Vehicle Services Market Size Projected to Reach USD 1.2 billion by 2031, With 4% CAGR: Transparency Market Research, Inc.
Electric vehicle sales and the demand for smart mobility solutions are expected to drive the market for vehicle services.
Wilmington, Delaware, United States, Dec. 11, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The vehicle services market was valued at US$ 834.9 million in 2022. The market is expected to increase by 4.0% CAGR between 2023 and 2031. The market is expected to reach US$ 1.2 billion by the end of 2031. The popularity of electric and hybrid vehicles has created a growing market for specialized maintenance and repair services. The components and systems of these vehicles are unique and require specialized knowledge and skills.
Sci-fi concepts are rapidly becoming a reality in the automotive industry. In the past, science fiction and fantasy were largely the domain of electric vehicles (EV), driverless cars, and contactless service stations. Diagnostic and software-related services are becoming more popular as vehicles become digitally connected and digitalized. Predictive maintenance and remote diagnostics can be performed with the help of connected cars.
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To remain relevant, big automakers and aftermarket players need to bolster their efforts to meet consumer demand for trends such as electric vehicles, driverless cars, and contactless car service as more companies outside the sector develop solutions. In February 2021, Google signed a partnership with Ford for connected vehicle technology, and it is making huge advances in driverless cars with Waymo. GM owns the majority of self-driving car manufacturer Cruise, which Microsoft invested in one month prior.
Global Vehicle Services Market: Key Players
Companies controlling the global market are fragmented. Vehicle services companies are establishing supply chain networks to increase revenue. Profit margins will increase significantly for new entrants over the next few years. Partnerships, mergers, acquisitions, and the development of product portfolios are some of the strategies key players use to strengthen their market position.
- Arnold Clark Automobiles Limited
- Carfax Car Care
- Carmax Autocare Center
- Conroe’s Choice Automotive
- Driven Brands Inc.
- Firestone Complete Auto Care
- Halfords Group Plc.
- Jiffy Lube International, Inc.
- Lookers Group
- Monro Muffler Brake
- Pendragon Vehicle Management
Key Findings of the Market Report
- The demand for vehicle maintenance services has grown in tandem with the demand for shared mobility.
- North America and Europe expect to account for a significant share during the forecast period.
- Based on service providers, demand for franchise general repairs is expected to drive demand for vehicle services in the coming years.
- Rising sales of electric vehicles demand for electric vehicle services, which is expected to rise.
- As vehicle services increase, a market for full-service intervals will emerge.
Global Vehicle Services Market: Growth Drivers
- Vehicles on the road are increasing as the global population grows. The increasing ownership of vehicles drives the demand for aftermarket parts, maintenance, and repairs. Vehicles on the road have gotten older in recent years. Older vehicles need more maintenance and repairs, which makes vehicle services more popular.
- A connected vehicle, a hybrid powertrain, and an advanced driver assistance system (ADAS) have revolutionized the automotive landscape. The complexity of this issue can be used to the advantage of specialized technicians and service providers.
- Vehicle maintenance is becoming more discerning and informed among consumers. Services that prioritize customer satisfaction will benefit from the growing demand for high-quality, transparent, and customer-centric experiences.
- Regulations and standards relating to environment, safety, and emissions can impact vehicle services needed. Stricter emission standards may drive the demand for retrofitting and emissions testing services.
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Global Vehicle Services Market: Regional Landscape
- The Asia Pacific region is expected to drive demand for vehicle services. Increasing population and economic growth are expected to increase demand for these services. The increasing sales of automobiles and the presence of auto manufacturers will drive the demand for vehicle services in the coming years. As the demand for repair and maintenance services rises in China and India, these countries will likely drive the market for these services.
- Government policies and incentives can influence the demand for vehicle services, particularly for electric vehicles (EVs). EV-related services, including charging station installation, maintenance, and repair, can be driven by these policies, which include subsidies, tax incentives, and infrastructure development.
- Several factors influence the market for vehicle services, including consumer preferences and behaviours. The interest in vehicle subscription services is growing in China and India, indicating a potential market for alternatives to traditional maintenance and ownership.
- In December 2023, A global leader in automotive technology and engineering services, Bosch Global Software Technologies Private Limited (BGSW), and India Today Group (ITG), a leading news conglomerate in India, have partnered to offer a comprehensive in-vehicle connectivity experience through an innovative combination.
- In December 2023, Ozop Energy Solutions, Inc., a leading energy solutions provider, announced an expansion of its vehicle service contract portfolio with Royal Administration Services, Inc. (Royal). With the new Hybrid Vehicle Specific Coverage, Ozop will strengthen its position as a comprehensive hybrid and electric vehicle warranty provider.
Global Vehicle Services Market: Segmentation
- Interim Service Interval
- Full Service Interval
- Major Service Interval
- Subscription Services
By Service Provider
- Authorized Service Providers
- Franchise General Repairs
- Local Garages
By Vehicle Type
- 2-Wheelers & 3-Wheelers
- Passenger Cars
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- IC Engine
- North America
- Asia Pacific
- Middle East & Africa
- South America
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