Vehicle periodic maintenance involves the inspection, maintenance and repair of vehicles such as cars and light commercial vehicles at regular intervals. Periodic maintenance helps in identifying potential mechanical and technical faults at an early stage, thereby preventing major breakdowns and reducing repair costs in the long run. It offers services such as engine oil changes, brake inspection, fluid checks, filter replacements, wheel alignment and emission testing.
The global vehicle periodic maintenance market is estimated to be valued at US$250 Billion in 2024 and is expected to exhibit a CAGR of 5% over the forecast period 2024-2028. Key Takeaways
Key players operating in the vehicle periodic maintenance are Toyota, General Motors, Volkswagen, Hyundai, Ford, Nissan, Honda, PSA Group, Suzuki, Renault and Daimler
Global Vehicle Periodic Maintenance Market Size Growing vehicle parc and stringent emission norms are fueling the demand for periodic maintenance services globally. As per estimates, the global vehicle fleet is expected to surpass 1.5 billion units by 2025. Furthermore, governments across countries are implementing stringent emission standards to curb air pollution, thereby driving the need for regular vehicle check-ups and repairs.Advancement in predictive maintenance technologies is helping automate the maintenance process. Technologies such as IoT, cloud computing, AI and data analytics are enabling real-time vehicle monitoring and predictive diagnosis of mechanical faults. This helps in planning repairs proactively before component failures, improving overall equipment effectiveness.
Market Trends
Increased Focus on Preventive Maintenance: With rising vehicle ownership and average age, the focus of OEMs and independent workshops is shifting from periodic to preventive maintenance. This involves analyzing usage patterns and previous repairs to plan maintenance in advance and avoid potential failures. Growth of On-demand Services: Startups are launching on-demand vehicle maintenance services whereby customers can book appointments via mobile apps and get their vehicles serviced at their desired location and time. This offers great flexibility and convenience.
Market Opportunities Surging Demand for Used Vehicles: As more used vehicles change ownership, the pool of vehicles requiring periodic servicing will expand rapidly over the coming years, opening new opportunities. Subscription-based Maintenance Plans: OEMs and independent servicers can offer flexible subscription plans for periodic maintenance bundled with other value-added services. This helps in customer retention and steady revenue streams.
Impact of COVID-19 on Vehicle Periodic Maintenance market
The COVID-19 pandemic had a significant impact on the vehicle periodic maintenance market. During the initial lockdown phases in early 2020, vehicle usage reduced drastically as people were confined to their homes due to mobility restrictions and safety concerns. This led to a sharp decline in demand for routine vehicle maintenance and servicing. Garages and workshops remained shut for several months as vehicle repairs and servicing were considered non-essential services. As the lockdowns eased, vehicle usage and miles driven started increasing gradually. However, the demand is yet to reach pre-COVID levels as many people continue work-from-home and avoid unnecessary long-distance travel. Moreover, the widespread salary cuts and job losses have made people more cost-conscious about discretionary expenses like vehicle maintenance. Garages and workshops implemented strict safety protocols like social distancing and frequent sanitization to restore customer trust. While business has improved from the initial slump, the operating costs have also increased substantially.For a sustainable recovery, businesses in this sector need to focus on improving their digital presence and online service offerings. Contactless services like pickup-drop, repairs at doorstep etc can help boost demand. Promotional campaigns to encourage scheduled maintenance can reassure customers. Collaborations with fleet operators and transport companies can provide a more stable revenue stream. Overall, it will take some time for the market to achieve full pre-pandemic activity levels as consumer behavior and spending patterns undergo a shift in the post-COVID scenario.
Geographical regions with concentrated market value In terms of market value, North America accounts for the largest share of the global vehicle periodic maintenance market currently. The huge vehicle parc consisting of personal vehicles as well as commercial fleets drives the periodic maintenance needs. Strict emission regulations also ensure frequent servicing and repairs. Another major market is Western Europe led by countries like Germany, UK and France. The inclination towards scheduled vehicle care and emphasis on road safety results in regular maintenance visits.
Fastest growing regional market The Asia Pacific region is expected to witness the fastest growth in the vehicle periodic maintenance market over the coming years. Factors like rising disposable incomes, expanding road infrastructure and surge in vehicle ownership in developing Asian nations will spur demand. China, with its enormous auto manufacturing base is leading this growth. Other high potential markets include India, Indonesia and Thailand as their car parc is steadily increasing along with economic development.
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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)
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