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Garage and Service Station Market Trends

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

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Garage and Service Station Market Trends

The integration of electrification services stands to bolster the garage and service station industry growth. The latest release of the IEA's annual Global Electric Vehicle Outlook reveals that over 10 million electric cars were purchased globally in 2022, with an anticipated 35% increase in sales for 2023, reaching 14 million units. This remarkable surge indicates that electric vehicles now account for 14% of the total automobile market, up from approximately 4% in 2020, and is projected to rise further to 18% this year, as per the IEA's most recent forecasts.

With the growing adoption of electric vehicles (EVs), service stations offering EV charging infrastructure and maintenance will tap into a burgeoning market. This diversification aligns with the global shift toward sustainable transportation, ensuring that these businesses remain relevant and profitable while meeting the evolving needs of environmentally conscious consumers.

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.