The global automotive repair and maintenance services industry is anticipated to be valued at USD 915.88 billion in 2023 and is projected to grow to USD 1,850 billion by 2033, achieving a CAGR of 7.2%.
The Automotive Repair & Maintenance Services industry is a cornerstone of the global automotive sector, playing a vital role in ensuring vehicle safety, reliability, and performance. With the increase in vehicle ownership and technological advancements, the demand for professional repair and maintenance services is expanding rapidly. This industry encompasses a range of services including routine maintenance, diagnostics, collision repair, engine overhauls, and tire and brake services.
As vehicles become more complex with the integration of advanced technologies, the need for specialized service providers equipped with state-of-the-art tools and skilled technicians has grown. Furthermore, the rise of electric vehicles (EVs) and hybrid models has introduced new challenges and opportunities within the market, requiring a shift in service approaches and technician expertise. Additionally, trends toward vehicle customization, digital service platforms, and eco-friendly repair practices are driving innovation and consumer expectations.
In an era of evolving consumer needs and stringent regulations, the Automotive Repair & Maintenance Services industry is poised for continuous growth, with a heightened focus on service quality, customer convenience, and sustainability.
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Key Drivers:
- Growing Vehicle Fleet and Aging Cars: The increasing number of vehicles on the road and the trend toward longer vehicle lifespans are driving demand for repair and maintenance services.
- Advancements in Vehicle Technology: Modern vehicles are equipped with sophisticated systems such as ADAS, EV powertrains, and advanced electronics, which require specialized training and diagnostic tools for proper servicing.
- Rise of Electric and Hybrid Vehicles: The growing adoption of EVs and hybrid vehicles is shifting the focus of repair services, leading to the need for technicians skilled in high-voltage systems and specialized EV components.
- Emphasis on Safety and Regulatory Compliance: Heightened safety standards and environmental regulations are driving vehicle owners to seek professional repair services to ensure compliance and maintain vehicle integrity.
- Increased Consumer Expectations for Convenience: The demand for faster, more convenient services has led to the growth of mobile repair units and digital service platforms that provide online booking and remote diagnostics.
- Sustainability and Eco-Friendly Practices: There is a push for greener repair solutions, including the use of eco-friendly parts, sustainable materials, and recycling practices that align with global environmental initiatives.
Key Takeaways:
- The automotive repair and maintenance services market is expanding as vehicle ownership rises and the complexity of vehicles increases, requiring specialized services.
- The integration of advanced technologies in vehicles, including EVs and connected car systems, is reshaping service approaches and the skill sets needed for repair professionals.
- Consumer expectations are shifting toward more convenient, tech-enabled services, prompting the growth of mobile repair services and digital platforms for booking and diagnostics.
- Compliance with stringent safety regulations and a focus on sustainable practices are shaping the service offerings in the industry.
- The growth in EVs presents both challenges and opportunities, driving demand for specialized training and tools to meet the needs of electric and hybrid vehicle owners.
Competitive Landscape
The automotive repair & maintenance services market is highly competitive, with several key industry players investing heavily in the production of 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., Carmax Autocare Center, Firestone Complete Autocare, Goodyear Tire & Rubber Company, Halfords Group PLC, Monro Inc.
Some recent developments in the market are:
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.
- In March 2021, Monro Inc. entered into a definitive 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.
- 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 October 2019, Driven Brands Inc., a United States automobile aftermarket company, completed the acquisition of ABRA Automotive Systems LP.
- In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to reach its goal of expanding 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®.
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
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