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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

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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..

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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. 

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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.

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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.

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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/

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The DiMe Seal: A New Evaluation Platform for Digital Health Software Products

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The new platform launches with over 150 active users, setting the industry baseline for quality and trust

BOSTON, Oct. 16, 2024 /PRNewswire/ — The Digital Medicine Society (DiMe) is launching the DiMe Seal, a new platform to evaluate digital health software products in today’s rapidly evolving market. The DiMe Seal is a symbol of quality and trust granted to digital health software products that demonstrate performance against a comprehensive framework of standards and best practices in privacy and security, usability, and evidence with equity woven throughout.

The DiMe Seal, a new platform to evaluate digital health software products.

“The explosion of clinically digital health solutions is exciting but executing an effective GTM often determines which will break out. Buyers are confronted with a robust set of options and often struggle to sift through which solutions meet their purchasing criteria,” says Annie Collins, Investment Partner, Bio + Health, a16z. “The DiMe Seal will give digital health innovators a shared language with their customers that helps buyers easily validate their products’ security, usability, and clinical ROI.”

Digital health software products have become essential tools in modern healthcare. Today there are over 400,000 health apps available directly to consumers, with over 30,000 more targeted at providers, health systems, and other enterprise audiences. These products have the potential to dramatically improve lives and our healthcare system, but it’s currently difficult to distinguish between which products can help and which can harm.

“We know patients and families rely on technology not only to navigate the complexities of the healthcare system but to reduce administrative burden, improve their quality of life, and to help focus on their treatments and care. However, without proper quality standards and oversight, these tools can just as easily cause harm as they can help,” said Grace Cordovano, PhD, BCPA, Patient-In-Residence, DiMe. “There are resources available in the public domain to help guide informed decision-making about things like cars, colleges, and home renovations. When it comes to navigating digital health products, there’s a critical gap that leaves patients and families searching the unknown. We must prioritize getting the right tools to patients when they need them most or we as an industry risk losing trust in the transformative potential of digital health. DiMe Seal has been designed as a step in the right direction to define what good looks like with respect to digital health products.”

Developers are also affected by the lack of commonly accepted benchmarks of trustworthiness. Those who are building software and trying to meet the needs of downstream users are doing so without transparent buyer expectations. And developers who are implementing best practices struggle to differentiate themselves in a crowded market.

Now, a developer can apply for the Seal for their digital health software products online through a series of attestations and questions that incorporate complementary industry standards like SOC 2 Type II, HITRUST, Carin Code of Conduct, WCAG, ISO 27001, and more. If their product meets baseline criteria of evidence, privacy, and security standards, it is granted the DiMe Seal, a symbol that the software is quality and trusted.

Health systems, providers, patients, and the general public can also access and search the freely available database of products on the DiMe Seal’s website to view which meet baseline standards. This will help inform their decisions about which tools to use for their care.

“Until now, there was no standard or efficient way to evaluate digital health software products,” added John Brownstein, Chief Innovation Officer, Boston Children’s Hospital. “We spend countless hours vetting products, often using different criteria from organization to organization and provider to provider, which takes us away from the roles we were hired to perform. We need a new way to advance digital innovation and get the best products into the hands of the providers and patients who will benefit from them.”

The DiMe Seal standards were developed in collaboration with more than 150 industry experts and after the review of nearly 50 regulatory guidances, over 100 industry standards and quality programs, and over 1,000 scientific articles. DiMe also convened hundreds of cross-disciplinary experts from all corners of the digital health software ecosystem – including clinicians, developers, regulators, payers, and patient advocates – to create DiMe Seal’s comprehensive framework.

At launch, over 150 developers have signed up and over 50 products are being evaluated for the DiMe Seal, ranging from apps for glucose monitoring to platforms that integrate data and digital interventions to improve patient outcomes. Later this year, DiMe will launch a benchmarking database to compare categories of products and further meet the needs of end users by including details on regulatory status, common therapeutic areas, and more. For more information about the process or to apply for the DiMe Seal, please visit: http://dimesociety.org/dime-seal

The DiMe Seal is supported by the expertise of members of its Governance Committee, including:

Kate Berry, Senior Vice President Clinical Affairs and Strategic Partnerships, America’s Health Insurance Plans (AHIP)John Brownstein, Senior Vice President and Chief Innovation Officer, Boston Children’s HospitalAneesh Chopra, Chief Strategy Officer, ArcadiaMolly Coye, Executive in Residence, AVIA and Executive Advisor, Redesign HealthAnnie Collins, Investment Partner, Bio + Health, a16zGrace Cordovano, Co-founder, Unblock Health and Patient in Residence, Digital Medicine SocietyJackie Gerhart, Physician and VP of Clinical Informatics, EpicStephen Hughes, Director of Healthcare IT Policy, American Hospital AssociationShaye Mandle, Executive Director, AdvaMed Digital Health TechAdrienne McFadden, Vice President and Chief Medical Officer-Medicaid, Elevance HealthKimberly McManus, Deputy Chief Technology Officer – AI and Deputy Chief AI Officer, US Department of Veterans AffairsRene Quashie, Vice President of Digital Health, Consumer Technology AssociationSameer Sood, Co-founder and CEO, FwdSlash and Interim Medical Department Head, Kramer Davis HealthDaryl Tol, Head of Health Assurance Ecosystem, General CatalystCole Zanetti, Chief Health Informatics Officer and Senior Medical Advisor for Integrated Veteran Care, US Department of Veterans Affairs and Professor of Digital Health & Director of the Digital Health Track, College of Osteopathic Medicine, Rocky Vista University

About the Digital Medicine Society: DiMe is a global non-profit and the professional home for all members of the digital medicine community. Together, we tackle the toughest digital medicine challenges, develop clinical-quality resources on a technology timeline, and deliver these actionable resources to the field via open-source channels and educational programs.

