Robust Growth Projected for Automotive Repair & Maintenance Services Market, Reaching US$ 1,850 Billion by 2033 with a CAGR of 7.2%

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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The automotive repair and maintenance services business is anticipated to grow in the future for a number of reasons. Important projections for the future growth and demand for auto repair and maintenance services include the following:

The number of vehicles on the road is increasing along with the global population. There will be a larger need for auto repair and maintenance services as a result.
An ageing fleet of vehicles: As vehicles get older and must continue to be used on the road, more will need maintenance and repairs. This tendency is anticipated to continue, especially as consumers attempt to increase the lifespan of their vehicles in an effort to save money.
Modern cars are getting more complex, with high-tech systems and features that need specialised repair and maintenance. This is due to technological advancements. As a result, there will be a greater need for technicians with specialised knowledge and training.

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

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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About Us

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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About the 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.

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