The Automotive Repair and Maintenance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Repair and Maintenance, The automotive repair and maintenance market size has grown strongly in recent years. It will grow from $907.72 billion in 2023 to $990.04 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rise in disposable income, increased environmental concerns for e-waste pushing companies to re-use automotive parts, strong economic growth in emerging markets and rapid urbanization.
The automotive repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $1381 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to growing sense of sustainability, growing vehicle failure rate and cost-benefit associated with repairing old vehicle, increasing government regulations for automotive waste management and higher purchase cost of automotive vehicles. Major trends in the forecast period include adopting predictive maintenance solutions in vehicles to reduce breakdowns and improve efficiency by predicting parts failures in advance, implement enhanced safety features in their vehicles to offer safe services for the customers, integrate advanced technology in their services in order to provide quality and efficient safety services, companies should consider implementing big data analytics tools in companies’ operations to enhance their real-time operations, focus on mergers and acquisitions to increase revenue and market share, use remote vehicle diagnostic systems to increase the safety of the consumer and also the vehicle, adopt ai solutions, to ultimately reduce r&d costs and save development time, and focus on offering electric vehicles in their portfolio to cater to the growing environmental consciousness among customers.
Automotive repair and maintenance service providers are increasingly installing diagnostic devices in customer vehicles to improve their service offerings. On-board diagnostics tools are being used to track vehicle conditions and identify potential problems by running diagnoses. For instance, Koovers, a car maintenance services provider, fits an onboard diagnostics tool for its registered customers. Its call center picks up the error reported by the tool and connects with the customer for required repair work. This enables garages to check for required parts for the car even before the car is brought in for service thus reducing wait time.
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The automotive repair and maintenance market covered in this report is segmented –
1) By Type: Automotive Mechanical And Electrical Repair And Maintenance, Automotive Body, Paint, Interior, And Glass Repair, Other Automotive Repair And Maintenance
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Bike And Scooter
3) By Service Provider: Automotive Dealership, Franchise General Repair, Specialty Shop, Locally Owned Repair Shops/Body Shop, Others
Sub segments: General Automotive Repair, Automotive Exhaust System Repair, Automotive Transmission Repair, Other Automotive Mechanical And Electrical Repair And Maintenance, Automotive Body, Paint, And Interior Repair And Maintenance, Automotive Glass Replacement, Automotive Oil Change And Lubrication Shops, Car Washes, All Other Automotive Repair And Maintenance
Major companies operating in automotive repair and maintenance services market are introducing repair and maintenance services such as Car Genius to provide reliable services to the customers. Car Genius is an automotive repair and maintenance service that aims to assist customers in making informed decisions about their vehicle repairs by providing them with valuable insights and recommendations. For instance, in January 2023, Repair Pal, a US-based company that provides automotive repair and maintenance services launched Car Genius service. The service is available to select partners, allowing their customers to benefit from the expertise of Repair Pal’s automotive repair professionals.
The automotive repair and maintenance market report table of contents includes:
1. Executive Summary
2.Automotive Repair and Maintenance Market Characteristics
3.Automotive Repair and Maintenance Market Trends And Strategies
4.Automotive Repair and Maintenance market analysis
5.Automotive Repair and Maintenance Market Size And Growth
6.Automotive Repair and Maintenance Segmentation
7.Automotive Repair and Maintenance Regional And Country Analysis
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27. Automotive Repair and Maintenance Competitive Landscape And Company Profiles
28. Automotive Repair and Maintenance Key Mergers And Acquisitions
29. Automotive Repair and Maintenance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- LKQ Corporation
- Belron International Ltd.
- ADNOC
- Monro Muffler Brake
- Asbury Automotive Group Inc.
- Nippon Express Co.
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