Automotive Repair & Maintenance Services Market Expected to Surge to USD 1,850 Billion by 2033, with a CAGR of 7.2%

The global automotive repair and maintenance services market is projected to reach USD 915.88 billion in 2023 and is expected to grow at a CAGR of 7.2% from 2023 to 2033, ultimately reaching USD 1,850 billion.

This growth presents substantial opportunities for key players, driven by trends such as vehicle customization, increasing disposable incomes, and stringent automotive safety regulations. The rising demand for advanced technological features further enhances the market potential.

The market is poised for expansion due to the growing adoption of vehicle diagnostic tools and increased vehicle sales. Additionally, the rise of local repair shops and the prevalence of mergers and acquisitions among industry leaders are expected to create further growth opportunities.

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Automotive service providers are increasingly adopting artificial intelligence for automated vehicle inspections. For instance, Scope Technology's collaboration with Microsoft's Azure cloud service aims to develop AI-driven inspection technology capable of performing visual inspections in under five minutes, significantly reducing costs by 50%.

The growing penetration of electric vehicles (EVs) is also contributing to market growth. Government initiatives promoting environmental sustainability and reducing crude oil dependency are accelerating EV adoption. Furthermore, the lower maintenance costs of battery electric vehicles, estimated to be about 40% less than those of internal combustion engine vehicles, are expected to drive continued market expansion.

Key Takeaways from the Automotive Repair & Maintenance Services Market Report:

United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
The market in India is expected to grow with a CAGR of 7% throughout the forecast period.

Competitive Landscape:
The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.

The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.

Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.

On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.'s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.

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Automotive Repair & Maintenance Services Market Segmentations:

By Services & Parts:

Engine Oil
Gear Oil
Brake Oil
Grease
Tires
Batteries
Wear & Tear Parts
Air Filter
Cabin Filter
Oil Filter
Wiper Blades
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

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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This release was published on openPR.