Connect with us

Technology

Automotive Repair and Maintenance Services Market to Grow by USD 134.9 Billion (2024-2028) as Road Transport Demand Increases, with AI Redefining the Market Landscape- Technavio

Published

on

NEW YORK, Oct. 15, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Automotive Repair and Maintenance Services Market  size is estimated to grow by USD 134.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.21%  during the forecast period. Growing preference for road transportation is driving market growth, with a trend towards expansion of mobile repair services.However, growing use of public transport  poses a challenge – Key market players include ALL-TECH Transmission Inc., Apex Tool Group LLC, Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Auto Repair, Belron International Ltd., Bridgestone Corp., CarMax Inc., Driven Brands Holdings Inc., Firestone Complete Auto Care, Halfords Group Plc, Jiffy Lube International Inc., LeasePlan Corp. NV, Monro Inc., myTVS Accessories, Pendragon Vehicle Management Ltd., Robert Bosch GmbH, Rust Oleum Corp., Sumitomo Corp., and The Goodyear Tire and Rubber Co..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Type (Internal combustion engine and Electric), Service (Tires, Wear and tear parts, Collision body, Batteries, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

ALL-TECH Transmission Inc., Apex Tool Group LLC, Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Auto Repair, Belron International Ltd., Bridgestone Corp., CarMax Inc., Driven Brands Holdings Inc., Firestone Complete Auto Care, Halfords Group Plc, Jiffy Lube International Inc., LeasePlan Corp. NV, Monro Inc., myTVS Accessories, Pendragon Vehicle Management Ltd., Robert Bosch GmbH, Rust Oleum Corp., Sumitomo Corp., and The Goodyear Tire and Rubber Co.

Key Market Trends Fueling Growth

Electric Vehicles (EVs) are gaining popularity due to their eco-friendly nature and ability to reduce harmful air pollution. These vehicles, which can be recharged from external sources of electricity, contribute to improved air quality and reduced health issues caused by pollution. Moreover, if renewable energy is used for charging, EVs can also help decrease greenhouse gas emissions. However, the reliance on electricity for power means that traditional repair and maintenance services for oil changes and part replacements are no longer necessary for EVs. Instead, customers can service their EVs using online parts or remote updates. Consequently, the automotive repair and maintenance services market may experience a decline in growth due to the increasing adoption of EVs, as the need for routine maintenance and repairs will significantly decrease. 

The Automotive Repair and Maintenance Services market is experiencing significant trends in the automotive production sector, with an increasing focus on vehicle fleet size and safety. Independent auto services and service providers are gaining popularity due to their flexibility and cost competitiveness. Dependable maintenance services are crucial for both automotive sales and post-sale services, as vehicle ownership continues to grow. Passenger cars, including electric vehicles, require regular maintenance using advanced diagnostics tools and augmented reality apps. Replacement parts and annual maintenance costs are key concerns for price-sensitive customers. Dealerships and franchise stores are leveraging digital platforms for online presence, price transparency, and software expertise. The passenger cars segment, driven by new car registrations, is a major contributor to the automotive sector. Road safety awareness is a priority, with a growing emphasis on vehicle customization, connected car technologies, and self-driving capabilities. Aftermarket solutions, specialist repair services, and replacement parts cater to the needs of taxis and shared mobility services. CXOs of Elitek Vehicle Services and other industry leaders are investing in big data to optimize operations and improve customer experience. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The escalating issue of air pollution, driven by increasing levels of toxic emissions from commercial vehicles and passenger cars, is compelling governments worldwide to prioritize investments in alternative fuel sources and public transportation. This trend is particularly significant in rapidly urbanizing countries, where deteriorating air quality poses serious health risks and negatively impacts quality of life. As a result, the growth of metro rail systems and other public transport solutions is on the rise, particularly in polluted cities in China. This shift towards public transportation may impact the demand for automotive repair and maintenance services during the forecast period.The Automotive Repair and Maintenance Services market faces numerous challenges in the evolving automotive sector. Diagnostics tools and augmented reality apps require significant software expertise. Dealerships and franchise stores must maintain an online presence and price transparency to attract price-sensitive customers. New car registrations in the passenger cars segment impact aftermarket maintenance demand. Road safety awareness drives the need for high-quality replacement parts and specialist repair services. CXOs in Elitek Vehicle Services grapple with integrating big data from new car technologies, such as sensors and connected car technologies, for predictive maintenance and subscription-based programs. The market includes various vehicle types – passenger cars, two wheelers, hybrid vehicles, commercial vehicles, and luxury vehicles. Taxis and shared mobility services add to the complexity, requiring quick repair time and profitability. Price transparency, annual maintenance costs, and vehicle customization are crucial factors for passenger car registrations. Replacement parts and aftermarket solutions cater to various vehicle types, with profitability depending on the specialist repair services provided. The automotive technology landscape includes self-driving capabilities and various digital platforms, requiring continuous software updates and expertise.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This automotive repair and maintenance services market report extensively covers market segmentation by

Type 1.1 Internal combustion engine1.2 ElectricService 2.1 Tires2.2 Wear and tear parts2.3 Collision body2.4 Batteries2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Internal combustion engine-  The internal combustion engine segment of the automotive repair and maintenance services market is experiencing significant growth due to rising demand for passenger and commercial vehicles in developed and developing countries. The lack of widespread electric vehicle charging infrastructure and the popularity of petrol vehicles, along with the increasing production of oil and shale gas, are major contributors to this growth. Additionally, vehicle aging and the expanding demand for shared mobility are increasing repair and maintenance costs. These factors collectively are expected to drive the expansion of the internal combustion engine segment in the automotive repair and maintenance services market throughout the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2017 – 2021) 

Research Analysis

The Automotive Repair and Maintenance Services Market encompasses the provision of services related to the upkeep and restoration of passenger cars, electric vehicles, and commercial fleet vehicles. With the increasing size of vehicle fleets and the emphasis on safety, the demand for dependable maintenance services is on the rise. Independent auto services and service providers offer flexibility and cost competitiveness, making them popular alternatives to dealerships and franchise stores. Vehicle maintenance involves the regular inspection, servicing, and replacement of vehicle components. Automotive diagnostics tools, augmented reality apps, and big data are transforming the industry, enabling more accurate and efficient repairs. The automotive sales and post-sale services sectors are interconnected, with ownership of passenger cars and new car registrations driving demand for maintenance services. Passenger car registrations continue to grow, with electric vehicles gaining popularity. The automotive sector employs a large workforce of auto repair technicians, offering aftermarket maintenance and vehicle customization services. Online presence and digital platforms are essential for service providers to offer price transparency and convenience to customers.

Market Research Overview

The Automotive Repair and Maintenance Services market is a critical segment of the automotive sector, catering to the needs of vehicle owners for dependable maintenance services. With the increasing automotive production and vehicle fleet size, the demand for maintenance services is on the rise. Vehicle maintenance is essential for ensuring safety, extending the life of vehicles, and maintaining their value. Independent auto services and service providers offer flexibility and cost competitiveness, making them popular choices among price-sensitive customers. The market encompasses automotive sales and post-sale services, including vehicle components, replacement parts, and annual maintenance costs. Passenger cars, electric vehicles, and commercial vehicles all require regular maintenance. Advanced automotive diagnostics tools, augmented reality apps, big data, and connected car technologies are transforming the industry, enabling faster and more accurate repairs. Dealerships and franchise stores offer specialized repair services, while online presence, digital platforms, and price transparency are becoming essential for success in the market. The market also includes aftermarket solutions, specialist repair services, and subscription-based maintenance programs. Automotive technology, such as self-driving capabilities and connected car technologies, are driving innovation in the industry. Auto repair technicians provide aftermarket maintenance services for various vehicle types, including passenger cars, hybrid vehicles, luxury vehicles, and two wheelers. CXOs in the automotive industry are focusing on data analytics, sensors, and software expertise to improve profitability and customer satisfaction. Road safety awareness, vehicle customization, and the rise of shared mobility and online sales platforms are also influencing the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeInternal Combustion EngineElectricServiceTiresWear And Tear PartsCollision BodyBatteriesOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-repair-and-maintenance-services-market-to-grow-by-usd-134-9-billion-2024-2028-as-road-transport-demand-increases-with-ai-redefining-the-market-landscape–technavio-302275552.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Tata Elxsi Launches Coalesce: An Innovative XR Platform for Digital Twins and Remote 3D Collaboration powered by the Snapdragon Spaces XR Platform

