Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Vehicle Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
This comprehensive report forecasts a Compound Annual Growth Rate (CAGR) of 4.2% for the vehicle services market during the period from 2023 to 2031.
Market Overview:
The vehicle services market is set to witness steady growth, driven by increasing demand for passenger vehicles and the expansion of the automotive aftermarket service industry.
The rise in global electric car penetration is also contributing to the market's expansion. Additionally, there is a surge in demand for short-term vehicle subscriptions, and concerns over automotive carbon emissions are driving the growth of the vehicle services industry.
Authorized vehicle service shops are offering annual subscription plans with enticing discounts and prizes, creating potential opportunities for raw material suppliers serving the automotive services market. Leading companies in the market are introducing new service facilities and innovative products with cutting-edge technologies to increase their market share.
Key Drivers:
- Repairs and Maintenance Enhancing Vehicle Performance: Repairs and maintenance performed at vehicle service centers improve vehicle performance, increasing their average longevity. Vehicle maintenance includes the replacement of engine oil and various other continuously operating components, as well as the replacement of filters and inspection of tires, lights, steering, and brakes. With the increased demand for shared mobility, there is a rise in demand for car maintenance services.
- Increased Car Sales: The expansion of the automotive sector, rising prevalence of connected and electric vehicles, and the growth of global transportation operations are driving demand for vehicle repair and maintenance services. The automobile industry is flourishing in developing nations like India, China, and Brazil, contributing to the demand for vehicle services.
Challenges: Increasing Raw Material Costs: An increase in raw material costs and hefty monthly fees for short-term subscription programs are projected to hinder market growth in the coming years.
APAC to Lead the Global Market: Asia Pacific (APAC) is predicted to lead the global market throughout the forecast period. The region includes important developing nations with substantial populations like India and China. APAC is experiencing a rise in demand for car services due to increased vehicle production, the expansion of road connections and infrastructure, and the presence of significant manufacturers. The demand for passenger vehicles and rising income per capita in emerging economies also contribute to the expansion of the APAC market.
Supply Chain Networking Enhancing Market Share: The market is dominated by large corporations, and they are establishing supply chain networks to increase their revenue. New entrants are anticipated to post high-profit margins in the coming years. Major firms are improving their market position through partnerships, mergers, acquisitions, and the expansion of their product lines.
Conclusion:
The vehicle services market is set for steady growth driven by increasing demand for passenger vehicles, concerns over automotive carbon emissions, and the rise in electric car penetration. Asia Pacific is leading the global market due to its developing economies and rising vehicle production. As major companies enhance their market presence through strategic initiatives, the market is expected to witness further expansion.
Companies Mentioned
- Arnold Clark Automobiles Limited
- Carfax Car Care
- Carmax Autocare Center
- Conroe's Choice Automotive
- Driven Brands Inc.
- Firestone Complete Auto Care
- Gomechanic
- Halfords Group Plc.
- Jiffy Lube International Inc.
- Lookers Group
- Monro Muffler Brake
- Pendragon Vehicle Management
For more information about this report visit https://www.researchandmarkets.com/r/lbgkkz
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