According to Future Market Insights, the global automotive repair & maintenance services market Size is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion.
Because of the growing trend of car personalization, increased discretionary income levels, and increasing automobile safety laws, the market gives considerable business potential for key players. Furthermore, the desire for technologically enhanced features boosts these firms’ market potential.
Increased vehicle diagnostic tool use and increasing vehicle sales are likely to boost market expansion. During the projection period, a rise in local store owners and the prevalence of mergers and acquisitions among key competitors are expected to generate chances for market expansion.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report:
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Automotive service organisations are rapidly embracing artificial intelligence-based automated vehicle inspection technology for efficient vehicle inspections in order to grow their customer base. A significant example is the February 2022 collaboration between Scope Technology, a US-based IT firm, and Microsoft’s Azure cloud compute. This collaboration intends to build AI-automated car inspection technology that permits visual examinations in less than 5 minutes, resulting in a 50% cost reduction.
Rising electric vehicle penetration is expected to propel market expansion further. This rapid adoption of electric vehicles is due to government programmes and support aimed at improving environmental quality and lowering reliance on crude oil. Furthermore, battery electric car repair and maintenance costs are expected to be around 40% lower than those of internal combustion engine vehicles, propelling the market forward.
Key Takeaways
- United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
- The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
- By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
- The market in India is expected to grow with a CAGR of 7% throughout the forecast period.
“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” comments an FMI analyst.
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Competitive Landscape
The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.
The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.
- On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
- In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.’s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
- In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.
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Key Segments Profiled in the Automotive Repair & Maintenance Services Industry Survey
By Services & Parts
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Tires
- Batteries
- Wear & Tear Parts
- Air Filter
- Cabin Filter
- Oil Filter
- Wiper Blades
- Others
By Service Providers
- Automobile Dealerships
- Franchise General Repairs
- Specialty Shops
- Locally Owned Repair Shops
- Tire Shops
- Others
By Vehicle Type
- Passenger Cars
- LCV
- HCV
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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