The global Automotive Repair and Maintenance Services Market is estimated to be valued at US$ 770.7 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive repair and maintenance services involves repair, maintenance and servicing of vehicles through automotive repair shops. Services includes routine maintenance such as engine tune-ups, brake repairs, diagnosis and inspection of vehicles. Automotive repair and maintenance play a vital role in extending vehicle life and ensuring optimum performance and fuel efficiency.
Market key trends:
One of the key trends fueling growth in the global automotive repair and maintenance services market is increasing vehicle parc. According to International Organization of Motor Vehicle Manufacturers, there were around 1.4 billion passenger cars in use worldwide in 2020. With rising car ownership, demand for routine vehicle service and repair is also increasing. Furthermore, advancing vehicle technology is making repairs and diagnostics more complex which is driving consumers to authorized automotive repair shops for quality services. The introduction of hybrid and electric vehicles requiring specialized repair tools and training is also working in favor of established automotive repair service providers.
Segment Analysis
The global automotive repair and maintenance services market can be segmented into maintenance services, electrical, electronics, and brake systems repair, transmission and steering repair, engine repair, body repair, and others. The maintenance services segment dominates the market and accounted for over 25% share in 2022. The segment is expected to continue dominating during the forecast period as well. Regular services including oil changes, battery replacements, brake pad replacements, and tune-ups contribute significantly to this segment’s revenue. Early detection and prevention of issues through routine maintenance help reduce expensive repairs and downtime, thereby driving the segment growth.
Key Takeaways
The global automotive repair and maintenance services market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing vehicle fleet and average age of vehicles.
North America dominated the global market in 2022 with over 35% share, led by the United States. This was attributed to the region’s large vehicle parc and longer average age of vehicles. However, the Asia Pacific region is expected to exhibit the fastest growth over the forecast period, owing to rising vehicle ownership, emerging service infrastructure, and growing demand from China, Japan, and India.
Key players operating in the automotive repair and maintenance services market include Firestone Complete Auto Care, Ashland Automotive, Inc., Driven Brands, Inc., Carmax Autocare Center, Sumitomo Corporation, Monro Muffler Brake, Inc., Belron International Ltd., Goodyear Tire & Rubber Co., Jiffy Lube International Inc., MyTVS Accessories, Safelite Group, Sun Auto Service, USA automotive, and Wrench, Inc. Firestone Complete Auto Care and Driven Brands are among the leading players in the market.
