Automotive services involve vehicle leasing & sales and aftersales services, including servicing and sale of vehicle spares & other parts. Vehicle servicing essentially covers series of maintenance & repair procedures carried out on mechanical & electronic parts of automobiles. With increased focus on advanced technologies by automotive original equipment manufacturers (OEMs), maintenance & repair of vehicles has become highly complex and expensive. Consequently, demand for highly skilled and trained workers is increasing in automotive services market.
Global automotive services market encompasses various segments, namely rental & leasing, vehicle financing & insurance and repair & maintenance. With companies opting to invest in car-as-a-service (CaaS) model and growing customer preference for shared mobility, vehicle renting & leasing segment is expected to witness brighter future. Vehicle financing segment is also witnessing growth owing to sharp reduction in interest rates and favourable payment terms. In addition, repair & maintenance segment, which dominates the automotive services market, is expected to see highest growth owing to factors like changing lifestyle, improvement in infrastructure and increase in disposable income.
Global automotive market has witnessed growth post global economic crisis, which has resulted in rise of vehicle population. The rising vehicle population is going to drive growth of automotive repair & maintenance market. In addition, other factors supporting growth of the market include growing safety & security needs, change in consumer preferences and increasing government mandates for environmental safety.
Global automotive parts & accessories sales market is transitioning from traditional brick-and-mortar to online business to consumer (B2C) sales model. This trend is expected to catch up, especially in emerging markets where services market is highly fragmented and unstructured. E-commerce companies, like Alibaba and Itaro, having high market penetration are increasing their global footprint, thereby posing threat to traditional distribution channels.
ASDReport.com has extensive collection of reports on automotive services market. The reports provide market insights on various automotive services submarkets like, aftermarket, maintenance & repair, rentals & leasing, finance & insurance, among others.