The Automotive Repair and Maintenance Industry Sees A 11% Growth Rate With Market Drivers Including Environmental Concerns - TBRC
People are showing concern for environmental pollution with their discarded automotive products and are thus trying to repair their automotive parts instead, driving the market growth
LONDON, March 10, 2022 /PRNewswire/ -- There are several reasons the automotive repair market is seeing growth, and important amongst them is a growing sense of sustainability and focus on reducing waste. This will result in more repairs of automotive vehicles and this will drive the market for the automotive repair and maintenance market during the forecast period. Automotive waste from disposed of vehicles and their parts is one of the emerging problems in developed and developing countries worldwide. This waste can have an adverse impact on human health and the environment because it can contain toxic substances.
The global automotive repair and maintenance market size is expected to grow from $750.84 billion in 2021 to $836.27 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. Automotive repair and maintenance industry growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive repair and maintenance market is expected to reach $1237.49 billion in 2026 at a CAGR of 10.3%.
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Increasing Government Regulations For Automotive Waste Management
The growing government regulations associated with automotive waste management are projected to propel the demand for the automotive repair and maintenance market over the forecast period. The auto industry, in particular, has been in the lead in countering waste production. It is estimated that 27 million cars are recycled globally. This makes cars the most recycled item worldwide. The upsurge in government regulations for automotive waste management is likely to generate ample growth avenues for recycling, repair, and maintenance activities in the coming years.
Automotive Repair and Maintenance Market Opportunities
Auto repair and maintenance industry statistics show that the top opportunities in the market segmented by type will arise in automotive body, paint, interior, and glass repair segment, which will gain $214.0 billion of global annual sales by 2026. The top opportunities in the automotive repair and maintenance market segmented by vehicle type will arise in the passenger cars segment, which will gain $309.4 billion of global annual sales by 2026 and by service provider will arise in the automotive dealership segment, which will gain $186.3 billion of global annual sales by 2026. The automotive repair and maintenance market size will gain the most in the China at $87.4 billion.
Automotive Repair and Maintenance Market Strategies
Market-trend-based strategies covered in TBRC's global automotive repair and maintenance market report include how companies should consider adopting predictive maintenance solutions in vehicles to reduce breakdowns and improve efficiency by predicting parts failures in advance, implement enhanced safety features in their vehicles to offer safe services for the customers, integrate advanced technology in their services in order to provide quality and efficient safety services, companies should consider implementing big data analytics tools in companies' operations to enhance their real-time operations, focus on mergers and acquisitions to increase revenue and market share, use remote vehicle diagnostic systems to increase the safety of the consumer and also the vehicle, adopt AI solutions, to ultimately reduce R&D costs and save development time, and focus on offering electric vehicles in their portfolio to cater to the growing environmental consciousness among customers.
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