Vehicle Periodic Maintenance Market Size, Share and Trends 2024 to 2034

Vehicle Periodic Maintenance Market Size and Forecast 2024 to 2034

The global vehicle periodic maintenance market size is calculated at USD 936.33 billion in 2024 and is projected to surpass around USD 1,374.05 billion by 2034, expanding at a CAGR of 3.91% from 2024 to 2034. The increasing awareness among consumers of the necessity of vehicle maintenance at regular intervals of time increases vehicle efficiency and cost-effectiveness and achieves a perceived sense of safety, fuelling the vehicle periodic maintenance market on a global scale.

Vehicle Periodic Maintenance Market Key Takeaways

• Asia Pacific accounted for the largest share of the vehicle periodic maintenance market in 2023.
• North America is expected to witness the fastest growth in the market during the forecasted years.
• By service type, the mechanical segment accounted for the largest share of the market in 2023.
• By service type, the exterior & structural segment is anticipated to witness the fastest growth in the market over the forecast period.
• By maintenance part, the engine oils segment dominated the global market in 2023.
• By maintenance part, the brake oil segment is anticipated to witness the fastest growth in the market over the forecast period.
• By service provider, in 2023, the automobile dealerships segment dominated the global market.
• By vehicle type, the passenger cars segment accounted for the highest share of the market in 2023.
• By vehicle type, the two-wheeler segment is expected to witness the fastest growth in the market in the coming years.

Market Overview

The vehicle periodic maintenance market is growing significantly due to the increase in automotive sales worldwide. People understand the value of maintaining the vehicle to keep it going smoothly, fuelling the market's demand further. Periodic maintenance has already been decided. It is a comprehensive approach in terms of servicing the vehicle, which involves regular inspection, repairing the automobile parts, cleaning, and replacing, if necessary, to ensure optimum performance of the vehicle.

Vehicle periodic maintenance comes with refilling of liquids such as wiper fluid, radiator coolant, brake fluid, power steering fluid, and oiling the motor to avoid damage due to friction. Various automotive parts get cross-checked to ensure maximum efficiency. These parts include brake pads, wipers, driving belts, spark plugs, air filters, fluid filters, etc. Region-wise, Asia Pacific dominated the global vehicle periodic maintenance market, while North America is witnessing the fastest growth.

AI Impact on the Vehicle Periodic Maintenance Market

Artificial Intelligence (AI) is revolutionizing the vehicle periodic maintenance market by enhancing accuracy, efficiency, and cost-effectiveness with the help of predictive maintenance, which is based on AI algorithms. It allows the monitoring of real-time data about vehicles by using various sensors to predict failures of parts before they occur, giving major relief from mishaps. It reduces maintenance costs and minimizes breakdowns before any issue escalates.

The vehicle periodic maintenance market services can help optimize the scheduled maintenance and routine services by analyzing the pattern of vehicle usage and recommending customized maintenance services with dates. It can be achieved by AI chatbots and virtual assistance that book appointments prior to ensure workshops have the needed parts on hand, which further minimizes downtime.

• In February 2022, Scope Technology, a U.S.-based tech firm, collaborated with Microsoft's Azure cloud computation to develop AI-automated vehicle inspection technology.

Vehicle Periodic Maintenance Market Growth Factors

• Rising global car and two-wheeler ownership fuelling the vehicle periodic maintenance market further.
• Integration of technologically advanced features and multimedia systems offered by the vehicle manufacturers.
• Governments have strict regulations for vehicle inspection and safety standards.
• Rising awareness to maintain the vehicle for efficiency and cost-effectiveness.
• Special services required for the adoption of EVs and HEVs.
• Increasing overall automobile sales on a global level.

Market Scope

Market Dynamics

Driver

Increasing frequency of automotive sales

The major driving factor for the growth of the vehicle periodic maintenance market is the increasing frequency of automotive sales. To prevent accidents, it is necessary to repair automobile parts and check them on a periodic basis to avoid malfunctioning on the spot. Reducing downtime, preventing breakdowns, and minimizing maintenance costs by acknowledging the potential threat before it occurs is the prime target of the market.

• In July 2022, Amazon and Rivian intended to deploy thousands of custom electric delivery vehicles in over 100 cities by the end of 2022, increasing to 100,000 by 2030.

Restraint

Excessive servicing

One major drawback that hinders vehicle periodic maintenance market growth is the potential risk of unnecessary servicing, which causes higher estimates for consumers. Many scheduled maintenance is based upon specific time intervals, which are not needed every time, creating distrust among consumers and service providers. Moreover, small repair shops may not be able to keep pace with the rapidly evolving technology, causing inconsistent service quality, further compromises on the performance of vehicles, and losing their efficiency, which, in turn, adds extra cost to the customer.

Opportunity

Increasing sales of EVs and HEVs

The significant opportunity that the vehicle periodic maintenance market holds is the increasing demand for electric vehicles and hybrid electric vehicles, which again demand specialized maintenance with technically advanced services and tools, fuelling the demand for such tools and creating massive turnover in the automobile sector. EV maintenance includes software updates, the repair of electrical systems, and the diagnostics of batteries, which are crucial parts of the HEVs and EVs.

• In January 2022, Walmart Inc. reserved 5,000 electric vans from General Motors' Bright Drop subsidiary to support the retailer's expanding e-commerce delivery operations.

Additionally, the integration of advanced digital tools like AI-based battery diagnostics and cloud-based service platforms in the vehicle periodic maintenance market enhances consumers' experience while providing time flexibility and greater convenience. Since consumers are becoming more conscious about ecosystems and climate changes, EV demand is increasing day by day.

