Global Automotive Repair & Maintenance Services Market is set to hit US$ 1,850 Billion at CAGR of 7.2% by forecast period 2033 end

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NEWARK, DE / ACCESSWIRE / June 21, 2023 / According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion. The market presents significant market opportunities for key players due to the growing trend of vehicle customization, higher disposable income levels, and increasing automotive safety regulations. Additionally, the demand for technologically advanced features further enhances the market potential for these players.

Increasing adoption of vehicle diagnostic tools and higher vehicle sales is expected to drive market growth. A rise in local shop owners and the prevalence of mergers and acquisitions among key players are anticipated to create opportunities for market growth during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in this sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-5335

To expand their customer base, automotive service companies are increasingly embracing artificial intelligence-based automated vehicle inspection technology for efficient vehicle inspections. A notable example is the collaboration between Scope Technology, a United States-based tech firm, and Microsoft’s Azure cloud computation in February 2022. This partnership aims to develop AI-automated vehicle inspection technology that enables visual inspections in under 5 minutes, resulting in a significant cost reduction of 50%.

The rising penetration of electric vehicles is further projected to drive market growth. This accelerated adoption of electric vehicles can be attributed to government initiatives and support aimed at improving environmental quality and reducing reliance on crude oil. Moreover, it is projected that battery electric vehicle repair and maintenance costs will be approximately 40% lower than those of internal combustion engine vehicles, further driving the market’s expansion.

Key Takeaways:

  • The 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.

“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” – comments an analyst at FMI.

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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®.

More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global automotive repair & maintenance services market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the automotive repair & maintenance services market, the report is segmented by services & parts (engine oil, gear oil, brake oil, grease, tires, batteries, wear & tear parts, air filter, cabin filter, oil filter, wiper blades, and others), vehicle type (passenger car, LCV, and HCV), and service providers (automotive dealerships, franchise general repairs, specialty shops, locally owned repair shops, tire shops, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

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Key Segmentation Profiled:

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:

By Vehicle Type:

By Region:

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia

  • Oceania

  • Middle East & Africa

More About the Automotive Division at Future Market Insights (FMI):

The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Table of Content (ToC):

1. Executive Summary

2. Market Overview

3. Market Background

4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033

5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Services & Parts

6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type

7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Service Providers

8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region

Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-5335

Explore Wide-ranging Coverage of FMI’s Automotive Division:

Europe Automotive Tire Market: Is anticipated to grow to $68.4 billion by 2023. The projected increase in vehicle tire sales in Europe from 2023 to 2033 is 4.8% CAGR. By 2033, the market will probably be worth more than US$108.7 billion.

Two Wheeler Aftermarket Components & Consumables Market: This is anticipated to grow at a CAGR of 7% from 2023 to 2033, is anticipated to reach a valuation of US$ 29.3 billion in 2023, and be valued at US$ 58 billion by 2033.

Automotive Performance Tuning and Engine Remapping Services Market: Is anticipated to reach an estimated value of US$ 586.22 million in 2023 and US$ 1,100 million by 2033. From 2023 to 2033, the market is anticipated to grow at a CAGR of 6.4%.

Automotive Turbochargers Market: Is anticipated to be worth US$ 14.3 billion in 2023. According to Future Market Insights (FMI) data, the market for automotive turbochargers is anticipated to exceed US$ 35.4 billion in the following ten years. According to projections, the market would grow at a 9.5% CAGR between 2023 and 2033.

Automotive Active Safety System Market: Is anticipated to grow at a CAGR of 11.2% from 2022 to 2032, reaching an estimated value of US$ 12.78 billion in 2022.

About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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SOURCE: Future Market Insights, Inc.

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