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Global Automotive Service Market Size Forecast 2024 - 2033

17 Dec, 2024

What Is The Overview Of The Global Automotive Service Market?

Automotive service refers to the maintenance, repair, and diagnostic work performed on vehicles to ensure operation safely, efficiently, and reliably. This service is typically provided by trained technicians in service centers, dealerships, or independent repair shops to maintain the vehicle's performance, extend its lifespan, and prevent breakdowns or costly repairs through regular upkeep and timely interventions.

Automotive Service Global Market Report 2024 provides data on the global automotive service market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive service market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

What Are The Estimated Market Size And Expected Annual Growth Rates For Global Automotive Service ?

The automotive service market has shown strong growth, rising from $687.74 billion in 2023 to $723.74 billion in 2024 at a CAGR of 5.2%. Historical growth drivers include e-commerce delivery growth, increased complexity of vehicle systems, electric car production, and higher maintenance spending. The market is expected to reach $898.48 billion by 2028 at a CAGR of 5.5%, fueled by the rise in leisure and tourism, demand for commercial vehicles, electric vehicle adoption, and advancements in AI-based inspection technologies. Key trends include technological integration, expertise in automotive software, and collaborations within the industry.

What Are The Leading Drivers Of Growth In The Automotive Service Market?

The rising popularity of electric vehicles is expected to promote the expansion of the automotive service market. EVs, which run on rechargeable batteries, offer a sustainable alternative to traditional vehicles. Specialized services such as diagnostics, battery health checks, and software updates ensure the reliability of these vehicles. According to the International Energy Agency, around 14 million EVs were sold globally in 2023, representing a 35% increase from 2022. This growing adoption is set to drive the demand for automotive services.

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How Are The Segments Defined Within The Global Automotive Service Market?

The automotive service market covered in this report is segmented –
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

How Are New Trends Expected To Influence The Growth Of The Automotive Service Market?

Major automotive service industry companies are enhancing convenience and efficiency through innovations like mobile tire-changing technology. These solutions provide on-site tire services for customers. In November 2023, India-based Kwik Fix Auto Pvt. Ltd. introduced a mobile tire-changing service, offering tire fitting, balancing, and maintenance at customers’ locations, redefining vehicle management strategies.

Which Region Drives The Highest Growth In The Automotive Service Market?

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.