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.
Market Drivers:
Vehicle Age and Miles Driven: Increasing vehicle age and miles driven result in higher demand for repair and maintenance services as vehicles require regular servicing, parts replacement, and repairs to maintain performance and reliability.
Preventive Maintenance: Emphasis on preventive maintenance helps prevent costly breakdowns, extend vehicle lifespan, and maintain resale value, driving demand for routine maintenance services such as oil changes, fluid flushes, and filter replacements.
Technological Complexity: Advancements in vehicle technology, including electronic systems, advanced safety features, and hybrid/electric powertrains, require specialized diagnostic equipment, technical expertise, and training for repair and maintenance services.
Regulatory Compliance: Compliance with safety, emissions, and environmental regulations mandates regular inspections, emissions testing, and repairs to ensure vehicles meet regulatory standards and pass state-mandated inspections.
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Market Challenges:
Technician Shortages: Shortages of skilled automotive technicians and mechanics pose challenges for repair shops and service centers seeking to meet demand and maintain service quality, necessitating investment in training and workforce development.
Rising Operating Costs: Increasing costs of labor, parts, equipment, and facility maintenance squeeze profit margins for repair and maintenance businesses, requiring efficient operations, cost controls, and pricing strategies to remain competitive.
Consumer Perception: Addressing consumer perceptions of dishonesty, overcharging, and poor service quality in the automotive repair industry requires transparency, integrity, and proactive communication to build trust and loyalty with customers.
DIY Repairs and Maintenance: Growing popularity of DIY repairs and maintenance tasks among automotive enthusiasts and hobbyists poses competition for traditional repair shops, particularly for routine maintenance services and minor repairs.
Market Trends:
Digitalization and Connectivity: Adoption of digital tools, online scheduling platforms, mobile apps, and vehicle connectivity features facilitate customer engagement, service bookings, real-time updates, and remote diagnostics in automotive repair and maintenance services.
Specialization and Differentiation: Specialization in niche services, such as hybrid/electric vehicle repairs, performance tuning, restoration services, and customization, allows repair shops and service centers to differentiate themselves and attract specific customer segments.
Sustainable Practices: Embracing sustainable practices, such as recycling, waste reduction, energy efficiency, and eco-friendly products, aligns with consumer preferences for environmentally responsible businesses and reduces environmental impact.
Subscription and Membership Models: Introduction of subscription-based maintenance plans, membership programs, and loyalty incentives encourages repeat business, enhances customer retention, and provides predictable revenue streams for repair shops and service centers.
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.
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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.
Key Segments Profiled in the Automotive Repair & Maintenance Services Industry Survey
By Services & Parts
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Tires
- Batteries
- Wear & Tear Parts
- Air Filter
- Cabin Filter
- Oil Filter
- Wiper Blades
- Others
By Service Providers
- Automobile Dealerships
- Franchise General Repairs
- Specialty Shops
- Locally Owned Repair Shops
- Tire Shops
- Others
By Vehicle Type
- Passenger Cars
- LCV
- HCV
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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