The global market for garage and service station is projected to be valued at USD 2,031.98 Million as of 2022, representing an annual increment worth 10.2% from 2021. By 2032, the industry is projected to reach USD 5,927.48 Million, representing a CAGR of 11.3%.
| Report Attributes | Details |
|---|---|
| Expected Base Year Value (2021) | USD 1,843.91 Million |
| Projected Market Value (2022) | USD 2,031.98 Million |
| Anticipated Market Value (2032) | USD 5,927.48 Million |
| Global Growth Rate (2022 to 2032) | 11.3% CAGR |
With an increasing number of organized players in the global garage and service station market, the market is gaining traction. When a vehicle has traveled a certain distance, these stations perform a series of maintenance procedures. Service intervals vary greatly depending on the type of vehicle and are generally specified by the vehicle manufacturer.
The demand for garages and related services is largely determined by car usage and the number of cars and motors on the road. Some of the most important factors influencing individual company profitability are convenient location and marketing strategies.
The growing technological advancements and developments in the automotive industry are causing havoc in the market for garages and service stations. There is a trend toward an increase in the number of personalized vehicles that are networked and technologically radical, while also embedded with driver-assist technologies that result in fewer accidents and errors, ultimately reducing the need for servicing.
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The garage and service station market is expected to grow as a result of several factors, including the expanding automotive industry, rising safety concerns, and increased automotive aftermarket needs. The online marketing of products and services is increasing, which provides opportunities for growth for service providers.
The growing number of auto service companies providing various car-related services is also to blame for the expanding garage and service station market.
According to the study, the automotive industry is expected to grow steadily due to technological advancements. Leading players are expected to introduce novel driving techniques in order to expand their footprint. This will be beneficial to the Garage and Service Station market.
Auto repair is still based on trust, which is responsible for the market's fragmentation with a large number of small garages and service stations. This could stifle the market's growth of organized players once more. Unorganized local service stations, on the other hand, have a difficult time expanding their customer base.
Furthermore, rising technological developments pose a threat to the industry. The industry is also dealing with a significant gap in consumer trust and satisfaction with garages and service stations, which is another impediment to the growing garage and service station market.
For the forecast period of 2022 to 2032, the garage and service station market is expected to grow favorably. The Asia-Pacific market is expected to maintain its dominance in the global garage and service station market, followed by Europe, the Middle East, and Africa. Across Asia, the demand for repair services is increasing. The increasing market for vehicles and the subsequent demand for services related to their repair and maintenance are factors contributing to rising demand in Asia Pacific.
Various factors, such as an increase in the average age of vehicles due to technological advancements, an increase in the average miles driven per vehicle, and an increase in people's road safety awareness, are likely to fuel the growth of the garage and service station market. Furthermore, an increase in used car sales opens up a wide range of opportunities for key players in the North American garage and service station market.
Scope technology, a USA-based tech firm, has developed an AI-powered automated vehicle inspection technology in collaboration with Microsoft's Azure cloud computing. This entire visual inspection process takes less than 5 minutes and saves 50% on costs.
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Some of the key participants present in the global garage and service station market include Firestone Complete Auto Care, Meineke, Jiffy Lube, Midas, Safelite Group, and Monro Muffler Brake, etc. among others.
The research report provides an in-depth analysis of the market and includes thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also includes projections based on an appropriate set of assumptions and methodologies. The research report categorizes and analyses data and information into market segments, geographies, types, technology, and applications.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 11.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Ownership, Sector, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Firestone; Complete Auto Care; Meineke; Jiffy Lube; Midas; Safelite Group; Monro Muffler Brake |
| Customization | Available Upon Request |
FMI projects the global garage and service station market to expand at an 11.3% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic garage and service station market
Firestone Complete Auto Care, Meineke, Jiffy Lube, Midas, Safelite Group, Monro Muffler Brake, etc. are some prominent Garage and Service Station manufacturers.
| Projected Forecast Value (2023) | USD 26.8 billion |
|---|---|
| Projected Forecast Value (2033) | USD 63.1 billion |
| CAGR (2023 to 2033) | 8.94% |
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