Automotive Service Market to Surge by USD 351.69 Billion with 7.65% CAGR Through 2027, Driven by Vehicle Electrification and Digitalization Trends

Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Service Market 2023-2027" report has been added to's offering.

The automotive service industry is set to experience significant growth worldwide, propelled by the pervasive digitization and electrification of vehicles. An extensive analysis of the market unveils that from 2022 to 2027, there will be an acceleration in the compound annual growth rate (CAGR) of 7.65%, with an estimated increase of USD 351.69 billion in market size.

The latest comprehensive study reveals critical dynamics shaping the automotive service sector, encompassing a thorough evaluation of various service types including mechanical, exterior and structural, and maintenance services. Particularly, the study dives into the analysis of different vehicle categories such as passenger cars, light and heavy commercial vehicles, and two-wheelers, laying out a detailed market landscape.

Market Segmentation and Geographical Outlook

  • Mechanical services
  • Exterior and structural services
  • Maintenance services

The analysis takes a granular approach by dissecting the sector into pivotal segments and showcasing the unique dynamics of each. On the geographical front, the study encompasses:

  • North America
  • Asia-Pacific (APAC)
  • Europe
  • South America
  • Middle East and Africa

The market is being bolstered by a blend of factors such as the growing vehicle population, the burgeoning automotive post-sale service segment, and the frequent need for vehicle component upgrades.

Key Market Drivers and Opportunities

  • Increase in vehicle digitization and electrification
  • Vendor inorganic strategies
  • Enhanced automotive safety norms

The in-depth research pinpoints these drivers as key catalysts for expansion in the automotive service market over the forecast period, with a spotlight on innovative technologies and safety regulations augmenting the trajectory of the industry.

The analytical prowess of the study extends to a robust vendor analysis aimed to aid clients in refining their market standing. It features a comprehensive examination of various leading players, touching upon factors such as market positioning, strategic outlook, and anticipated growth avenues. The report envisages that these players will play a central role in the market's advancement and evolution.

Meticulously designed through a harmonious blend of primary and secondary research, including insights from key industry stakeholders, the report stands as an indispensable tool for understanding market dynamics. Presenting a thorough competitive landscape, the study reinforces its utility with a keen analysis of key vendors, strategic market positioning, and an extrapolation of market growth using qualitative and quantitative research methodologies.

This definitive study is crucial for companies seeking to harness growth opportunities and understand the proliferating trends within the automotive service market. With an array of industry factors rigorously examined, the report promises to be an invaluable resource for stakeholders aiming to navigate the complex market currents and steer towards sustained success.

Strategic Insights into the Automotive Service Market's Future

Data transparency is a cornerstone of this report, ensuring that the presented information is not just comprehensive but also rigorously reliable, underpinned by thorough research. Companies looking forward to making informed decisions will find the projections and analyses within the study to be particularly beneficial for strategic planning.

A selection of companies mentioned in this report includes

  • Arnold Clark Automobiles Ltd.
  • Asbury Automotive Group Inc.
  • Ashland Automotive Inc.
  • Belron International Ltd.
  • Bridgestone Corp.
  • Carmax Autocare Center
  • Driven Brands Holdings Inc.
  • EUROPART Group GmbH
  • Halfords Group Plc
  • Inter Cars S.A
  • Jiffy Lube International Inc.
  • LKQ Corp.
  • M and M Automotive
  • MEKO Auto Components Inc.
  • Mobivia
  • Monro Inc.
  • Sumitomo Corp.
  • The Goodyear Tire and Rubber Co.
  • USA Automotive
  • Wrench Inc.

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