Vehicle Periodic Maintenance Market is Anticipated to Witness High Growth Owing to Rising Vehicle Fleet and Increased Focus on Preventive Maintenance

Vehicle Periodic Maintenance Market is Anticipated to Witness High Growth Owing to Rising Vehicle Fleet and Increased Focus on Preventive Maintenance

Vehicles require periodic maintenance for smooth functioning and better performance. Periodic maintenance includes activities such as oil changes, filter replacements, brake inspection, wheel alignment etc. Rise in vehicle fleet across the globe is necessitating periodic servicing and maintenance activities. As per UN statistics, the number of vehicles on road is estimated to reach 2.6 billion by 2050 from current 1.4 billion. This rapid increase in vehicle count will drive demand for periodic maintenance services to ensure road safety and good vehicle condition. 

Further, manufacturers and fleet operators of Vehicle Periodic Maintenance Market are putting increased emphasis on preventive maintenance to reduce unexpected breakdowns and repairs. Preventive maintenance identifies small issues before they become bigger problems, avoiding costly repairs. It improves fuel efficiency and extends vehicle life as well.

The Global Vehicle Periodic Maintenance Market is estimated to be valued at US$ 122 Billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031.


Key Takeaways

Key players operating in the vehicle periodic maintenance market includes Volkswagen, Toyota, Hyundai, General Motors, Ford, etc. These players are focusing on improving customer experience through digitalization initiatives like telematics, appointment booking apps etc. They are also establishing workshops pan-India to enhance geographic reach.

The market offers ample opportunities for expansion in developing regions owing to growing middle class population and purchasing power. Entry of used car marketplaces focusing on periodic maintenance packages will also open new growth avenues. Online platforms can disrupt the traditionally unorganized aftermarket by offering packages and competitive pricing.

Global expansion remains a key strategy for major players to leverage scale and offset costs. Companies are focusing on strategic partnerships and acquisitions to quickly ramp up international presence. For instance, Toyota partnered with Fuji Heavy Industries to strengthen maintenance and repair solutions across major ASEAN countries.

Market Drivers

Rising vehicular fleet- Growing vehicle parc across regions like China, India, Indonesia etc on the back of increasing disposable income, economic growth and urbanization is a major factor behind rising demand for periodic maintenance services. This will remain a key market driver.

Increased preventive focus- With growing awareness, fleet operators and individual owners are shifting from corrective to planned preventive maintenance approach to reduce unanticipated repairs. This improves vehicle performance and lifetime.

Market Restrain

Unorganized aftermarket- Significant portion of vehicle maintenance activities, especially in emerging nations, takes place in unorganized fragmented workshops with lack of quality control and standardization. This undercuts organized players.

Limited access in rural areas- Remote locations have inadequate availability of authorized workshops resulting in dependency on roadside mechanics of uncertain standards. This acts as a restraint for organized expansion.

Segment Analysis

The vehicle periodic maintenance market can be segmented into passenger cars and commercial vehicles. Passenger cars dominate the market as nearly every passenger car owner looks for periodic maintenance and servicing of their vehicles. Due to the large number of passenger cars on the road compared to commercial vehicles, the passenger cars sub-segment holds the largest share within the vehicle periodic maintenance market globally. Passenger car owners require professional servicing and maintenance to keep their vehicles in safe driving condition and get maximum life out of expensive automobile assets.

Global Analysis
Regionally, the Asia Pacific region dominates the vehicle periodic maintenance market with the highest growth rate. Countries like China and India have the largest vehicle population globally due to rising incomes. Along with high vehicle numbers, awareness about period maintenance is also increasing in Asia Pacific pushing market growth. Europe is the second largest market for vehicle periodic maintenance due to stringent vehicle inspection rules. North America is mature market but adoption of new vehicle technologies is driving additional servicing needs providing opportunities.

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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