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.
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
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For a number of factors, the automotive repair and maintenance services sector is expected to increase in the future. The following are some crucial forecasts for the growth and demand for auto repair and maintenance services in the future:
- Rising vehicle ownership: As the world’s population grows, so does the number of cars on the road. As a result, there will be a greater need for auto repair and maintenance services.
- An ageing fleet of vehicles: More vehicles will require maintenance and repairs as they get older and need to stay on the road. This trend is expected to continue, especially as people strive to extend the life of their cars in order to save money.
- Technological advances: Modern cars are becoming more complicated, with high-tech systems and features that require expert maintenance and tools to fix. This will lead to a larger demand for technicians with particular knowledge and training.
With an increase in global manufacturers comes a rise in the number of passenger automobile registrations. Car owners, particularly in middle-income nations, view their automobiles as important investments, thus they place a lot of emphasis on maintaining and repairing them. According to FMI, over 70% of market sales are predicted to be from passenger vehicles.
“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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