Global automotive repair & maintenance services market size 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.
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.
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.
For more information: https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017
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