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.
The automotive repair and maintenance services market is a segment of the automotive industry that encompasses a wide range of services aimed at maintaining, repairing, and servicing vehicles to ensure their optimal performance, safety, and longevity. These services are essential for keeping vehicles in good condition, complying with manufacturer recommendations, and addressing mechanical issues and wear and tear over time. Here’s an overview of the automotive repair and maintenance services market:
Market Overview: The automotive repair and maintenance services market is a dynamic and multifaceted sector that includes various types of service providers, ranging from independent repair shops and franchised dealerships to specialized service centers and mobile mechanics. These providers offer a broad spectrum of services, including routine maintenance, diagnostics, repairs, parts replacement, and vehicle inspections.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-5335
Market Trends: Emerging trends in the automotive repair and maintenance services market include:
Shift towards digitalization: Increasing adoption of digital tools, platforms, and processes for service scheduling, communication, payments, and customer engagement, enhancing convenience and transparency for vehicle owners.
Emphasis on training and certification: Growing demand for skilled technicians and certified professionals trained in the latest automotive technologies, diagnostic techniques, and repair procedures to ensure quality service delivery and customer satisfaction.
Expansion of aftermarket services: Diversification of service offerings to include aftermarket upgrades, accessories, and customization services, catering to customers’ preferences for personalized vehicle modifications and enhancements.
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®.
Direct Purchase of this Report: https://www.futuremarketinsights.com/checkout/5335
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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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.
Contact Us:
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
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube