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 forecast. 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 Trends:
The global automotive repair and service market is driven by the increasing number of vehicles on the road. This can be supported by rising urbanization and expanding middle-class populations. As vehicle ownership grows, so does the demand for maintenance and repair services to ensure vehicle longevity and performance. Additionally, advancements in automotive technology, including the integration of sophisticated electronic systems and safety features, require specialized repair services, further boosting market demand. Along with this, the aging vehicle fleet also contributes to the need for regular maintenance and repairs, driving market growth. Moreover, the rise of automotive aftermarket services, offering cost-effective solutions for parts and repairs, supports market expansion. Government regulations emphasizing vehicle safety and emissions standards necessitate regular inspections and servicing, further bolstering the market.
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Automotive Repair and Service Market Scope & Growth Analysis:
The scope of the global market is extensive, encompassing a wide range of services and technological advancements. Market growth is driven by the increasing adoption of advanced diagnostic tools and software that enhance the efficiency and accuracy of repair services. The market benefits from the proliferation of specialized service centers and workshops catering to different vehicle types and brands. The growing trend of digitization in the automotive industry, including online booking systems and digital service records, enhances customer convenience and service transparency. Additionally, the rise of electric and hybrid vehicles introduces new service requirements, expanding the market’s scope. Strategic partnerships between automotive manufacturers and service providers foster innovation and service quality. Furthermore, the increasing emphasis on preventative maintenance and predictive analytics in vehicle servicing is propelling the market.
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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