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{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157} sales 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{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157} 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{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157} of sales.
- The U.K. will remain a chief market within Europe, exhibiting above 3.5{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157} 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
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 |
|
| 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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The post Growth of Automotive Repair & Maintenance Services Market will exhibit 5.7{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157} CAGR between 2021 and 2031 appeared first on Future Market Insights.