new york, January 7, 2024 /PRNewswire/ — automotive service market It is estimated that it will grow up to $351.69 billionaccelerate with CAGR is 7.65%. The automotive services market is fragmented with the presence of many global and regional players. Some prominent companies serving the automotive services market are: Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron International Ltd., Bridgestone Corporation, Carmax Autocare Center, Driven Brands Holdings Inc., EUROPART Group GmbH, Halfords Group Plc, Inter Cars SA, Jiffy Lube International Inc., LKQ Corp., M and M Automotive, MEKO Auto Components Inc., Mobivia, Monro Inc., Sumitomo Corporation, The Goodyear Tire and Rubber Co., USA Automotive, and Wrench Inc.. This report provides a complete list of key companies, their strategies and latest developments. Download free samples before purchasing
Company offerings:
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Arnold Clark Automobiles Co., Ltd.: The company offers a variety of automotive services, including manufacturer and value services. In addition to this, we also sell cars, trucks, garage equipment, auto parts and accessories.
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North America It is projected to account for 31% of the global market expansion during the forecast period. The region includes technologically advanced countries and established markets such as: US and Canada, promotes the advancement of sophisticated engines. These advancements have necessitated the need for diverse automotive services including powertrain testing, thereby driving market growth during the forecast period.
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Influential Drivers – Growth in Vehicle Population. The automotive services market is driven by various factors, with vehicle maintenance at its core. Services such as car repair, oil changes, transmission repair, engine diagnostics, brake service, tire rotation, and wheel alignment are important components. Additionally, suspension services, battery replacement, exhaust system repairs, air conditioning services, and collision repairs further shape this sector. These important services ensure safety, functionality and longevity and reflect the market’s focus on comprehensive care of vehicles across various segments.
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Key trends – Increased digitalization and electrification of vehicles. The automotive services market is evolving with new trends such as increasing demand for auto detailing, mobile mechanic services, and electrical system repair. Hybrid vehicle services and performance tuning meet the growing number of environmentally conscious consumers looking for efficient solutions. While interior restoration, aftermarket accessories and car wash services are gaining traction, the emphasis on precision paint and bodywork reflects the market’s enthusiasm for improving aesthetics and functionality in response to consumer preferences. Masu.
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big challenge – The uncertainties plaguing the automotive industry are set to: Challenges across various aspects of the automotive services market. Disruptions in the supply of automotive parts, evolving automotive technology, and stringent vehicle inspection and emissions testing standards impact our business. The complexity of fleet maintenance, compatibility of diagnostic tools, and adapting warranty services to changing needs are challenges for service providers. Additionally, ensuring efficient fuel system service amid industry change requires continued adaptation and investment to address the evolving regulatory and technological landscape.
market segmentation
The market is segmented by type (mechanical services, exterior and structural services, maintenance services), vehicle type (passenger cars, light commercial vehicles, two-wheelers, heavy commercial vehicles), and geography (North America,Asia Pacific, Europe, south americaand middle east and Africa).
Mechanical services are considered to have an important role played by auto mechanics. This segment is expected to contribute to significant increase in market share during the forecast period. We contribute to vehicle maintenance by performing a variety of tasks such as replacing oil filters, installing wiper blades, and replacing tires and batteries. Today’s automotive environment demands improved performance and reliability, making established solutions a must, increasing the demand for automotive services.
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Automotive service market scope |
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Report scope |
detail |
base year |
2022 |
historical era |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum and CAGR |
Accelerating at a CAGR of 7.65% |
Market Growth 2023-2027 |
$351.69 billion |
market structure |
fragmented |
YoY growth rate (%) for 2022-2023 |
7.0 |
regional analysis |
North America, APAC, Europe, South America, Middle East and Africa |
Contribute to the market |
North America 31% |
Major countries |
US, China, Japan, UK, Germany |
competitive environment |
Key vendors, vendor market position, competitive strategies, and industry risks |
Introduction of major companies |
Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron International Ltd., Bridgestone Corporation, Carmax Autocare Center, Driven Brands Holdings Inc., EUROPART Group GmbH, Halfords Group Plc, Inter Cars SA, Jiffy Lube International Inc., LKQ Corp., M and M Automotive, MEKO Auto Components Inc., Mobivia, Monro Inc., Sumitomo Corporation, The Goodyear Tire and Rubber Co., USA Automotive, and Wrench Inc. |
Market trend |
Parent market analysis, market growth drivers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, future consumer trends, and market situation analysis for the forecast period. |
Scope of customization |
If the report doesn’t contain the data you’re looking for, you can contact an analyst to customize your segments. |
table of contents:
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executive summary
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market scenery
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Understanding market size
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Past market size
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five forces analysis
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Market segmentation by type
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Market segmentation by vehicle type
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customer situation
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geographical landscape
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Drivers, challenges and trends
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Company scenery
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Company analysis
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appendix
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View original content to download multimedia: https://www.prnewswire.com/news-releases/automotive-service-market-size-to-grow-by-usd-351-69- billion-from-2022-to-2027 -The market is fragmented due to the presence of prominent companies like Arnold Clark Automobiles, Inc.
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