According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion.
Due to the growing trend of vehicle personalization, rising disposable income levels, and tightening automobile safety laws, the market offers considerable business potential for key players. The market potential for these firms is further increased by the desire for technologically enhanced features.
Market expansion is anticipated to be fueled by rising vehicle sales and increasing adoption of vehicle diagnostic tools. During the projected period, it is anticipated that a rise in small-business owners and the frequency of mergers and acquisitions among major companies would present chances for market expansion.
Automobile service businesses are adopting automated vehicle inspection technologies based on artificial intelligence more and more to conduct efficient car inspections in an effort to increase their customer base. A significant instance is the partnership between American IT company Scope Technology and Microsoft’s Azure cloud computing in February 2022. A considerable cost savings of 50% is anticipated as a result of this partnership’s goal to build AI-automated vehicle inspection technology that permits visual examinations in less than 5 minutes.
Discover the effects of growing investments in the market for automotive repair and maintenance services to stay informed. Download our trial report here:
https://www.futuremarketinsights.com/reports/sample/rep-gb-5335
Rising penetration of electric vehicles is further projected to drive market growth. This accelerated adoption of electric vehicles can be attributed to government initiatives and support aimed at improving environmental quality and reducing reliance on crude oil. Moreover, it is projected that battery electric vehicle repair and maintenance costs will be approximately 40% lower than those of internal combustion engine vehicles, further driving the market’s expansion.
Key Takeaways
- United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
- The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
- By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
- The market in India is expected to grow with a CAGR of 7% throughout the forecast period.
“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” comments an FMI analyst.
Competitive Landscape
The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.
The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.
- On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
- In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.’s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
- In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.
Request Customized Insights to Perform Better in the Automotive Market for Exclusive Customizations:
https://www.futuremarketinsights.com/customization-available/rep-gb-5335
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive repair & maintenance services market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive repair & maintenance services market, the report is segmented by services & parts (engine oil, gear oil, brake oil, grease, tires, batteries, wear & tear parts, air filter, cabin filter, oil filter, wiper blades, and others), vehicle type (passenger car, LCV, and HCV), and service providers (automotive dealerships, franchise general repairs, specialty shops, locally owned repair shops, tire shops and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs