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Market Insights - Industry Research Report
  • Published Date : July 2024
  • Report ID : 5653
  • Pages : 195
  • Industries : Automotive and Transportation
  • Formats :

Automotive Repairs and Maintenance Services Market

Automotive Repairs and Maintenance Services Market by Service and Parts (Engine Oil, Gear Oil, Brake Oil, Grease, Tires & 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), Geography Analysis and Competitive Landscape: Premium Insights, Industry Size, Share, Growth, Research, and Forecast from 2024 to 2032
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Automotive Repairs and Maintenance Services Market Overview

Key Highlights of the Report

The global automotive repairs and maintenance services market involves the provision of services such as routine maintenance, repairing of vehicles, and other related services. The market is highly fragmented and comprises both small and large players. The market has been growing due to the increasing demand for vehicle maintenance services, the rising number of vehicles on the road, and the need for periodic servicing of vehicles to ensure their longevity.

The automotive repairs and maintenance services market is affected by various market dynamics, such as changing consumer preferences, evolving technologies, and government regulations. The market is also influenced by factors such as the availability of skilled labor, the cost of spare parts, and the overall economic conditions.

The global automotive repair and maintenance services market is segmented by service and parts, service providers, vehicle type, and region. Engine oils are widely used, while locally owned repair shops are a major segment. The Asia Pacific region is leading the market growth.

The market is driven by rising vehicle sales globally, leading to a larger client base needing maintenance and repairs. The increasing complexity of modern automobiles also necessitates specialized services and skilled technicians. However, the rising cost of automotive parts and components is a constraint that may increase the overall cost of repairs and maintenance for customers.

Opportunities in the market include the growing demand for electric vehicles (EVs), which require specialized maintenance and repair services, and the adoption of advanced technologies like connected cars and autonomous driving, opening new avenues for diagnostic and repair services.

Market Overview

The global automotive repair and maintenance services market has shown steady growth and is expected to grow at a CAGR of 9.8% from 2024 to 2032. The market was valued at USD 823.5 billion in 2023 and is expected to reach USD 1910.23 billion by 2032.

Main Drivers

The primary driver of the market is the global increase in car sales, which directly impacts the need for repair and maintenance services. As more cars are on the road, the demand for routine maintenance, repairs, and servicing rises, fueling market growth. The increasing demand for vehicle maintenance services and the growing number of vehicles on the road are the primary drivers of the automotive repairs and maintenance services market.

Major Challenges

The complexity of modern vehicles with advanced electronics presents challenges for repair and maintenance service providers. Specialized equipment, training, and expertise are required to diagnose and fix complex systems, driving up costs and necessitating ongoing skill improvement.

Growth Opportunities

Several factors, such as increasing vehicle sales, the need for regular maintenance, rising disposable incomes, and the increasing adoption of electric and hybrid vehicles drive the growth of the automotive repairs and maintenance services market. In addition, the rising awareness of the importance of vehicle maintenance among consumers is also contributing to the growth of the market. The rising adoption of electric and hybrid vehicles presents a significant opportunity for the automotive repairs and maintenance services market. These vehicles require specialized servicing, which provides a new revenue stream for service providers.

The rise of electric vehicle usage increases the need for specialized repair and maintenance services for EV components, charging infrastructure, and battery systems. Service providers can capitalize on this growing market segment by offering expertise specifically related to EVs.

Executive Summary

The global automotive repair and maintenance services market is dynamic and growing, driven by factors such as rising vehicle sales, an aging vehicle fleet, technological advancements, and a focus on vehicle safety and emissions. However, the market faces challenges such as high competition, technological complexity, and a shortage of qualified professionals. Despite these obstacles, opportunities exist in EV servicing, diagnostic and software services, fleet maintenance, and the adoption of advanced technologies. The market is expected to continue its growth trajectory as the automotive sector evolves.

Market Definition

Automotive repair and maintenance involve various operations and tasks to ensure the proper operation, safety, and longevity of vehicles. Services include routine maintenance, diagnostics, repairs, and component replacements. Examples include oil changes, tire rotations, brake inspections, engine tune-ups, battery replacements, and electrical system repairs. These services are typically performed by qualified technicians at automotive repair facilities, dealerships, or specialty service centers.

Market Insights

The global demand for automotive repair and maintenance services was valued at USD 823.50 billion in 2023 and is expected to reach USD 1910.23 billion by 2032, growing at a CAGR of 9.8% between 2024 and 2032.

  • Engine oils led the market in service and parts, holding over 7.9% of the market’s value in 2023.
  • Locally owned repair shops held over 24% of the market in 2023 and are expected to grow rapidly.
  • Passenger cars were the market leader by vehicle type, holding over 32% of the market in 2023. LCVs are anticipated to show the fastest growth.
  • The Asia Pacific region accounted for over one-third of the market in 2023, with North America and Europe collectively holding just under 44%.

