Automotive Repair & Maintenance Services Market will exhibit 5.7% CAGR between 2021 and 2031 | Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd

Global automotive repair & maintenance services market is forecast to reach a US$ 544.5 Bn in 2021, with a stable long-term projection, as per the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.

The demand for automotive repair & maintenance services declined in 2020 due to the COVID-19 outbreak. However, sales are recovering since the automotive industry is in recovery mode. Considering the possibility of the market regaining momentum in many countries, the long-term outlook on the market remains positive.

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The demand for automotive repair & maintenance services increases with the increasing vehicle age and poor quality of roads. The repair & maintenance market is driven by increase in demand for various services and parts such as tire replacement services, collision body repairs, and others.

The number of registrations for passenger cars is increasing with the growing number of manufacturers in the world. Especially in middle-income countries, car owners perceive it as a major investment hence there is high focus on maintenance and repair of passenger vehicles. As per FMI, passenger vehicles are expected to account for over 70% sales in the market.

Many consumers are utilizing online sales channels to gain a clearer picture of quality and cost; for instance, over one-fourth of aftermarket consumers in Germany, France, and the UK use online channels to evaluate workshops for their car repair & maintenance services. With the increasing use of software vehicle systems in engines and car electronics, software knowledge has become the core competency factor. Thus, mechanics-based garages or workshops may lose their positions to an automotive repair & maintenance services ecosystem in the upcoming years.

Automotive Repair and Maintenance Services Market – List of Innovations

  • The US-based automobile aftermarket company called Driven Brands Inc. announced their joint venture with ABRA Automotive Systems LP. In October 2019 to collectively generate significant revenues and earn their respective names in the market competition.

Automotive Repair and Maintenance Services Market – Growth Drivers

Remote vehicle diagnostics frameworks empower constant monitoring of vehicle boundaries to evaluate its presentation against benchmarks. Remote diagnostics framework has acquired a critical foothold in commercial and utility vehicles, inferable from mechanical headways in vehicles and expanding center around vehicle wellbeing and associated vehicles. Also, approved dealers are laying accentuation on using their capacities and offering advanced types of assistance, for example, remote finding to procure an upper hand in the market.

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

“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.

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

By Service Providers

  • Automobile Dealerships
  • Franchise General Repairs
  • Specialty Shops
  • Locally Owned Repair Shops/Body Shops
  • Tire Shops
  • Others

By Vehicle Type

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Scope of the Report

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis USD Million for value and Units for Volume
Key Regions Covered North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Oceania, Turkey, Northern Africa, South Africa
Key Segments Covered Parts, Service Providers, Vehicle Type and Region.
Key Companies Profiled
  • 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.
Report Coverage Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing Available upon Request

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Report: https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017
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