The global automotive repair and maintenance services market is set to reach USD 915.88 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2033, ultimately hitting approximately USD 1,850 billion.
This growth presents significant opportunities for key industry players, driven by trends such as vehicle customization, rising disposable incomes, and stringent automotive safety regulations. The increasing demand for advanced technological features in vehicles further enhances the market’s potential.
The market’s expansion is attributed to the growing adoption of vehicle diagnostic tools and rising vehicle sales. The emergence of local repair shops and the prevalence of mergers and acquisitions among industry leaders are expected to provide additional growth opportunities.
Moreover, automotive service providers are increasingly integrating artificial intelligence (AI) into their operations for automated vehicle inspections. For instance, Scope Technology’s partnership with Microsoft’s Azure cloud service aims to develop AI-driven inspection technology that can conduct visual inspections in under five minutes, significantly reducing costs by 50%.
Additionally, the rising penetration of electric vehicles (EVs) is contributing to market growth. Government initiatives promoting environmental sustainability and reducing dependency on crude oil are accelerating EV adoption. Notably, the lower maintenance costs associated with battery electric vehicles—estimated to be around 40% less than those of internal combustion engine vehicles—are expected to further propel market expansion in the coming years.
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Key Takeaways from the Automotive Repair & Maintenance Services Market Report:
- 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.
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®.
Automotive Repair & Maintenance Services Market Segmentations:
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
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