Segmentation by Service and Parts

  1. Engine Oil
  2. Gear Oil
  3. Brake Oil
  4. Grease
  5. Tires
  6. Batteries
  7. Wear & Tear Parts
  8. Air Filter
  9. Cabin Filter
  10. Oil Filter
  11. Wiper Blades
  12. Others

Segmentation by Service Providers

  1. Automobile Dealerships
  2. Franchise General Repairs
  3. Specialty Shops
  4. Locally Owned Repair Shops
  5. Tire Shops
  6. Others

Segmentation by Vehicle Type

  1. Passenger Cars
  2. LCV
  3. HCV

Segmentation by Region

  • North America: U.S., Canada, Mexico
  • Europe: Germany, France, U.K., Italy, Spain, Rest of Europe
  • Asia Pacific: China, Japan, India, South Korea, South-east Asia, Rest of Asia Pacific
  • Latin America: Brazil, Argentina, Rest of Latin America
  • Middle East & Africa: GCC Countries, South Africa, Rest of Middle East and Africa

Increasing Vehicle Sales

The global rise in vehicle sales drives the automotive repair and maintenance services market. More cars on the road increase the demand for upkeep, repairs, and servicing. This growth is fueled by factors such as population growth, higher disposable income, urbanization, and the expansion of the middle class in emerging markets.

Technological Advancements

Vehicle technology advancements are another key market driver. Modern vehicles are equipped with advanced systems like ADAS, infotainment, connectivity features, and electric powertrains, which require specialized tools and training for maintenance and repairs. The growing popularity of EVs also offers service providers opportunities to offer specialized EV services.

The Rising Price of Auto Parts and Accessories

The increasing cost of auto parts and accessories is a constraint for the market. As vehicles become more advanced, the cost of parts for repairs and maintenance rises, impacting both customers and service providers.

Electric Vehicle (EV) Servicing

The rising demand for EV servicing represents a significant opportunity. With the growing adoption of EVs, there is a need for specialized services for EV components, charging infrastructure, and battery systems. Service providers can benefit by investing in EV-specific knowledge, tools, and infrastructure.

Diagnostic and Software Services

The growth of sophisticated vehicle technologies offers service providers the chance to offer diagnostic and software services. Modern vehicles rely heavily on electronic systems and software, necessitating advanced diagnostic tools, software capabilities, and technician training.

Competitive Landscape

The global automotive repair and maintenance services market is highly competitive, with major players including:

  1. Asbury Automotive Group
  2. Goodyear Tire & Rubber Company
  3. Lookers Group
  4. Monro Muffler Brake
  5. Pendragon Vehicle Management
  6. Christopher Auto Repair
  7. Driven Brands, Inc.
  8. Ashland Automotive, Inc.
  9. Belron International Ltd.
  10. Carmax Autocare Center
  11. Jiffy Lube International, Inc.
  12. Halfords Group Plc.
  13. Firestone Complete Auto Care
  14. ABRA Automotive Systems LP
  15. Sumitomo Corporation
  16. Conroe’s Choice Automotive
  17. C.A.R.S Complete Auto Repair Services
  18. Arnold Clark Automobiles Limited

Summary of Key Findings

  • Engine oils will command over 7.9% of the market share in 2023, with gear oil expected to show the fastest growth.
  • Locally owned repair shops are expected to dominate the market, holding over 24% of the market share in 2023.
  • Passenger vehicles will hold over 30% of the market share, with LCVs expected to show the fastest growth.
  • Asia Pacific led the market with a one-third share in 2023. North America and Europe held slightly less than 44% of the market.

Future Outlook

The market for automotive repair and maintenance services has significant future potential. As vehicle technology evolves, the need for specialized services will grow. Opportunities will arise from the increasing use of electric vehicles, autonomous driving, and connected car technology. The demand for maintenance and repair services will also increase as the global vehicle fleet ages and standards for vehicle safety and emissions tighten. Embracing advanced technologies, investing in skilled personnel, and delivering excellent customer experiences will be crucial for the market to reach its full potential.

Frequently Asked Questions

The automotive repairs and maintenance services market involves the provision of services such as routine maintenance, repairing of vehicles, and other related services.
The growth of the automotive repairs and maintenance services market is driven by several factors, such as increasing vehicle sales, the need for regular maintenance, rising disposable incomes, and the increasing adoption of electric and hybrid vehicles.
The increasing demand for vehicle maintenance services and the growing number of vehicles on the road are the primary drivers of the automotive repairs and maintenance services market.

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