According to Future Market Insights, the global Auto Repair & Maintenance Market 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.
FMI expects the United States to be one of the most attractive markets over the projection period. The market in this area is estimated to expand at a CAGR of 6.8% over the forecast period. This area is estimated to account for more than US$ 250 billion in the automotive repair and maintenance industry by 2033. One of the important elements driving the industry is the country’s growing number of repair and maintenance centres. Furthermore, the growing average age of cars and the increased use of second-hand (used) automobiles are driving up demand for auto repair and maintenance services in the United States.
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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.
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
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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