Dealers may be interested in following the trends of the overall automotive service market, which is expected to grow an estimated $US351.69 billion ($CA470.02 billion) accelerating at a compound annual growth rate of 7.65%.
That is according to Technavio; they said North America is projected to account for 31 per cent of the global market’s expansion between 2023-2027 — the projected period. The advancement of “sophisticated engines” will necessitate a range of automotive services that will in turn drive market growth.
“The Automotive Service Market is evolving with emerging trends like auto detailing, mobile mechanic services, and a growing demand for electrical system repair,” said Technavio in its news release. “Hybrid vehicle services and performance tuning cater to the rise in eco-conscious consumers seeking efficient solutions.”
They added that interior restoration, aftermarket accessories, and car wash services are gaining traction, while the emphasis on precise paint and bodywork “reflect the market’s dedication to enhancing aesthetics and functionality in response to consumer preferences.”
Among a range of factors driving the automotive service market, vehicle maintenance is said to be at the core of this growth. Vehicle repairs, oil changes, transmission repairs, engine diagnostics, brake service, and tire and wheel alignment — all of which are considered critical components, offered by dealerships and non-dealers.
