Automotive Repair & Maintenance Market Expected to Increase a CAGR of 3.2% through 2031

 

 Global automotive repair & maintenance services market is forecast to reach a US$ 544.5 Bn in 2021, with a stable long-term projection, as per the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.

The demand for automotive repair & maintenance services declined in 2020 due to the COVID-19 outbreak. However, sales are recovering since the automotive industry is in recovery mode. Considering the possibility of the market regaining momentum in many countries, the long-term outlook on the market remains positive.

The demand for automotive repair & maintenance services increases with the increasing vehicle age and poor quality of roads. The repair & maintenance market is driven by increase in demand for various services and parts such as tire replacement services, collision body repairs, and others.

The number of registrations for passenger cars is increasing with the growing number of manufacturers in the world. Especially in middle-income countries, car owners perceive it as a major investment hence there is high focus on maintenance and repair of passenger vehicles. As per FMI, passenger vehicles are expected to account for over 70% sales in the market.

Key Takeaways

·         Automotive Repair & Maintenance Service is driven with the increase in demand of second hand (Used) vehicles by consumers. The market will exhibit 5.7% CAGR between 2021 and 2031

·         The U.S. holds the highest share in the global repair & maintenance services market. In North America it accounts for over 85% of sales.

·         The U.K. will remain a chief market within Europe, exhibiting above 3.5% y-o-y growth in 2021

·         Germany will account for maximum sales in Europe, France will exhibit rising demand

·         Increasing production of passenger vehicles and vehicles parts will push sales in China

“Demand for repair and maintenance services is increasing due to increase in awareness regarding vehicle safety among users. Increase in availability of independent auto service and maintenance providers is likely to boost the automotive repair & maintenance services market” says FMI analyst.

Competitive Landscape

The market is highly consolidated, with key players accounting for significant market share. Some of the key players in the repair and servicing market are Goodyear Tire & Rubber Company, Driven Brands Inc., and Jiffy Lube International Inc. Many companies are investing in various technological innovation in automotive repair & maintenance services which are the major drivers for the market.

Mergers and acquisitions are also a major growth strategy for some companies. For example, Driven Brands, a subsidiary of Roark Capital, acquired International Car Wash Group (ICWG), thus increasing its presence in 4000 locations across 15 countries.

Valuable Insights into Automotive Repair & Maintenance Services Market

Future Market Insights, in its new report, offers an unbiased analysis of the global automotive repair & maintenance market, analysing historical demand from 2016-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the signage market on the basis of services & part type, service provider type, and vehicle type across six regions.

For more Information: https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017

 

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