Automotive Repair And Maintenance Services Market to Grow by USD 93.19 billion from 2022 to 2027: The growing preference for road transportation to boost growth - Technavio

NEW YORK, Feb. 7, 2024 /PRNewswire/ -- The global automotive repair and maintenance services market size is estimated to increase by USD 93.19 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 3.84%. The growing preference for road transportation is driving the market growth. Road transportation is preferred for last-mile delivery due to limited rail freight services in many countries. Moreover, roadways are considered more convenient than rail transport, less expensive than air transportation, and faster than waterways. Traveling long distances can increase the wear and tear of vehicles, which encourages vendors to offer maintenance and repair services dedicated to fleet operators.

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Technavio has segmented the market based on Type (Internal combustion engine and Electric), Service (Tires, Wear and tear parts, Collision body, Batteries, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The internal combustion engine segment will be significant during the forecast period. This growth in the segment is due to the increasing demand for passenger and commercial vehicles in developed and developing countries. The key factors contributing to the growth of the segment are the increasing popularity of petrol vehicles and the increasing production of oil and shale gas. Furthermore, the growing demand for shared mobility is also one of the factors driving up the annual maintenance costs of taxis or shared vehicles. Therefore, the above-mentioned factors are expected to drive the segment growth in the market during the forecast period.

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The global automotive repair and maintenance services market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive repair and maintenance services in the market are Arnold Clark Automobiles Ltd., ALL-TECH Transmission Inc., Apex Tool Group LLC, Asbury Automotive Group Inc., Ashland Auto Repair, Belron International Ltd., Bridgestone Corp., CarMax Inc., Driven Brands Holdings Inc., Firestone Complete Auto Care, Halfords Group Plc, Jiffy Lube International Inc., Monro Inc., myTVS Accessories, Pendragon Vehicle Management Ltd., Rust Oleum Corp., Sumitomo Corp., The Goodyear Tire and Rubber Co., LeasePlan Corp. NV, and Robert Bosch GmbH and others

• The use of 3D printing for repair is an emerging trend in the market. 
• The rise in demand for electric vehicles is a major challenge restricting market growth. 

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What are the key data covered in this Automotive Repair And Maintenance Services Market report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth of the Automotive Repair And Maintenance Services Market between 2023 and 2027
• Precise estimation of the size of the Automotive Repair And Maintenance Services Market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Automotive Repair And Maintenance Services industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Automotive Repair And Maintenance Services vendors

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Automotive service centers offer a range of auto care services

The Automotive Repair and Maintenance Services industry encompasses auto mechanic services, routine maintenance, vehicle diagnostics, and more. With a focus on vehicle inspection and automotive workshop services, it caters to the car repair industry's needs. Automotive service centers offer a range of auto care services to meet the demands of vehicle owners, ensuring optimal performance and safety.

The automotive aftermarket industry is valued at USD 412.55 billion as of 2017, is anticipated to be valued at USD 628.30 billion in 2027, and grow at a CAGR of 6.26% during the forecast period.

The auto parts market size is estimated to grow at a CAGR of 3.62% between 2022 and 2027. The market size is forecast to increase by USD 393.22 billion.

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SOURCE Technavio