The vehicle periodic maintenance market involves routine inspections and servicing of vehicles to ensure optimum performance and prevent unexpected breakdowns. Vehicle periodic maintenance services include inspection and replacement of parts like oils, filters, brake pads, wiper blades, bulbs and tires. Vehicle Periodic Maintenance Market also involves checking crucial vehicle systems like brakes, suspension, steering, air conditioning, battery and engine coolant levels. Regular periodic maintenance helps in early detection of mechanical faults and prevents major repairs. It ensures safety, prolongs the life of vehicles and improves resale value. The global vehicle periodic maintenance market is highly fragmented with the presence of unauthorized local mechanics alongside organized multi-brand vehicle service chains.

The Global Vehicle Periodic Maintenance Market is estimated to be valued at US$ 122 Billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031.


Key Takeaways

Key players: Key players operating in the vehicle periodic maintenance market are Jiffy Lube, Firestone Complete Auto Care, Monro Muffler Brake, Driven Brands, Asbury Automotive Group, Sumitomo Corporation, copyright International Ltd., Meineke Car Care Centers LLC, Goodyear Tire & Rubber, Ashland Automotive.

Growing demand: Increase in vehicle fleet worldwide owing to rising disposable incomes and easy vehicle financing schemes has boosted the periodic maintenance demand. More vehicles on road translates to higher aftermarket opportunities.

Technological advancement: Introduction of digital platforms by service providers for appointments, online checkups, payment reminders and loyalty programs has enhanced customer experience. Diagnostic devices for quick fault detection have optimized servicing processes.

Market Trends

Focus on electric vehicles: Regular maintenance and repairs of high voltage systems, charging ports, battery cooling mechanisms will be crucial for EVs. This will open new opportunities, though periodic needs may reduce due to fewer moving parts.

Multi-service centers: Organized chains are investing in combined service centers for vehicles, homes and commercial equipment. This offers convenience to customers and helps expand business volumes.

Market Opportunities

Subscription-based packages: Pay-monthly or pay-annually maintenance packages for comprehensive vehicle care and scheduled services are gaining traction.

Tie-ups with OEMs: Collaborations with automakers for authorized/dealership-model periodic maintenance, especially for new vehicles extends captive after-sales revenue streams.

Impact of COVID-19 on Vehicle Periodic Maintenance Market Growth

The COVID-19 pandemic has significantly impacted the growth of the vehicle periodic maintenance market. During the initial lockdown phases in 2020, automotive workshops and service centers witnessed a major decline in demand as people refrained from non-essential travel and vehicle usage reduced substantially. Social distancing norms also discouraged customers from getting their vehicles serviced unless there was a critical requirement. This led to a steep drop in revenue for vehicle maintenance providers in the initial months.

However, as lockdowns eased in later half of 2020 and 2021 with increased mobility, the market started witnessing a gradual recovery. While demand is yet to reach pre-COVID levels, periodic vehicle checks are being prioritized again along with other preventive maintenance practices. Market players are also focusing on enhancing safety protocols and digital/contactless service options to regain customer confidence. They are ensuring all COVID-19 guidelines relating to sanitization, social distancing and use of PPE kits are strictly followed at workshops. Teleconsultation is being leveraged to schedule appointments and address minor vehicle issues remotely.

Going forward, adherence to stringent safety norms and expansion of online service offerings are expected to help the market recover steadily in 2022. Nevertheless, sporadic outbreaks and emergence of new virus strains continue to pose challenges. The vehicle periodic maintenance market will have to keep monitoring the situation closely and adapt operations suitably to accommodate any future uncertainty.

Geographical Regions with High Vehicle Periodic Maintenance Market Value

In terms of value, Western Europe accounts for the largest share of the global vehicle periodic maintenance market currently. Countries like Germany, the UK, France, Italy etc. have sizeable vehicle parc owing to well-established automotive manufacturing sectors. Strict periodic check and service mandates by regulatory authorities also drive aftermarket spends routinely.

North America ranks second led by the US, which has one of the world's largest passenger and commercial vehicle fleets. Likewise, frequent vehicle usage and hefty investment in road infrastructure attract significant scheduled maintenance spending.

Moving forward, Asia Pacific is positioned as the fastest growing regional market for vehicle periodic maintenance. Rapid urbanization, rising per capita income and expanding middle-class in China and India are propelling vehicle ownership in the region. This will simultaneously spur the need for routine vehicle upkeep programs.

Fastest Growing Regional Market

Asia Pacific is poised to witness the fastest growth in the global vehicle periodic maintenance market over the forecast period. This can be attributed to several factors like - burgeoning vehicle parc led by China, India and other Association of Southeast Asian Nations (ASEAN); improving road connectivity and expansion of automotive service networks; and frequency of periodic checks gradually catching up with developed markets.

Moreover, as middle-income consumers increasingly opt for personal mobility, timely vehicle maintenance is gaining prominence. Additionally, commercial vehicle maintenance constitutes a sizable portion of overall aftermarket spends, supporting regional market growth. The development of smart city infrastructure and establishment of vehicle tracking/monitoring systems will aid in driving periodic maintenance programs efficiently across Asia Pacific.

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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