IMARC Group's latest research report, titled "Automotive Repair and Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industry, which comprises insights on the automotive repair and service industry growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global automotive repair and service market size reached US$ 684.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,008.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
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Factors Affecting the Growth of the Automotive Repair and Service Industry:
- Vehicle Age and Complexity:
The increasing average age of vehicles on the road, coupled with the growing complexity of modern automotive systems, is a significant driver for the automotive repair and service market. As vehicles age, there is a higher likelihood of wear and tear, leading to increased maintenance and repair needs. Moreover, the integration of advanced technologies in modern vehicles requires specialized expertise for diagnosis and repair, fostering demand for professional automotive services.
- Rising Vehicle Ownership and Miles Driven:
The steady rise in vehicle ownership globally, accompanied by an increase in miles driven, contributes to the growth of the automotive repair and service market. More vehicles on the road for longer periods result in higher demand for routine maintenance, repairs, and replacements of components. As consumers recognize the importance of regular servicing to ensure vehicle longevity and performance, the market for automotive repair and services continues to expand.
- Technological Advancements and Specialized Services:
Rapid technological advancements in automotive systems, including electronic components, safety features, and hybrid/electric powertrains, drive the need for specialized repair and service expertise. Automotive repair shops must continually invest in training and equipment to keep pace with evolving vehicle technologies. The demand for specialized services for electric and hybrid vehicles, in particular, is on the rise, as these vehicles become more prevalent in the market, contributing to the overall growth of the automotive repair and service industry.
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Global Automotive Repair and Service Market Trends:
The global rise in vehicle sales stands out as a pivotal catalyst propelling market expansion. Automotive repair and service play a crucial role in ensuring optimal vehicle performance, encompassing essential tasks such as engine tuning, brake inspections, lubrication, and the replacement of various components like tires, air filters, wear and tear parts, cabin filters, starters, alternators, transmission fluids, engine oil, and coolants. This comprehensive maintenance not only enhances driver safety but also preserves vehicle value while reducing operational costs.
Furthermore, automotive manufacturers are increasingly providing post-sale services, including maintenance, repair, and authentic spare parts, as a strategic move to cultivate customer loyalty and bolster brand value. This customer-centric approach serves as an additional driver for market growth. The market is also buoyed by stringent government regulations mandating the replacement and upgrading of vehicle components to enhance on-road safety and minimize emissions. Additionally, the integration of artificial intelligence (AI) for detailed vehicle diagnosis, damage identification, inspections, and pre-estimates is positively influencing the market. The adoption of the Internet of Things (IoT) to automate damage assessment, predict maintenance needs, offer real-time repair visibility, and estimate completion times is another favorable factor contributing to market growth. The escalating number of aging vehicles requiring frequent maintenance and part replacements further propels the market's upward trajectory.
Competitive Landscape with Key Players:
- Asbury Automotive Group Inc.
- Bridgestone Corporation
- CarMax Autocare Center
- Hance’s European
- Inter Cars S.A.
- Jiffy Lube International Inc. (Shell plc)
- LKQ Corporation
- MyTVS Accessories (TVS Group)
- Safelite Group Inc. (Belron Group S.A.)
- Sun Auto Service
- Wrench Inc.
Automotive Repair and Service Market Report Segmentation:
By Type:
- Mechanical
- Exterior and Structural
- Maintenance Services
Mechanical represented the largest segment due to the enduring significance of mechanical repairs in the automotive industry. Mechanical services encompass a wide array of critical functions, including engine repairs, brake maintenance, and other essential mechanical components. The dominance of this segment reflects the sustained demand for traditional automotive repair and service offerings.
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
Passenger cars accounted for the largest market share due to the sheer volume of passenger cars on the road, necessitating frequent maintenance and repairs. Additionally, the rising consumer preference for personal vehicles contributes to the substantial market share held by passenger cars in the automotive repair and service sector.
By Propulsion Type:
- Internal Combustion Engine (ICE)
- Electric
Internal combustion engine (ICE) accounted for the largest market share due to the prevailing presence of traditional combustion engine vehicles. Despite the emergence of alternative propulsion technologies, such as electric and hybrid systems, the extensive use of vehicles with internal combustion engines ensures their dominance in the automotive repair and service market.
By Service Provider:
- Local Garage
- Franchise General Repairs
- OEM Authorized Service Centers
- Tire Stores and Repair Chains
- Others
Local garage accounted for the largest market share due to the convenience, accessibility, and personalized services offered by local garages. Customers often favor these providers for routine maintenance and minor repairs, contributing significantly to their substantial market representation in the automotive repair and service industry.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Asia Pacific was the largest market for automotive repair and service due to the rising automotive sales.
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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