Skip to main content

Automotive Repair & Maintenance Services Market Key Opportunity, Analysis, Growth, Trends 2031

Global automotive repair & maintenance services market is forecast to reach a US$ 544.5 Bn in 2021, witha 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.

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.

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.

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

  • Passenger Cars
  • LCV
  • HCV

For More Info@ https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017

Comments

Post a Comment

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, ...
Post a Comment
Read more

Epilepsy Treatment Market Share and Growth Factors Impact Analysis 2032

 The Epilepsy Treatment Market is a critical segment of the healthcare industry dedicated to addressing the needs of individuals suffering from epilepsy, a neurological disorder characterized by recurrent seizures. Epilepsy affects millions of people globally, making it a significant public health concern. The market encompasses a wide range of treatment options, including antiepileptic drugs (AEDs), surgery, and various non-pharmacological approaches. One of the primary drivers of the epilepsy treatment market is the continuous development of novel and more effective antiepileptic medications. Pharmaceutical companies are investing in research and development to create AEDs with improved efficacy, fewer side effects, and better patient compliance. These advancements have provided patients with a broader selection of treatment options, enhancing their quality of life and reducing the frequency and intensity of seizures. Surgical interventions, such as resective surg...
Post a Comment
Read more

Lane Departure Warning (LDW) Market to Witness a Healthy Growth by 2032

  Lane Departure Warning Market to Grow by 2X Amid Surging Adoption of Safety Systems in Passenger Vehicles Over the forecast period of 2022-2032, the  lane departure warning (LDW) market  is expected to grow at a CAGR of  9.7% , reaching  US$ 12.9 Bn  by 2032. All vehicles have sensors, and despite being well-equipped with mirrors, they have poor visibility, resulting in road accidents. As a result, all heavy-duty manufacturers are required to install LDW,. This is expected to augment sales in the market. Automobile manufacturers are subjected to stringent passenger safety regulations imposed by various government bodies around the world. Expansion of the automotive sector, rising initiatives to promote the adoption of advanced technologies, and the development of structured safety features will continue pushing sales of LDW over the forecast period. Further, rising demand for premium and luxurious features in vehicles in emerging economies will create opp...
Post a Comment
Read more