Media Contact: Carla English, press@dimesociety.org

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SOURCE Digital Medicine Society (DiMe)

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Sanofi commits $18 million to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine to increase diversity in clinical studies

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BRIDGEWATER, N.J., Oct. 16, 2024 /PRNewswire/ — Sanofi announced today it will contribute $18 million to three Historically Black Medical Schools to help the institutions work to increase diversity in clinical studies. The investment over 10 years is aimed at strengthening Centers of Excellence in clinical study diversity at Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine.

Funding will be used to hire clinical research staff, establish infrastructure such as online chat services and pharmacy upgrades, create customized training programs, and more. Each of the Centers of Excellence have their own specific needs, which will help them harness their insights into the underrepresented communities they serve as they seek to increase representation and improve diversity in clinical studies.

Lionel Bascles
SVP, Global Head of Clinical Trials and Operations, Sanofi
“At Sanofi, our mission is to chase the miracles of science to improve people’s lives, and this means all people’s lives, regardless of their race or ethnicity. By partnering with these three esteemed Historically Black College and University medical schools, we hope to facilitate new inroads to communities that have been underrepresented in healthcare for far too long. Increasing diversity and inclusion is essential to the research and development of medicines and vaccines for people of all backgrounds.”

Valerie Montgomery Rice, MD, FACOG
President and CEO, Morehouse School of Medicine
Morehouse School of Medicine is exceptionally grateful to Sanofi for this investment in our clinical study diversity Center of Excellence. We look forward to a robust partnership as we work to increase diversity in clinical studies and develop advanced opportunities for researchers, leading to greater health equity. More diversity in clinical studies will ensure traditionally underserved populations receive the very latest cutting-edge therapeutic innovations.”

Sanofi is a global innovator in the Diversity, Equity and Inclusion space, including by pioneering the international effort A Million Conversations to examine trust gaps in the healthcare system. In the U.S., Sanofi and the National Association for the Advancement of Colored People (NAACP) announced a strategic partnership in July that is aimed at advancing health equity for Black and underserved communities.

About Sanofi
We are an innovative global healthcare company, driven by one purpose: we chase the miracles of science to improve people’s lives. Our team, across the world, is dedicated to transforming the practice of medicine by working to turn the impossible into the possible. We provide potentially life-changing treatment options and life-saving vaccine protection to millions of people globally, while putting sustainability and social responsibility at the center of our ambitions.

Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY

Media Relations
Sandrine Guendoul | + 33 6 25 09 14 25 | sandrine.guendoul@sanofi.com
Evan Berland | +1 215 432 0234 | evan.berland@sanofi.com
Timothy Gilbert | + 1 516 521 2929 | timothy.gilbert@sanofi.com

Investor Relations
Thomas Kudsk Larsen |+ 44 7545 513 693 | thomas.larsen@sanofi.com
Alizé Kaisserian | + 33 6 47 04 12 11 | alize.kaisserian@sanofi.com
Arnaud Delépine | + 33 6 73 69 36 93 | arnaud.delepine@sanofi.com
Corentine Driancourt | + 33 6 40 56 92 21 | corentine.driancourt@sanofi.com
Felix Lauscher | + 1 908 612 7239 | felix.lauscher@sanofi.com
Tarik Elgoutni| + 1 617 710 3587 | tarik.elgoutni@sanofi.com
Nathalie Pham | + 33 7 85 93 30 17 | nathalie.pham@sanofi.com

Sanofi Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and subsequent changes thereto, and the impact that pandemics or other global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2023. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

All trademarks mentioned in this press release are the property of the Sanofi group.

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Propel to report Q3 2024 financial results

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TORONTO, Oct. 16, 2024 /CNW/ – Propel Holdings Inc. (“Propel”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced today that it will be reporting quarterly financial results for the period ending September 30, 2024, after market close on Wednesday, November 6, 2024. Propel will be hosting a conference call and webcast with a presentation by Clive Kinross, Chief Executive Officer, and Sheldon Saidakovsky, Chief Financial Officer before market open on Thursday, November 7, 2024.

Conference details are as follows:

Date:

Thursday, November 7, 2024

Time:

8:30 a.m. EST

Toll-free North America:

1-888-510-2154

Local Toronto:

1-437-900-0527

RapidConnect:

Click here

Webcast:

Click here 

Replay:

1-888-660-6345 or 1-646-517-4150 (PIN: 44697#)

About Propel

Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel’s operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its groundbreaking AI-driven platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel.  Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at www.propelholdings.com

(www.foracredit.cawww.creditfresh.comwww.moneykey.com)

SOURCE Propel Holdings Inc.

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