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
To keep current on the most recent changes in the automotive industry, get a hold of our Sample Report. Now download:
https://www.futuremarketinsights.com/reports/sample/rep-gb-5335
For a variety of factors, it is projected that the automotive repair and maintenance services industry will expand in the next years. The following are significant predictions for the increase and demand for auto repair and maintenance services in the future:
1. Rising vehicle ownership: The number of cars on the road is rising along with the global population. The demand for auto repair and maintenance services will consequently increase.
2. An ageing fleet of vehicles: As vehicles age and must be kept on the road, more will need upkeep and repairs. This tendency is anticipated to continue, especially as people try to increase the lifespan of their vehicles to reduce costs.
3. Technological developments: Modern cars are becoming more complicated, with sophisticated systems and features that require professional repair and upkeep. This will lead to a larger demand for technicians with particular knowledge and training.
Along with the increase in global manufacturers, there is also an increase in the number of passenger car registrations. Car owners emphasise maintenance and repairs because they consider their automobiles to be major assets, especially in middle-income countries. According to FMI, more than 70% of market sales are anticipated to be made up of passenger cars.
“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.
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.
Personalized Intelligence: Request Customizations to Maximize Your Automotive Repair & Maintenance Services Market Potential :
https://www.futuremarketinsights.com/customization-available/rep-gb-5335
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
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.
Contact:
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
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs
