Automotive Repair & Maintenance Services Market is forecast to reach a US$ 544.5 Bn in 2021

Global automotive repair & maintenance services market is forecast to reach a US$ 544.5 Bn in 2021, with a stable long-term projection, as per the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
The demand for automotive repair & maintenance services declined in 2020 due to the COVID-19 outbreak. However, sales are recovering since the automotive industry is in recovery mode. Considering the possibility of the market regaining momentum in many countries, the long-term outlook on the market remains positive.

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The demand for automotive repair & maintenance services increases with the increasing vehicle age and poor quality of roads. The repair & maintenance market is driven by increase in demand for various services and parts such as tire replacement services, collision body repairs, and others.

The number of registrations for passenger cars is increasing with the growing number of manufacturers in the world. Especially in middle-income countries, car owners perceive it as a major investment hence there is high focus on maintenance and repair of passenger vehicles. As per FMI, passenger vehicles are expected to account for over 70% sales in the market.

Key Takeaways

• Automotive Repair & Maintenance Service is driven with the increase in demand of second hand (Used) vehicles by consumers. The market will exhibit 5.7% CAGR between 2021 and 2031
• The U.S. holds the highest share in the global repair & maintenance services market. In North America it accounts for over 85% of sales.
• The U.K. will remain a chief market within Europe, exhibiting above 3.5% y-o-y growth in 2021
• Germany will account for maximum sales in Europe, France will exhibit rising demand
• Increasing production of passenger vehicles and vehicles parts will push sales in China

“Demand for repair and maintenance services is increasing due to increase in awareness regarding vehicle safety among users. Increase in availability of independent auto service and maintenance providers is likely to boost the automotive repair & maintenance services market” says FMI analyst.

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Automotive Repair & Maintenance Market Segments

By Services & Parts
• Engine Oil
• Gear Oil
• Brake Oil
• Grease
• Tires
• Batteries
• Wear & Tear Parts

By Service Providers
• Automobile Dealerships
• Franchise General Repairs
• Specialty Shops
• Locally Owned Repair Shops/Body Shops
• Tire Shops
• Others

By Vehicle Type
• Passenger Cars
• LCV
• HCV

Competitive Landscape
The market is highly consolidated, with key players accounting for significant market share. Some of the key players in the repair and servicing market are Goodyear Tire & Rubber Company, Driven Brands Inc., and Jiffy Lube International Inc. Many companies are investing in various technological innovations in automotive repair & maintenance services which are the major drivers for the market.

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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.