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:
1.Rising vehicle ownership: The number of vehicles on the road is rising along with the global population. The demand for auto repair and maintenance services will consequently increase.
2. An aged fleet of vehicles: As vehicles age and need to be kept on the road, more will need upkeep and repairs. This pattern is anticipated to continue, particularly as people try to increase the lifespan of their vehicles in order to reduce expenses.
3.Technological advancements: Modern vehicles are getting more complex, with high-tech features and systems that need specialised repair and maintenance. A greater need for technicians with specialised expertise and training will result from this.
The number of passenger vehicle registrations rises together with the number of worldwide manufacturers. Particularly in middle-income countries, car owners prioritise upkeep and repairs since they see their vehicles as significant assets. According to FMI, passenger vehicles are expected to account for more than 70% of market sales.
“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
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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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