Press release
Automotive Repair And Service Market worth USD 1,656.21 Billion by 2031, Driven by Tech Advancements & Rising Vehicle Ownership
Automotive Repair and Service Market
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Automotive repair and service are typically attributed to repairing automotive machines when they malfunction or no longer run correctly. Automotive repair and service are required to keep vehicles driving down the road. Automotive engines must be serviced regularly to keep them in good operating condition. At present, many countries are mandating stringent rules and regulations to replace car accessories after the expiry date. For instance, National Highway Traffic Safety Administration (NHTSA) has stated a new regulatory norm for car parts such as tires, rims, seat belts, and others to be manufactured initially and must be replaced according to the life span of the product. Such mandates are expected to boost the sales of passenger car accessories, thereby contributing to market growth.
In addition, the automotive repair and service market has witnessed significant growth in recent years, owing to the increased demand for improved vehicle performance & safety and the collaboration of local shop owners with fleet operators to provide repair and maintenance services at discounted prices. Furthermore, the companies operating in the automotive repair and service indusry have adopted partnerships, investments, and business expansion to increase their market share and expand their geographical presence. For instance, in December 2019, Jiffy Lube International, Inc. expanded its presence by opening a new automotive service center in Milwaukee, Wisconsin. The service center offered a wide range of automotive services for components, including brakes, tires, and engine diagnostics.
The report offers detailed segmentation of the global automotive repair and service market based on type, service provider, vehicle type, propulsion type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on type, the mechanical segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The maintenance services segment, on the other hand, is expected to cite the fastest CAGR of 9.0% during the forecast period.
Based on vehicle type, the passenger cars segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The heavy commercial vehicles segment, on the other hand, is expected to cite the fastest CAGR of 11.0% during the forecast period.
Based on propulsion type, the internal combustion engine (ICE) segment held the largest market share in 2021, holding 90% of the global market, and is expected to maintain its leadership status during the forecast period. The electric segment, on the other hand, is expected to cite the fastest CAGR of 15.1% during the forecast period.
Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 11.0% during the forecast period.
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The leading players operating in the automotive repair and services market are
Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., EUROPART, Firestone Complete Auto Care, Hance's European, Inter Cars S.A., Jiffy Lubes International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, myTVS Accessories, Safelite Group, Sun Auto Service, USA Automotive, and Wrench, Inc.
The report analyzes these key players in the global automotive repair and service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
KEY FINDINGS OF THE STUDY
By type, the maintenance services segment dominated the global automotive repair and service market in terms of growth rate.
By service provider, the others segment dominated the global automotive repair and service market in terms of growth rate.
By vehicle type, the heavy commercial vehicles segment dominated the global automotive repair and service market in terms of growth rate.
By propulsion type, the electric segment dominated the global automotive repair and service market in terms of growth rate.
Similar Reports We Have on Automotive Industry:
https://www.alliedmarketresearch.com/automotive-aftermarket-market - Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/passenger-car-accessories-aftermarket-market-A06108 - Global Opportunity Analysis and Industry Forecast, 2019-2026
https://www.alliedmarketresearch.com/hd-map-for-autonomous-vehicles-market-A12178 - Global Opportunity Analysis and Industry Forecast, 2025-2035
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