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Garage and Service Station Market Size

Report ID: GMI7119
Published Date: Oct 2023
Report Format: PDF

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Garage and Service Station Market Size

Garage and Service Station Market was valued at USD 801.4 billion in 2022 and is anticipated to register a CAGR of over 7% between 2023 and 2032, due to increasing vehicle ownership and usage. According to the Society of Indian Automobile Manufacturers, from April 2022 to March 2023, the industry manufactured a combined total of 25,931,867 vehicles, encompassing Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles. This marks an increase compared to the 23,040,066 units produced from April 2021 to March 2022.

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As more individuals and businesses rely on cars for daily transportation, the demand for maintenance, repair, and refueling services has surged. This trend stimulates market growth as service stations and garages play a pivotal role in keeping vehicles roadworthy and ensuring safe, efficient, and convenient travel, thus capitalizing on the expanding automotive landscape.

Garage and Service Station Market Report Attributes
Report Attribute	Details
Base Year:	2022
Garage and Service Station Market Size in 2022:	USD 801.4 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7%
2032 Value Projection:	USD 1.67 Trillion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	289
Segments covered:	Product type, Ownership, Business Structure
Growth Drivers:	Rising middle class vehicle ownership worldwide Improved vehicle durability and reliability Rise in the adoption of advance diagnostic tools Strict emission standards and safety regulations require regular maintenance and adherence
Pitfalls & Challenges:	Rapid evolution of electric and autonomous vehicles Lack of skilled technicians and mechanics

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Stringent environmental regulations focused on mitigating vehicle emissions will boost the garage and service station market growth. Stricter emissions and environmental regulations require vehicles to be well-maintained. Service stations are adapting to provide emissions testing and eco-friendly solutions to meet these regulatory requirements and customer demands. On the other hand, the transition to electric vehicles poses a challenge to traditional service stations and garages, as EVs require less maintenance and different types of services. This shift can reduce the demand for conventional automotive services, thus impacting the market outlook.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of garage and service station was valued at USD 801.4 billion in 2022 and is anticipated to register a CAGR of over 7% between 2023 and 2032, due to increasing vehicle ownership and usage.

The mechanical repair segment held major market share in 2022 as it remains in high demand at garages and service stations due to the widespread usage of internal combustion engine (ICE) vehicles that need routine maintenance, engine repairs, brake replacements, and other mechanical services.

Asia Pacific market for garage and service station was exceeded USD 310.9 billion in 2022 and is poised for significant growth through 2032, due to a thriving automotive culture, high vehicle ownership rates, and a preference for personal mobility.

Jiffy Lube International, Inc., Safelite Group, The Pep Boys, Valvoline, Firestone Complete Auto Care., Midas International, LLC, and Meineke Car Care Centers, LLC.