Service Type Insights

The mechanical segment accounted for the largest share of the vehicle periodic maintenance market in 2023. The mechanical segment is dominating due to the frequency of mechanical part failure more than any other problem that can arise in the context of vehicle maintenance. Issues are mostly related to the brakes, internal combustion engines, parts replacement, and schedule maintenance. These parts undergo a daily friction state, causing them to deteriorate more and need mechanical repair.

The exterior & structural segment is anticipated to witness the fastest growth in the vehicle periodic maintenance market over the forecast period. The growth of this segment is attributed to the consumer's inclination to focus more on the aesthetic look of the vehicle with the help of customized services like dent repair, color change or paint protection, and bodywork to increase its aesthetic facet.

Maintenance Part Insights

The engine oils segment dominated the global vehicle periodic maintenance market in 2023. The growth of this segment is attributed to major factors like the internal combustion engine, the key part of the existing vehicles that need to be taken care of at regular intervals of time by oiling it with specially formulated liquids, which helps keep the engine healthy and efficient for the long run.

The brake oil segment is anticipated to witness the fastest growth in the vehicle periodic maintenance market over the forecast period. Brakes are a crucial part of any two-wheeler or four-wheeler vehicle since they give complete control of the vehicle to the driver and a perceived sense of safety, fuelling the growth of this segment further, brakes oil must be applied on a regular basis since it is the most used part of the vehicle which require special attention.

Service Provider Insights

The automobile dealerships segment dominated the global vehicle periodic maintenance market. The segment is proliferating because automobile dealers have the authority to sell the original parts of the vehicles and automobile tools for the particular brand. Moreover, consumers are inclined towards reliable and warranty-covered services for the safety and repair of the vehicle, which are provided by automobile dealers.

Vehicle Type Insights

The passenger cars segment accounted for the highest share of the vehicle periodic maintenance market in 2023. The segment is continuously growing due to the widespread adoption of passenger cars for personal traveling with family and friends, which offers more convenience. Also, appealing factors for passenger cars are affordability, fuel efficiency, and safety protocols, which increase demand on a larger scale.

The two-wheeler segment is expected to witness the fastest growth in the vehicle periodic maintenance market in the coming years. The growth of this segment is due to affordable, fuel-efficient transportation, specifically in densely populated areas like cities and urban areas. Also, increasing traffic congestion due to the massive sales of vehicles is again creating hurdles for safely traveling to reach the destination. Hence, two-wheelers are more convenient than other vehicles.

Regional Insights

Asia Pacific accounted for the largest share of the vehicle periodic maintenance market in 2023. The growth of this region is due to the rising awareness among consumers about the urgency and need for regular vehicle maintenance for vehicle safety and performance.

Furthermore, increasing disposable income in the evolving countries of Asia Pacific, such as India, China, and Japan, is observed. The implementation of stringent regulations about vehicle safety and carbon emission and the rapid growth of the automotive aftermarket are the major driving factors of the vehicle periodic maintenance market in the Asia Pacific.

• According to the data published by the Federation of Automobile Dealers' Association, passenger vehicle sales in India have witnessed a nearly 8.45% surge in demand compared to the previous year, 2023.

North America is expected to witness the fastest growth in the vehicle periodic maintenance market during the forecasted years. The growth of this region is due to the affluent group of people who tend to buy luxury vehicles, disposable income, and an increasing rate of repair and maintenance centers in North America, in particular, the U.S. Moreover, the number of vehicles in the U.S. is increasing with each passing year. Major players are acquiring and collaborating with each other to provide better services.

• According to the data, the average age of vehicles in the U.S. is more than 12 years, and they are running on the roads.
• According to the data published by the Car Care Council, vehicles aged more than 11.5 years are likely to break down, and service problems are higher in older vehicles.
• In December 2022, AutoNation. Inc., one of the largest automotive retailers in America, announced the acquisition of Repair Smith, a full-service mobile solution for automotive repair and maintenance headquartered in Los Angeles, with significant footprints in Southern and Western U.S.

Vehicle Periodic Maintenance Market Companies

• ADNOC
• Nippon Express Co.
• Car Parts.com Inc
• Belron International Ltd.
• EUROPART Holding GmbH
• Hance’s European
• Inter cars
• LKQ Corporations
• M& M Auto Repair
• Mekonomen Group
• Mobivia Groupe
• My TVS
• Sun Auto Service
•  USA Automotive
• Wrench, Inc.

Recent Developments

• In June 2024, the Goodyear Tire and Rubber Company launched a new tires-as-a-service program that builds on its total mobility offering. Through this, participants will have access to Goodyear tires with monitoring software. Automatic tire inflation services through Opera technologies and tire service.
• In July 2023, Kiwi Fix Auto launched a mobile app to offer car owners in India a convenient and streamlined way to manage their vehicle maintenance, emergencies, and accessory purchases, all from their smartphones.
• In April 2022, Tesla, Inc. proposed constructing a 100,000-square-foot facility in St. Pete, Florida. The new Tesla center will handle sales, service, and deliveries in the area. The new Tesla facility will be built on a 4.21-acre plot that houses a 100,000-square-foot Kanes Furniture Liquidation Center.

Segments Covered in the Report

By Service Type

• Mechanical
• Exterior & Structural
• Interior
• Electrical
• Others

By Maintenance Part

• Engine Oils
• Oil Filter
• Gear Oil
• Batteries
• Brake Oil
• Air Filter
• Cabin Filter
• Tires
• Others

By Service Provider

• Automobile Dealership
• Franchise General Repairs
• Speciality Shops
• Loal Owned Repaired Shops
• Others

By Vehicle Type

• Two-Wheelers
• Passenger Cars
• Light Commercial Vehicles
• Heavy-Duty Trucks
• Buses & Coaches
• Off-Road Vehicles

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa