Market Size in 2023 | Market Forecast in 2032 | Growth Rate (in %) | Base Year |
---|---|---|---|
USD 942.81 Billion | USD 2241.36 Billion | CAGR at 10.10% | 2023 |
According to the report published by Zion Market Research, the global Automotive Repair and Maintenance Market size was valued at USD 942.81 Billion in 2023 and is predicted to reach USD 2241.36 Billion by the end of 2032. The market is expected to grow with a CAGR of 10.10% during the forecast period. The report analyzes the global Automotive Repair and Maintenance Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Automotive Repair and Maintenance Market industry.
Automotive repair and maintenance are the services offered for the maintenance and repair of vehicles. It checks for the systems and components of the vehicle as well as their functioning in the vehicle technology which includes automatic transmissions, air conditioning, electronic management systems, reduction drives, hybrid & electronic drivelines, and engine configuration. Such automotive repair and maintenance services help in the easy and effective maintenance of commercial vehicles, cars, and other vehicles.
The global automotive repair and maintenance market is growing at a faster rate. The rise in awareness for vehicle safety & maintenance, increase in the number of automotive repair & maintenance service providers, and growing demand for the services from the passenger as well as transport vehicles are the major factors that are fueling the growth of the global market. One of the basic reasons for regular repair and maintenance of the vehicles is that it ensures the safety of driving. Regular change in oil, checking cabin & air filters, brakes, and air pressure in the tires is very important as they are directly related to safety. It also maintains the value of the vehicle and lowers the running cost.
In addition to this, regular repair and maintenance also prevents malfunctioning, increases the performance of the vehicle, ensure fuel efficiency, reduce pollution, lowers the operational cost. Due to all such important features of the services, there is a substantial rise in the growth of the global automotive repair and maintenance market. Moreover, the rise in adoption of vehicle diagnostic tools and increase in sales of the vehicles are also contributing to the growth of the global market. Furthermore, an increase in local shop owners and a rise in mergers & acquisitions among the key players may lead to opportunities for the growth of the global market during the forecast period. However, the high cost associated with the automotive repair & maintenance services and the unwillingness of the vehicle owners to invest in the maintenance is the factors hindering the growth of the global automotive repair and maintenance market.
The Covid-19 outbreak has adversely affected the growth of the global automotive repair and maintenance market. The rapid spread of the virus enforced the government to take the quick decision of complete lockdown, constraint on movement, and social distancing. Thus, most of the population across the world stayed at home during the pandemic. This affected the business of commercial and passenger vehicles. A drop in sales was also experienced due to a change in consumer behavior and a decrease in spending on non-essential goods. All these factors hampered the growth of the market amidst the Covid-19 pandemic.
The global automotive repair and maintenance market is bifurcated into service providers, parts & services, vehicle type, and region.
Based on the service providers, the global automotive repair and maintenance market is segregated into locally owned repair shops/body shops, franchise general repairs, automotive dealerships, and others.
Based on the parts & services, the global market is split into wears & tears parts, tires, batteries, collision body, and others.
The vehicle type segment is divided into commercial vehicles and passenger vehicles.
Report Attributes | Report Details |
---|---|
Report Name | Automotive Repair and Maintenance Market Research Report |
Market Size in 2023 | USD 942.81 Billion |
Market Forecast in 2032 | USD 2241.36 Billion |
Growth Rate | CAGR of 10.10% |
Number of Pages | 196 |
Key Companies Covered | Firestone Complete Auto Care, Asbury Automotive Group Inc., Goodyear Tire & Rubber Co., Ashland Automotive Inc., Halfords Group plc., Driven Brands Inc., Belron International Ltd., Monro Muffler Brake Inc., Jiffy Lube International, Inc., and Sumitomo Corporation |
Segments Covered | By Service providers, By Parts & services, By Vehicle type and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Regionally, Asia Pacific region is estimated to hold the maximum share in terms of revenue in the global automotive repair and maintenance market over the forecast period. Factors such as an increase in the use of passenger vehicles, rise in demand for the services by the commercial vehicle owners, growing awareness for the safety of the vehicles, and increase in sales of the vehicles are the key factors that are primarily driving the growth of the automotive repair and maintenance market in this region. Europe holds the second position in the market due to the rise in the adoption of diagnostic systems and the rise in technological advancements.
are some of the prominent players operating in the global automotive repair and maintenance market.
By Service providers
By Parts & services
By Vehicle type
FrequentlyAsked Questions
The global automotive repair and maintenance market is growing at a faster rate. The rise in awareness for vehicle safety & maintenance, increase in the number of automotive repair and maintenance service providers, and growing demand for the services from the passenger as well as transport vehicles are the major factors that are fueling the growth of the global automotive repair and maintenance market. Furthermore, an increase in local shop owners and a rise in mergers & acquisitions among the key players may lead to opportunities for the growth of the global automotive repair and maintenance market during the forecast period.
Firestone Complete Auto Care, Asbury Automotive Group Inc., Goodyear Tire & Rubber Co., Ashland Automotive Inc., Halfords Group plc., Driven Brands Inc., Belron International Ltd., Monro Muffler Brake Inc., Jiffy Lube International, Inc., and Sumitomo Corporation are some of the prominent players operating in the global automotive repair and maintenance market.
Regionally, Asia Pacific region is estimated to hold the maximum share in terms of revenue in the global automotive repair and maintenance market over the forecast period. Factors such as an increase in the use of passenger vehicles, rise in demand for the services by the commercial vehicle owners, growing awareness for the safety of the vehicles, and increase in sales of the vehicles are the key factors that are primarily driving the growth of the global automotive repair and maintenance market in this region.
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