Automotive Repair and Service Market

Market Overview:

The global automotive repair and service market size reached US$ 653.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 874.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028. The rising sales of vehicles across the globe, the implementation of stringent government regulations, and the integration of artificial intelligence (AI) represent some of the key factors driving the market.

Automotive repair and service refer to maintaining, replacing, and fixing vehicle parts to improve their functioning and extend service life. It includes tune-ups, lubrications, fluid changes, minor adjustments, engine overhauling, bodywork, painting, and polishing. Automotive repair and service involve multiple steps, including vehicle check-in, inspection and diagnosis, estimate building, customer authorization, and follow-ups. These steps and services are undertaken by automotive owners to increase a vehicle's lifespan, detect and solve minor issues, improve on-road performance, and ensure fuel efficiency. Regular automotive repair and service also enhances vehicle safety, increases resale value, prevents onboard equipment failure, and improves the driving experience, precision, and reliability of the vehicle. As a result, they are widely carried out for passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and two-wheelers.

Automotive Repair and Service Market Trends:

The increasing sales of vehicles across the globe is one of the primary factors driving the market growth. Automotive repair and service are integral to a vehicle's proper functioning as it involves engine tuning, brake inspection, lubrication, and changing of tires, air filters, wear and tear parts, cabin filters, starters, alternators, transmission fluids, engine oil, and coolants, which enhances driver safety, maintains vehicle value, and lowers operating costs. In addition to this, several automotive manufacturers are offering post-sale services that involve maintenance, repair, and authentic spare parts to expand their loyal customer base and increase brand value, which is acting as another growth-inducing factor. Furthermore, the implementation of stringent government regulations towards replacing and upgrading vehicle components to ensure better on-road safety and lower emissions levels is providing an impetus to the market growth. Additionally, the adoption of artificial intelligence (AI) to generate detailed vehicle diagnosis reports, detect and identify damaged parts, conduct inspections, draw up pre-estimates for customers, and suggest appropriate repair operations is positively influencing the market growth. Apart from this, the integration of the Internet of Things (IoT) to automate damage assessment, predict future maintenance, provide dynamic visibility into repair, and estimate completion time is favoring the market growth. Moreover, the increasing number of aging vehicles that require frequent maintenance and part replacement to operate effectively is propelling market growth. Other factors, including the rising adoption of electric vehicles (EVs), emerging trends of vehicle customization, increasing demand for pre-owned cars, and rising investment in the research and development (R&D) of innovative repair and service solutions, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global automotive repair and service market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, vehicle type, propulsion type, and service provider.

Type Insights:

• Mechanical
• Exterior and Structural
• Maintenance Services
   

The report has provided a detailed breakup and analysis of the automotive repair and service market based on the type. This includes mechanical, exterior and structural, and maintenance services. According to the report, mechanical represented the largest segment.

Vehicle Type Insights:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Two Wheelers
   

A detailed breakup and analysis of the automotive repair and service market based on the vehicle type has also been provided in the report. This includes passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. According to the report, passenger cars accounted for the largest market share.

Propulsion Type Insights:

• Internal Combustion Engine (ICE)
• Electric
   

A detailed breakup and analysis of the automotive repair and service market based on the propulsion type has also been provided in the report. This includes internal combustion engine (ICE) and electric. According to the report, internal combustion engine (ICE) accounted for the largest market share.

Service Provider Insights:

• Local Garage
• Franchise General Repairs
• OEM Authorized Service Centers
• Tire Stores and Repair Chains
• Others
   

A detailed breakup and analysis of the automotive repair and service market based on the service provider has also been provided in the report. This includes local garage, franchise general repairs, OEM authorized service centers, tire stores and repair chains, and others. According to the report, local garage accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for automotive repair and service. Some of the factors driving the Asia Pacific automotive repair and service market included rising automotive sales, the implementation of various government initiatives, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global automotive repair and service market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global automotive repair and service market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global automotive repair and service market?
• What is the impact of each driver, restraint, and opportunity on the global automotive repair and service market?
• What are the key regional markets?
• Which countries represent the most attractive automotive repair and service market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the automotive repair and service market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the automotive repair and service market?
• What is the breakup of the market based on propulsion type?
• Which is the most attractive propulsion type in the automotive repair and service market?
• What is the breakup of the market based on service provider?
• Which is the most attractive service provider in the automotive repair and service market?
• What is the competitive structure of the global automotive repair and service market?
• Who are the key players/companies in the global automotive repair and service market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the automotive repair and service market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global automotive repair and service market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the automotive repair and service industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.