Global automotive repair & maintenance services market share is expected to see a growth of 3.2% CAGR by the year 2031, as per the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
Future growth in the automotive repair and maintenance services sector is anticipated for a number of reasons. Here are some important predictions for the future expansion and demand for auto repair and maintenance services:
- Rising vehicle ownership: The number of automobiles on the road is rising along with the world population. The need for automobile repair and maintenance services will consequently rise
- Ageing fleet of vehicles: As average vehicle ages rise, more vehicles will need maintenance and repair work in order to remain on the road. This pattern is anticipated to remain, particularly as people try to increase the lifespan of their automobiles to reduce costs.
- Technological developments: Modern automobiles are getting more complex, with more high-tech features and systems that need specialised maintenance and tools to fix. A greater need for technicians with specialised knowledge and training will result from this.
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The number of registrations for passenger cars is increasing with the growing number of manufacturers in the world. Especially in middle-income countries, car owners perceive it as a major investment hence there is high focus on maintenance and repair of passenger vehicles. As per FMI, passenger vehicles are expected to account for over 70% sales in the market.
Key Takeaways
- Automotive Repair & Maintenance Service is driven with the increase in demand of second hand (Used) vehicles by consumers. The market will exhibit 5.7% CAGR between 2021 and 2031
- The U.S. holds the highest share in the global repair & maintenance services market. In North America it accounts for over 85% of sales.
- The U.K. will remain a chief market within Europe, exhibiting above 3.5% y-o-y growth in 2021
- Germany will account for maximum sales in Europe, France will exhibit rising demand
- Increasing production of passenger vehicles and vehicles parts will push sales in China
“Demand for repair and maintenance services is increasing due to increase in awareness regarding vehicle safety among users. Increase in availability of independent auto service and maintenance providers is likely to boost the automotive repair & maintenance services market” says FMI analyst.
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Competitive Landscape
The market is highly consolidated, with key players accounting for significant market share. Some of the key players in the repair and servicing market are Goodyear Tire & Rubber Company, Driven Brands Inc., and Jiffy Lube International Inc. Many companies are investing in various technological innovation in automotive repair & maintenance services which are the major drivers for the market.
Key Companies Profiled
Arnold Clark Automobile Limited, Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Carmax Autocare Center, Driven Brands Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Company, Halfords Group PLC, Monro Inc.
Automotive Repair & Maintenance Market
By Services & Parts
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Tires
- Batteries
- Wear & Tear Parts
- Air Filter
- Cabin Filter
- Oil Filter
- Wiper Blades
- Collision Body
- Starters & Alternators
- Lighting
- Exhaust Components
- Spark Plugs
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By Service Providers
- Automobile Dealerships
- Franchise General Repairs
- Specialty Shops
- Locally Owned Repair Shops/Body Shops
- Tire Shops
- Others
By Vehicle Type
- Passenger Cars
- LCV
- HCV
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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