Published

on

By

SAN DIEGO and BENGALURU, India, Oct. 16, 2024 /PRNewswire/ — Tata Elxsi, the leading global design and technology services company, announced the launch of Coalesce powered by the Snapdragon Spaces™ XR Platform (Snapdragon Spaces XR Developer Platform | Snapdragon Spaces [qualcomm.com]) from Qualcomm Technologies, Inc. Coalesce is an XR-based immersive collaboration solution that brings together spatial computing, digital twins and simulations. It facilitates reviews of product models and supports collaboration features for sharing text/audio comments, notes, and screen recordings with globally dispersed teams, including a 360-degree review for immersive interaction.

The Snapdragon Spaces XR platform is paving the way to a new frontier of spatial computing. The platform is empowering the creation of immersive experiences for XR devices that enable a multitude of enterprise use cases, for transformative spatial computing experiences.

Tata Elxsi’s Coalesce is a device-agnostic and web-based XR solution on the Snapdragon Spaces platform. This solution uses a wide range of built-in tools, enables effortless navigation through intuitive controls and gestures, and integrates advanced features for functional customisation. With cloud-integrated CMS and Gen AI integration, Coalesce delivers value to industries such as Automotive, Manufacturing, Rail, and High-Tech, blending domain expertise with digital innovation.

Unlike most XR platforms, Coalesce supports seamless, interactive design reviews with any VR device, using a custom UI. The platform is designed primarily for product design reviews like CAD but can also be used for training purposes across various sectors. For instance, Coalesce allows virtual walkthroughs of manufacturing processes for stakeholder collaboration and accelerates automotive design reviews, reducing the need for physical prototypes.

Aditya S Chikodi, Vice President & Head – Industrial Design, Engineering, & XR, said, “Product design and engineering are taking a leap forward with augmented virtual reality and spatial computing. Coalesce introduces a revolutionary approach to digital twins and performance simulation, pushing the boundaries of XR in the product development process.”

Per Neilson, Senior Director, Product Management at Qualcomm Technologies, Inc., added, “Tata Elxsi is working to bring the Coalesce platform to market, empowering industries and executive workforce to collaborate and make real-time decisions in product design and enterprise simulated environments. We are excited to see this platform brought to Snapdragon Spaces.”

To see Coalesce in action, get in touch.

About Tata Elxsi

Tata Elxsi is a fully integrated global design and technology consultancy, creating innovative products, services and experiences to build brands and help businesses grow. It has a multi-disciplinary team of over 13,000 design researchers, strategists, product, UX/UI designers, technologists, and engineers. Tata Elxsi helps clients globally to bring new ideas and award-winning products and services to market. For over 30 years, we have been helping brands differentiate and win.

Tata Elxsi leverages its comprehensive AR/VR capabilities across various sectors, including engineering design and modelling, worker safety, medical training, and virtual showrooms. The company’s expertise in application development, platforms and devices, and service integration ensures robust support for dispersed teams. With advanced development processes and technologies such as AI/ML, GenAI, XR, Metaverse, Tata Elxsi offers end-to-end solutions and platforms to improve user engagement and experience, driving innovation and efficiency in spatial computing. For more information, visit www.tataelxsi.com

Snapdragon branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Snapdragon Spaces is a trademark or registered trademark of Qualcomm Incorporated.

