The IMARC Group's latest research report, titled “Automotive Repair and Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the automotive repair and service market dynamics. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global automotive repair and service market size reached US$ 684.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,008.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
Automotive Repair and Service Market Trends:
The global market is primarily driven by the increasing number of vehicles on the road. Additionally, advancements in automotive technology necessitate specialized repair services, ensuring a consistent need for professional expertise. The growing consumer awareness about vehicle maintenance and the importance of adhering to service schedules further propel market growth. Moreover, the expansion of vehicle leasing services, which include maintenance packages, supports the demand for repair and service centers. Furthermore, the rise in disposable income allows consumers to opt for premium and timely repair services. Government regulations mandating periodic vehicle inspections and emissions testing also support the market. Besides, the aging vehicle fleet in many regions requires more frequent repairs, propelling service industry growth.
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Automotive Repair and Service Market Scope & Growth Analysis:
The global market scope is broadening due to technological advancements in diagnostic tools and repair equipment. The growing trend of vehicle customization and performance tuning is another factor expanding the market scope, as consumers seek specialized services beyond routine maintenance. The increasing adoption of electric vehicles (EVs) requires new skill sets and equipment, prompting service centers to expand their capabilities. Furthermore, the integration of connected car technologies enables real-time monitoring and predictive maintenance, creating additional service opportunities.
Urbanization and the expansion of the ride-sharing industry also contribute to the market's growth, as high-usage vehicles demand more frequent servicing. The market analysis indicates a shift towards mobile repair services, offering convenience to customers and tapping into a new segment of the market. The rise of automotive service franchises ensures standardization and reliability, attracting more customers. The development of eco-friendly service practices aligns with the global emphasis on sustainability, appealing to environmentally conscious consumers and thereby expanding the market's reach.
Competitive Landscape with Key Players:
- Asbury Automotive Group Inc.
- Bridgestone Corporation
- CarMax Autocare Center
- Hance’s European
- Inter Cars S.A.
- Jiffy Lube International Inc. (Shell plc)
- LKQ Corporation
- MyTVS Accessories (TVS Group)
- Safelite Group Inc. (Belron Group S.A.)
- Sun Auto Service
- Wrench Inc.
Key Market Segmentation:
Type Insights:
- Mechanical
- Exterior and Structural
- Maintenance Services
Vehicle Type Insights:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
Propulsion Type Insights:
- Internal Combustion Engine (ICE)
- Electric
Service Provider Insights:
- Local Garage
- Franchise General Repairs
- OEM Authorized Service Centers
- Tire Stores and Repair Chains
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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- Innovative Solutions
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- Provides Insightful Forecasts
- Available Customization Options
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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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