Trends Driving the Expansion of the Vehicle Periodic Maintenance Market

Market Overview: 
The vehicle periodic maintenance market involves routine servicing activities carried out on vehicles to keep them in good working condition. This includes oil changes, filter replacements, brake inspection, fluid top-ups, and other minor repairs. Periodic maintenance helps enhance vehicle performance, reduce downtime, and extend the life of components. It assists in detecting minor issues before they become major problems. The market comprises products and services for maintenance of passenger cars and commercial vehicles.

The vehicle periodic maintenance market is estimated to be valued at USD 930.12 Bn in 2024 and is expected to reach USD 1236.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031.

Key players operating in the vehicle periodic maintenance market are ADNOC, Nippon Express Co., Car Parts.com Inc, Belron International Ltd., and EUROPART Holding GmbH.

Growing vehicle fleet across regions has augmented the demand for Vehicle Periodic Maintenance Market activities. As per estimates, the global vehicle fleet is expected to rise above 2.5 billion units by 2030 from the current 1.4 billion units. This growing number of on-road vehicles will drive higher aftermarket opportunities.

Global expansion of automotive companies into developing markets has increased accessibility to vehicle service workshops worldwide. Leading OEMs are partnering with local players to offer standardized maintenance and repair solutions across a wider geographic base. This, along with rising per capita income, is accelerating the global reach of the periodic maintenance market.

Market Key Trends
One of the key trends in the vehicle periodic maintenance market is reduced vehicle downtime. Unplanned breakdowns lead to substantial losses in productivity and revenue. Periodic servicing helps address small technical issues before they escalate and cause vehicle failure. This significantly brings down downtime and associated costs, allowing for efficient fleet management. As automakers emphasize on-time maintenance schedules, the market sees increased demand stimulated by lower operational expenses and higher customer satisfaction. Optimization of maintenance cycles through digital tools and diagnostics is emerging as an important strategy to ride this high-impact trend.

Porter’s Analysis
Threat of new entrants: High upfront investment and strong brand loyalty act as a barrier for new entrants.

Bargaining power of buyers: Large fleet operators can negotiate better services. Bargaining power of suppliers: Established companies have a stable supply chain and bargaining power over suppliers.

Threat of new substitutes: Emerging technologies like electric and self driving vehicles pose a threat, though gradual.

Competitive rivalry: Intense competition due to low differentiation with focus on service quality.

Geographical Regions
North America is currently the dominant region for the vehicle periodic maintenance market, with the United States accounting for the major share due to large fleet size and annual vehicle servicing culture. Asia Pacific region is poised to be the fastest growing market between 2024-2031 with China and India leading primarily due to rising vehicle parc and increasing demand for premium and luxury vehicles requiring periodic maintenance and servicing.

The European vehicle periodic maintenance market is mainly concentrated in Germany, United Kingdom, France and Italy attributed to stringent emission norms and availability of major fleet operating companies and vehicle workshops. Japan also captures sizable share in East Asia region backed by well-established automotive industry and maintenance culture. Other emerging markets like Brazil, Mexico, South Africa etc. are demonstrating high growth potential for vehicle periodic maintenance sector supported by improving economic conditions and consumer buying behavior.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)