According to 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 automotive repair and service market statistics. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
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.
Automotive Repair and Service Market Overview:
Automotive repair and service involves a broad spectrum of services and operations that help maintain and restore vehicles to their optimal condition. This field encompasses everything from routine maintenance tasks such as oil changes and tire rotations to more complex repairs including engine rebuilds and transmission overhauls. The nature of these services necessitates a wide array of tools, skills, and diagnostic machinery to accurately identify issues and execute repairs. The importance of automotive repair services is underscored by their role in ensuring vehicle safety, reliability, and performance. By extending the life of vehicles and optimizing their functionality, these services not only support individual mobility needs but also contribute to the broader goal of road safety.
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Automotive Repair and Service Market Trends:
The global market for automotive repair and service is primarily driven by the increasing vehicle age, which necessitates regular maintenance and repairs. In line with this, the rising global vehicle population provides a significant impetus to the market. Moreover, the stringent emission and safety regulations require frequent service checks and system upgrades, which also act as crucial growth-inducing factors. In addition to this, the technological advancements in automotive technology lead to the need for specialized skills and advanced tools in repair shops, which drives the market further.
Furthermore, the increasing consumer awareness about vehicle maintenance for optimal performance and fuel efficiency is creating lucrative opportunities in the market. Also, the expansion of the aftermarket accessories and parts sector enhances service offerings, thereby positively impacting the market growth. The market benefits additionally from the digital transformation in service practices, which improves service delivery and customer satisfaction. Apart from this, the growing trend of vehicle customization, which often requires professional servicing, is propelling the market. Other factors contributing to the market growth include the rising disposable income, which allows for higher spending on vehicle care, and the increase in road traffic accidents, which necessitates frequent repairs and maintenance services. Lastly, the surge in adoption of electric vehicles, which require specific maintenance routines different from conventional vehicles, further drives market growth.
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.
Key Market Segmentation:
Type Insights:
Mechanical
Exterior and Structural
Maintenance Services
Vehicle Type Insights:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two Wheelers
Propulsion Type Insights:
Internal Combustion Engine (ICE)
Electric
Service Provider Insights:
Local Garage
Franchise General Repairs
OEM Authorized Service Centers
Tire Stores and Repair Chains
Others
Breakup by Region:
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)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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