Logo: https://mma.prnewswire.com/media/742257/4913784/Tata_Elxsi_Logo.jpg 

 

View original content:https://www.prnewswire.com/news-releases/tata-elxsi-launches-coalesce-an-innovative-xr-platform-for-digital-twins-and-remote-3d-collaboration-powered-by-the-snapdragon-spaces-xr-platform-302277597.html

SOURCE Tata Elxsi

Continue Reading

Technology

From India to the World: Global Startups Club’s International Expansion to Begin in Dubai & Abu Dhabi

Published

on

By

MUMBAI, India, Oct. 16, 2024 /PRNewswire/ — Global Startups Club, one of India’s largest and most active communities for early-stage founders, entrepreneurs, and investors, is expanding into international markets. With a strong commitment to supporting these startups, Global Startups Club has become a valuable resource, hosting offline networking meetups that connect founders, investors, and entrepreneurs. Building on its success in India, the club is now focusing on global markets, marking a new chapter in its mission to promote entrepreneurial growth. The club has created a network of over 12,000 startup founders, including more than 250 venture capitalists and investors, and thousands of budding entrepreneurs.

Global Startups Club’s international journey starts with major meetups in Dubai & Abu Dhabi, UAE, on 19th and 20th October, in partnership with Bon Conseil. These events will bring together promising startups and influential investors from the region, providing a valuable space for sharing ideas and fostering connections. Drawing on its experience in India, Global Startups Club aims to create an environment where entrepreneurs can learn from each other and explore opportunities for growth.

After launching in the UAE, the club plans to start community building in Canada in November, the United States in partnership with Maulik Mehta of MaShCube – Crossborder Tax Solutions, and the United Kingdom in March in partnership with Gisela Lyshetti of Market Forever Global – Digital Marketing Agency. These locations were chosen to engage with different startup ecosystems and support early-stage businesses looking to grow internationally. Each offline experience will be tailored to meet the needs of startups in these areas, focusing on bringing together investors, mentors, and entrepreneurs to help them succeed.

With an already well-established presence in more than 12 cities across India, Global Startups Club has built a strong community that supports startup founders through meetings and collaborative opportunities. These interactions help startups gain valuable insights and develop partnerships that lead to their success. Cities like Bengaluru, Hyderabad, and Mumbai have become hubs for the club’s vibrant activities, bringing together the brightest minds in the entrepreneurial ecosystem.

The club’s summit in Chennai, scheduled for December 7th, 2024, highlights its strong presence in India. The summit is expected to attract over 450 delegates, including startup founders, investors, and industry leaders from across the country. It will feature engaging panel discussions, keynote speeches, and interactive sessions, creating a platform for sharing ideas and driving growth. As Global Startups Club continues to support startups, this important summit will spark discussions about the future of entrepreneurship in India and worldwide.

As part of its growth plan, Global Startups Club aims to expand to over 15 cities in six countries within the next year. This expansion will focus on key startup hubs worldwide, enabling the club to connect early-stage founders with global investors, mentors, and business opportunities. By encouraging collaborations across borders, the club aims to help startups grow and succeed internationally.

Global Startups Club’s international expansion is a significant step in the journey as a key player in the startup ecosystem. With a strong reputation in India and a strategic move to enter global markets, the club is setting new standards for how startup communities can thrive and make a difference. By focusing on building connections, creating funding opportunities, and supporting talent across borders, the club is not only expanding its reach but also strengthening the global startup community overall.

As the club ventures into international markets, the gatherings in Dubai, UAE; Vancouver, Canada on November 16th; and Seattle, USA on November 30th will lay the foundation for a global network that supports the growth and success of startups everywhere.

About Global Startups Club:

Global Startups Club powered by Mojo Capital is not just an event. It’s an experience that fosters collaboration, innovation, and growth. As a startup networking ecosystem , we pride ourselves on creating dynamic platforms where entrepreneurs, investors, and industry experts converge to build meaningful connections.

Global Startups Club go beyond casual introductions. Our events feature curated networking sessions, ensuring meaningful connections that can fuel your startup journey. We believe in pushing boundaries! Our events incorporate innovative networking formats, from speed dating sessions to interactive workshops, providing diverse opportunities to connect.

For more details and to stay updated on upcoming opportunities, visit Global Startups Club: https://www.globalstartups.club/globalstartupsclub.

