Automotive Repair & Maintenance Services Market is expanding, driven by the number of vehicles on the road, awareness about vehicle upkeep & after-sales service

AUSTIN, TX, UNITED STATES, December 5, 2024 /EINPresswire.com/ --


Automotive Repair and Maintenance Services Market

The Automotive Repair and Maintenance Services Market was valued at USD 883.78 Billion in 2023 and is projected to reach USD 1737.44 Billion by 2032, growing at a CAGR of 7.82% over the forecast period from 2024 to 2032.

Automotive Repair and Maintenance Services Market Driven by Growing Vehicle Ownership and Increasing Consumer Awareness

The Automotive Repair and Maintenance Services Market is crucial to keeping the vehicle at its very best and has everything from routine oil changes and brake servicing through to very complex repairs such as engine overhauls or collision bodywork. This market has a very fragmented mix, including independent repair shops, local suppliers, dealerships, and franchises. Competitive pricing, flexible service options, and the growing number of vehicles on the road have all contributed to the market's rapid growth.

Additionally, consumers are becoming more aware of the importance of routine maintenance, not only to ensure safety but also to extend vehicle lifespan. The demand for repair and maintenance services goes up as people increasingly use their cars longer and more often. This will keep propelling the growth of the industry further.

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Key Players Listed in Automotive Repair and Maintenance Services Market Are:

• 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 other key players

The Demand in Automotive Repair and Maintenance Services Market is Increasing with Rising Car Sales and Expanding After-Sales Services

Growth in car sales only translates to increased demand for car maintenance and repairs, thus expanding the booming repair industry. Companies manufacturing these cars and car dealers are providing complete after-sales services that include extended warranties, maintenance plans, and repair services, which creates more demand in the market.

This trend suggests more interest in vehicle longevity and performance, as more consumers begin to invest in regular maintenance. The Automotive Repair and Maintenance Services Market is therefore poised for continued growth with increasing disposable incomes and more car ownership in the global economy, particularly in emerging markets.

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Automotive Repair and Maintenance Services Market Segment Analysis

By Service Providers

Locally owned repair shops led the Automotive Repair and Maintenance Services Market with a share of 45% in 2023. Consumers have favored these firms mainly because of their competitive prices, personalized services, and long-term relationships based on trust and loyalty. The local shop, therefore, is a handier and much more flexible type of shop that could easily reach a yard to deliver timely services that a big dealership may fail to reach. Further, the overhead costs of these shops often tend to be minimal, which allows them to give a lower rate on a wide range of services from minor to major repairs.

By Vehicle Type

Passenger Cars is the largest segment in the market, with a 65% share of the Automotive Repair and Maintenance Services Market. As for the reasons for this dominance, the primary reason is that passenger cars are the most significant part of the world's automotive fleet. With an increase in the number of passenger cars, demand for maintenance services also increases.

Rising disposable incomes, increasing urbanization, and better access to vehicle financing are also contributing factors. This segment is bound to exhibit steady growth given that consumers require periodic servicing to ensure vehicle safety, performance, and longevity.

Automotive Repair and Maintenance Services Market Key Segmentation:

By Services & Parts

• Engine Oil
• Gear Oil
• Brake Oil
• Grease
• Tires
• Batteries
• Wear & Tear Parts
• Air Filter
• Cabin Filter
• Oil Filter
• Wiper Blades
• Others

By Service Providers

• Automobile Dealerships
• Franchise General Repairs
• Specialty Shops
• Locally Owned Repair Shops
• Tire Shops
• Others

By Vehicle Type

• Passenger Cars
• LCV
• HCV

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Regional Analysis:

The North American region is the largest region in the Automotive Repair and Maintenance Services Market, accounting for about 35% of it. These large markets are driven by long-standing auto cultural paradigms, high car ownership rates, and stringent emissions regulations. Moreover, the North Americans maintain a long history of routine car maintenance, which also increases the need for auto repair. The maturing market of the region is also strengthened with an advanced infrastructure base of repair shops and dealerships, especially in terms of general repairs and specialized servicing.

The Asia Pacific region, on the other hand, is gaining the highest growth rate of 10% on yearly basis. The factor fueling growth behind this trend is rapid economic growth, urbanization, and expansion of the middle class with increased disposable income. As more people from this region can afford vehicles, the market for maintenance and repair service is expanding rapidly. Government initiatives aimed at vehicle safety and emission control also contribute to this growth.

Recent Developments

July 2023: Renault Group launched the Alliance Diagnosis Tool (ADT) with the help of Bosch Automotive Service Solutions. This is the new-generation vehicle diagnostic tool. Using ADT, remote connections between the repair workshop and the vehicle are possible even before it reaches the service center.
November 2024: Sun Auto Tire & Service to increase footprint in North Carolina with acquisition of four Tire Max locations in the greater Greensboro area. The move is part of Sun Auto's overall strategy to strengthen its position in the Southeast U.S. and across the country, a signal that continues to beat for growth and investment in automotive repair and maintenance services.

Table Of Contents

1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Impact Analysis
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Automotive Repair and Maintenance Services Market Segmentation, By Services & Parts
10. Automotive Repair and Maintenance Services Market Segmentation, By Service Providers
11. Automotive Repair and Maintenance Services Market Segmentation, By Vehicle Type
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion

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