of a series of new reports from The Business Research Company that provides automotive service market statistics, including automotive service industry global market size, regional shares, competitors with an automotive service market share, detailed automotive service market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive service industry. This automotive service research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive service market size has grown strongly in recent years. It will grow from $687.74 billion in 2023 to $723.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to several factors, including the expansion of e-commerce delivery operations, the growing complexity of automotive systems, increased production and demand for electric passenger cars, and rising annual maintenance spending on taxis.

The automotive service market size is expected to see strong growth in the next few years. It will grow to $898.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. In the forecast period, growth can be attributed to the expansion of the leisure and tourism industries, increased demand for automobile production and sales, a rise in the demand for commercial vehicles, the growing penetration of electric vehicles, and the increasing adoption of artificial intelligence-based automated vehicles. Major trends during this period include the development of AI-automated vehicle inspection technology, technological integration, expertise in automotive technology and software, integration of traditional mechanical components, and an emphasis on collaborations and partnerships.

The increasing adoption of electric vehicles is set to drive the growth of the automotive service market in the future. Electric vehicles are cars powered by electric motors and rechargeable batteries or energy storage systems, offering a cleaner and more sustainable alternative to traditional fossil fuel-powered vehicles. The rise in electric vehicles is fueled by growing environmental concerns, government initiatives, and technological advancements. Automotive services for electric vehicles ensure reliability through specialized maintenance, including diagnostics, battery health checks, and software updates, boosting confidence in their sustainable and efficient operation. For example, in March 2023, the International Energy Agency reported that around 14% of all new automobiles sold in 2022 were electric, up from about 9% in 2022. Additionally, there were 14 million electric vehicle sales in 2023, marking a 35% increase from 2022. Thus, the expanding presence of electric vehicles is propelling the growth of the automotive service market.

Major companies in the automotive service market are concentrating on developing innovative technologies, such as tire-changing technology, to redefine convenience, efficiency, and expert care standards in the automotive service industry. Tire-changing technology encompasses various tools, machines, and methods designed to ease tire removal and installation on vehicles. For instance, in November 2023, Kwik Fix Auto Pvt. Ltd., an India-based automotive service industry player, launched the mobile-run Flat Tyre Changer Service Swift, providing customers with dealership-quality tire-changing experiences at their convenience. This service extends beyond emergency responses, becoming an essential part of customers' vehicle management strategies, offering services from tire fitting and balancing to routine checks and maintenance.

In August 2023, Cox Automotive Inc., a US-based software company, acquired Corcoran's Mobile Services (CMS) for an undisclosed amount. Through this acquisition, Cox aims to broaden its service offerings and enhance its mobile vehicle maintenance and repair capabilities, delivering convenient automotive services directly to customers at their locations. Corcoran's Mobile Services (CMS) is a US-based company specializing in tire repair, budgeting, body replacement, and mobile on-site preventive maintenance.

Major companies operating in the automotive service market are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Kia Corporation, Denso Corporation, Carmax Autocare Center, Bridgestone Corp., Faurecia SE, Lear Corporation, Asbury Automotive Group Inc., Mahindra and Mahindra Automotive, Firestone Natural Rubber Company LLC, Belron International Ltd., Inter Cars S.A., Driven Brands Holdings Inc., Halfords Group plc, Monro Inc., Safelite Group Inc., Jiffy Lube International Inc., Midas International LLC

North America was the largest region in the automotive service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the automotive service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The automotive service market includes revenues earned by entities by provide services such as oil changes, tire rotation, cabin air filter replacement, spark plug replacement, engine repairs, and transmission repairs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Automotive Service Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on automotive service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for automotive service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive service market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Service Type: Maintenance Services; Mechanical; Exterior and Structural
2) By Provider: Franchise General Repairs; OEM Authorized Service Centers; Local Garage; Tire Stores And Repair; Other Providers
3) By Application: Passenger Vehicle; Commercial Vehicle
Companies Mentioned: Volkswagen Group; Toyota Motor Corporation; Ford Motor Company; General Motors; Honda Motor Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r18283

1. Executive Summary

2. Automotive Service Market Characteristics

3. Automotive Service Market Trends And Strategies

4. Automotive Service Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Automotive Service Market Size and Growth

5.1. Global Automotive Service Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Automotive Service Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Automotive Service Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Automotive Service Market Segmentation

6.1. Global Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Maintenance Services
Mechanical
Exterior And Structural
6.2. Global Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Franchise General Repairs
OEM Authorized Service Centers
Local Garage
Tire Stores And Repair
Other Providers
6.3. Global Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Passenger Vehicle
Commercial Vehicle

7. Automotive Service Market Regional And Country Analysis

7.1. Global Automotive Service Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Automotive Service Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Automotive Service Market

8.1. Asia-Pacific Automotive Service Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Automotive Service Market

9.1. China Automotive Service Market Overview
9.2. China Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Automotive Service Market

10.1. India Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Automotive Service Market

11.1. Japan Automotive Service Market Overview
11.2. Japan Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Automotive Service Market

12.1. Australia Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Automotive Service Market

13.1. Indonesia Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Automotive Service Market

14.1. South Korea Automotive Service Market Overview
14.2. South Korea Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Automotive Service Market

15.1. Western Europe Automotive Service Market Overview
15.2. Western Europe Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Automotive Service Market

16.1. UK Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Automotive Service Market

17.1. Germany Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Automotive Service Market

18.1. France Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Automotive Service Market

19.1. Italy Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Automotive Service Market

20.1. Spain Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Automotive Service Market

21.1. Eastern Europe Automotive Service Market Overview
21.2. Eastern Europe Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Automotive Service Market

22.1. Russia Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Automotive Service Market

23.1. North America Automotive Service Market Overview
23.2. North America Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Automotive Service Market

24.1. USA Automotive Service Market Overview
24.2. USA Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Automotive Service Market

25.1. Canada Automotive Service Market Overview
25.2. Canada Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Automotive Service Market

26.1. South America Automotive Service Market Overview
26.2. South America Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Automotive Service Market

27.1. Brazil Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Automotive Service Market

28.1. Middle East Automotive Service Market Overview
28.2. Middle East Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Automotive Service Market

29.1. Africa Automotive Service Market Overview
29.2. Africa Automotive Service Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Automotive Service Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Automotive Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Automotive Service Market Competitive Landscape And Company Profiles

30.1. Automotive Service Market Competitive Landscape
30.2. Automotive Service Market Company Profiles
- 30.2.1. Volkswagen Group
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Toyota Motor Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Ford Motor Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. General Motors
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Honda Motor Co. Ltd.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Automotive Service Market Other Major And Innovative Companies

31.1. Hyundai Motor Company
31.2. Robert Bosch GmbH
31.3. Tesla Inc.
31.4. Kia Corporation
31.5. Denso Corporation
31.6. Carmax Autocare Center
31.7. Bridgestone Corp.
31.8. Faurecia SE
31.9. Lear Corporation
31.10. Asbury Automotive Group Inc.
31.11. Mahindra and Mahindra Automotive
31.12. Firestone Natural Rubber Company LLC
31.13. Belron International Ltd.
31.14. Inter Cars S.A.
31.15. Driven Brands Holdings Inc.

32. Global Automotive Service Market Competitive Benchmarking

33. Global Automotive Service Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Automotive Service Market

35. Automotive Service Market Future Outlook and Potential Analysis

35.1 Automotive Service Market In 2028 - Countries Offering Most New Opportunities
35.2 Automotive Service Market In 2028 - Segments Offering Most New Opportunities
35.3 Automotive Service Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer