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Automotive Repair and Maintenance Services Market Hit USD 1627.42 billion by 2031, Because of Increasing Demand for Convenience

The Automotive Repair and Maintenance Services Market, as per the SNS Insider report, recorded a size of USD 912.5 billion in 2023. It is anticipated to achieve a valuation of USD 1627.42 billion by 2031, experiencing a compound annual growth rate (CAGR) of 7.5% throughout the forecast period from 2024 to 2031.

Market Report Scope

The Automotive Repair and Maintenance Services Market encompasses a wide range of businesses, from independent mechanics to franchised chains.  These service providers offer after-sales care for vehicles, replacing worn parts like batteries, filters, and tires, along with performing repairs on mechanical, electrical, and bodywork systems. This fragmented market has seen significant growth in recent years, driven by the increasing demand for regular maintenance to keep vehicles operational and safe.

Growth Factors and Opportunities

The growth of the Automotive Repair and Maintenance Services Market is driven by several key factors. Technical advancements in vehicle manufacturing have led to an increase in the average lifespan of cars. This translates to a larger pool of vehicles requiring regular upkeep and repairs. Additionally, the average distance traveled per car is on the rise, further necessitating maintenance services.  Furthermore, growing awareness of road safety is prompting car owners to prioritize regular servicing to ensure their vehicles are in optimal condition.

Automotive Repair and Maintenance Services Market
Automotive Repair and Maintenance Services Market

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Major Key Players of Automotive Repair and Maintenance Services Market

  • Arnold Clark Automobiles Limited
  • Asbury Car Group Inc.
  • Ashland Automotive Inc.
  • Belron International Ltd.
  • LKQ Corporation
  • Mobivia Groupe
  • Inter Cars
  • Mekonomen Group
  • Hance’s European
  • EUROPART Holding GmbH
  • USA Automotive
  • com Inc.
  • myTVS
  • M & M Auto Repair
  • Bosch Car Service
  • Halfords Group Plc
  • Wrench Inc.
  • Sun Auto Service.
  • Carmax Autocare Center
  • Firestone Complete Auto Care Inc.
  • Goodyear Tire & Rubber Company.
  • Jiffy Lube International Inc.
  • and others

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The rise of the used car market presents a significant opportunity for the automotive repair industry. As pre-owned vehicles become more prevalent, the demand for maintenance services to maintain their performance and longevity will increase. This creates a lucrative playing field for repair shops offering comprehensive services at competitive prices. Authorized dealerships, on the other hand, can leverage their brand trust to command premium prices for maintenance services.

Segment Analysis

The automotive repair market is categorized by service type (mechanical, electrical, etc.), vehicle type (cars, trucks, etc.), and service provider (franchise shops, dealerships, etc.). Mechanical repairs lead the market due to frequent car issues. Passenger cars dominate due to their sheer numbers. Franchise general repair shops hold the biggest slice of the pie thanks to their widespread presence and ability to handle a variety of repairs.

Segmentation of Automotive Repair and Maintenance Services Market

By Type:

  • Mechanical
  • Exterior & Structural
  • Electrical
  • Maintenance Services
  • Others

By Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

By Service Providers:

  • Franchise General Repairs
  • OEM Authorized Service Centers
  • Tire Stores & Repair Chains
  • Others

Impact of Russia-Ukraine War

The ongoing war between Russia and Ukraine has disrupted global supply chains, impacting the automotive industry in several ways. Shortages of essential parts and raw materials have led to price hikes for automotive components, translating to increased costs for repair shops. Additionally, sanctions imposed on Russia have limited access to a key market for automotive parts and services. This disruption is expected to have a temporary impact on the market growth, particularly in Europe.

Impact of Economic Slowdown

An economic slowdown can lead to a decrease in consumer spending, potentially impacting the automotive repair industry. As disposable income shrinks, car owners might prioritize essential repairs and delay non-critical maintenance services. However, the long-term impact might be less severe. During economic downturns, people tend to hold onto their existing vehicles for longer periods, leading to a potential increase in demand for maintenance services to extend the vehicle’s lifespan.

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Key Regional Developments

The Automotive Repair and Maintenance Services Market is spread across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America currently holds the largest market share due to the high disposable income of consumers and a strong culture of car ownership. The Asia Pacific region is expected to witness the fastest growth rate in the coming years due to the booming automotive industry and growing urbanization. The presence of major car manufacturers like Hyundai, Toshiba, and Mahindra will further propel the market growth in this region.

Key Takeaways

  • The Automotive Repair and Maintenance Services Market is experiencing significant growth due to rising vehicle lifespans, increasing car usage, and growing awareness of road safety.
  • Technological advancements in the automotive industry are creating opportunities for repair shops to offer specialized services for complex vehicle systems.
  • The rise of the used car market presents a lucrative opportunity for repair shops to cater to the maintenance needs of pre-owned vehicles.

Recent Developments

  • HARMAN unveiled HARMAN Ready on Demand in January 2023. This software platform allows car manufacturers to offer in-app features and upgrades related to the car’s audio system, potentially creating new revenue streams through the car’s lifecycle.
  • March 2021 saw Monro Inc. and Mountain View Tire & Service, Inc. entered into a merger. This acquisition bolstered Monro Inc.’s presence in the Western United States, expanding its reach to 116 stores and strengthening its market position.

Table of Content

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
  5. Value Chain Analysis
  6. Porter’s 5 forces model
  7. PEST Analysis
  8. Automotive Repair and Maintenance Services Market Segmentation, By Type
  9. Automotive Repair and Maintenance Services Market Segmentation, By Vehicle Type
  10. Automotive Repair and Maintenance Services Market Segmentation, By Service Providers
  11. Regional Analysis
  12. Company Profile
  13. Competitive Landscape
  14. USE Cases and Best Practices
  15. Conclusion

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