Servicing the Future: A Comprehensive SWOT Analysis of the Automotive Service Market's Size, Share, and Growth

The industry trends suggest that the global Automotive services Market is expected to have a significant CAGR of 5.51%. During the forecast period, the market is expected to reach a valuation of US$ 1126.6 Bn by 2032

There has been an efficient flow of information across multiple units in an industry allowing for the most efficient conversion of raw materials to completed goods. Hence, it emphasizes the importance of the connected enterprise system, a primary driver for the automotive market. The COVID-19 pandemic outbreak has substantially impacted the automotive market's value chain and demand. The pandemic had reduced demand for automotive solutions in nations hit hard by the disease's spread.

During COVID-19, the internet of things (IoT) has played a critical role in automotive since it aids in the creation of efficient, followed by cost-effective, and responsive system architectures. Industrial Internet of Things (IIoT) solutions have helped connect industrial assets, boost efficiency, and quickly generate transparency.

Device management and shop floor software functions are made easier with IIoT and edge computing solutions throughout the lifespan. As a result, many companies started using IIoT solutions to automate the manufacturing process and improve customer satisfaction. Such widespread adoption of IIoT solutions will likely fuel automotive market growth.

Market segmentation

The automotive services market is as follows:

By End-user

Discrete industries
Process industries

By Service

Project engineering
Maintenance and support
Operational services
Consulting

By Geography

APAC
North America
Europe
MEA
South America

Industry news

Manufacturers in end-user industries like oil & gas, food & beverages, automotive, and aerospace & defense are looking for solutions that can help them with real-time data analysis, proactive maintenance, and better visibility of the manufacturing plant to improve the plant's efficiency.

Furthermore, automotive technologies, such as HMI, enable manufacturers to monitor production processes closely and adapt rapidly to changing demands, increasing operational efficiency and reducing unplanned downtime.

Monitoring characteristics such as temperature, current, voltage, speed, vibration, location, predictive maintenance, and asset management solutions give users better visibility into the equipment state.

In July 2021, Amazon India had announced the launch of its 11 automated fulfillment centers. The centers will be integrated with automated technologies, to begin with the automation of pick pack and shipping processes and ensure safe and timely order processing.

Regional analysis

The European region dominates the global automotive services market. The growth in the awareness among industries about the benefits of automotive services and their application scope fosters the adoption of these services. Moreover, the increase in the implementation of automotive services among manufacturing facilities to achieve better production management has improved power efficiency driving the market growth.

The APAC region is another lucrative market for automotive services. Due to the increased focus on enhancing the process of efficiencies and reducing production costs across various industry verticals, the APAC region is expected to create scope for the market. Besides, increasing government initiatives for digitalization, the growing demand for workplace safety, and enhanced efficiency in industrial processes have boosted the region's market shares.

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