Vehicle periodic maintenance plays a crucial role in ensuring vehicle safety and longevity. It involves regular servicing, repairs and replacement of parts to keep the vehicle in good operating condition. With the steadily rising vehicle parc across regions, the importance of periodic maintenance has increased tremendously. Governments of various countries have laid down stringent regulations for vehicle safety and emissions, making periodic maintenance mandatory. This has propelled the growth of vehicle periodic maintenance market globally.
The vehicle periodic maintenance market is estimated to be valued at USD 930.12 Bn in 2024 and is expected to reach USD 1236.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031.
Key players: Key players operating in the vehicle periodic maintenance market are ADNOC, Nippon Express Co., Car Parts.com Inc., Belron International Ltd., and EUROPART Holding GmbH.
Key opportunities: Growing fleet operation industry and increasing demand for used vehicles present significant growth opportunities for players in this market. Players can also focus on offering cost-effective Vehicle Periodic Maintenance Market packages to consumers.
Global expansion: Leading players are focusing on expanding their global footprint by investing in emerging markets through strategic partnerships and acquisitions. Rapid motorization in developing nations is attracting big players to these regions.
Market drivers: Stringent government regulations mandating periodic vehicle checks to ensure roadworthiness and curb vehicular emissions have boosted demand for maintenance services. This is a major growth driver for the market. Checks help identify mechanical issues early, thereby preventing accidents and breakdowns.
The vehicle periodic maintenance market is expected to grow steadily driven by rising vehicle population and regulatory obligations. Key players efforts to expand into high-potential regions will further support the market growth in coming years.
PEST Analysis
Political: Periodical maintenance of vehicles ensures road safety regulations are complied with. Vehicle owners need to get their vehicles periodically inspected and certified to avoid penalties.
Economic: With increasing personal incomes and urbanization, the number of vehicles on road is rising rapidly. This is driving demand for periodic servicing and repairs of old as well as new vehicles.
Social: People are becoming increasingly aware about the importance of regular vehicle maintenance to ensure safety, better performance and resale value. This is positively impacting the periodic maintenance market size.
Technological: Adoption of sensors, telematics and AI in vehicles is allowing remote monitoring of vehicle condition. This data is helping mechanics efficiently plan inspections and repairs, reducing vehicle downtime.
The vehicle periodic maintenance market in terms of value is currently concentrated in North America and Europe. In North America, the USA accounts for the largest market share owing to the huge vehicle parc and strict regulatory norms regarding vehicle maintenance. Europe is another major market led by countries like Germany, UK and France.
The market in Asia Pacific region is witnessing the fastest growth globally. Factors like growing middle class, increasing vehicle ownership and investments in road infrastructure are driving the demand. Especially China and India are emerging as high potential markets in Asia Pacific due to rising personal incomes and vehicle fleet. Stringent emission norms are also promoting periodic servicing of old vehicles.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