Photo: https://mma.prnewswire.com/media/2531989/Global_Startups_Club.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/from-india-to-the-world-global-startups-clubs-international-expansion-to-begin-in-dubai–abu-dhabi-302277599.html

Continue Reading

Technology

Sony Acquires KinaTrax, Inc. to Expand Its Sports Data Business into Player Performance

Published

on

By

– Marking a new expansion into the biomechanics and player performance space –

TOKYO and BASINGSTOKE, United Kingdom, Oct. 16, 2024 /PRNewswire/ — Sony Corporation (“Sony”) today announced that Sony welcomed KinaTrax, Inc. (“KinaTrax”), a leader in research-grade markerless motion capture technology for sports that collects in-game biomechanical performance data on athletes, into Sony’s sports businesses through a recent acquisition.

Joining forces with Hawk-Eye Innovations Limited (“Hawk-Eye”), a Sony group company that forms an integral part of Sony’s sports businesses, KinaTrax will bring its trusted biomechanical and analytical expertise, as well as its markerless motion capture technology to Sony’s portfolio and is expected to further create synergy to maximize the use of sports data for athletes, teams, leagues and fans alike.

Hawk-Eye, Beyond Sports and Pulselive form the core foundation of Sony’s sports businesses, with a shared commitment to deliver best-in-class officiating, broadcast and digital solutions to the sports world around sports data technologies. Welcoming KinaTrax bolsters Sony’s capability to serve important use cases for sports data, such as analysis and biomechanics for coaching, scouting and athletes’ performance.

Rufus Hack, CEO of Hawk-Eye, Pulselive and Beyond Sports stated: “By welcoming KinaTrax into the family, we are excited to further expand our offering, under our mission of unlocking the power and emotion of sport through data. We are incredibly privileged to partner with an overwhelming majority of the top global sports leagues, and this acquisition allows us to broaden our proposition through new biomechanical insights in the critical and growing field of player performance.”

Steven Cadavid, President of KinaTrax also said: “We’re excited to become part of Sony and its sports businesses, and to bring our know-how to complement the powerful tech Hawk-Eye, Pulselive, and Beyond Sports have developed and are delivering today. The future of sports is in deeper data tracking and the creation of smarter insights through innovative technology. With Sony, by enhancing KinaTrax’s expertise in capturing and delivering biomechanical performance data, we aim to contribute to provide sports leagues, teams and players with the best insights to improve performance and pursue success.”

KinaTrax, Inc.

KinaTrax provides professional and collegiate teams with game-changing insights focusing on teams’ most valuable asset: their athletes. The company delivers research-grade markerless motion capture technology that allows teams to collect in-game biomechanical performance data. The camera systems are currently deployed in over 75 stadiums and labs across MLB, MiLB, and NCAA organizations, and are expanding into other sports leagues.

The comprehensive sets of tools for data capture and analysis are operationalized for daily use by players, GMs, coaches, trainers, medical staff, and researchers, providing value that goes beyond traditional scouting, training, and rostering.

About Sony Corporation
Sony Corporation is a wholly owned subsidiary of Sony Group Corporation and is responsible for the Entertainment, Technology & Services (ET&S) business. With the mission to “create the future of entertainment through the power of technology together with creators,” we aim to continue to deliver Kando* to people around the world. For more information, visit: http://www.sony.net/

*Kando is a Japanese word that roughly translates to the sense of awe and emotion you feel when experiencing something beautiful and amazing for the first time.

About Hawk-Eye Innovations Limited
Hawk-Eye has been at the forefront of sports officiating and broadcast enhancement technology since 2001. The world’s biggest sporting events trust Hawk-Eye to make the right call when it matters most.

Hawk-Eye’s vision-processing, video replay and creative graphic technologies make sport fairer, safer, more engaging and better informed. Hawk-Eye’s innovations are constantly changing the face of sports officiating, production, content management, and fan engagement in every sport.

Hawk-Eye forms a key part of Sony’s sports businesses with a shared mission to deliver best-in-class officiating, broadcast and digital solutions to the sports world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sony-acquires-kinatrax-inc-to-expand-its-sports-data-business-into-player-performance-302277286.html

SOURCE Sony Corporation

Continue Reading

Trending