Global Automotive Repair and Service Market to Reach US$ 874.6 Billion by 2028, Propelled by the Rising Sales of Vehicles

June 23, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Automotive Repair and Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive repair and service market size reached US$ 653.2 Billion in 2022. Automotive repair and service refers to the maintenance, diagnosis, and replacement of vehicle parts to ensure proper functioning, reliability, and safety. It includes general maintenance, engine repair, brake service, suspension and steering replacement, electrical system repair, and heating, ventilation, and air conditioning (HVAC) services. Automotive repair and services are undertaken by vehicle owners to ensure smooth operations, prolong the vehicle's service life, and maintain the proper functioning of critical components. It aids in enhancing passenger comfort, improving the driving experience, and increasing the stability and handling of the vehicle. Automotive repair and service also assist in reducing harmful gas emissions, minimizing environmental pollution, and reducing noise levels.

Automotive Repair and Service Market Trends:

The rapid expansion of the automotive industry is one of the factors catalyzing the market growth. Automotive repair and service are widely used to maintain vehicles in their optimum condition by ensuring the proper functioning of various essential components, such as engine, transmission, brakes, suspension, tires, electronics, and air conditioning systems. Along with this, the increasing number of aging vehicles that require regular maintenance and repair is acting as another growth-inducing factor. Furthermore, the implementation of strict regulations by several governments to mandate regular repair and service of automobiles to reduce emission levels and enhance vehicle safety is providing an impetus to the market growth. Additionally, the recent development of computerized diagnostic tools and software that can quickly and accurately scan a vehicle's systems, detect faults, and provide detailed reports is positively influencing the market growth. Besides this, the introduction of robotic repair systems that can perform tire changes, wheel alignments, and other repetitive tasks with precision and speed is contributing to the market growth. Moreover, the growing consumer awareness towards preventive maintenance to extend the vehicle's service life and avoid premature replacement of parts is supporting the market growth. Other factors, including the increasing complexity of vehicles, the growing focus on vehicle safety and compliance, and the rapid expansion of the aftermarket industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 874.6 Billion by 2028, exhibiting a CAGR of 4.8% during 2023-2028.

Market Summary:

On the basis of the type, the market has been classified into mechanical, exterior and structural, and maintenance services. Among these, mechanical represented the largest segment.
Based on the vehicle type, the market has been divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. Among these, passenger cars accounted for the largest market share.
On the basis of propulsion type, the market has been bifurcated into internal combustion engine (ICE) and electric. Among these, the internal combustion engine (ICE) accounted for the largest market share.
Based on the service provider, the market has been classified into local garage, franchise general repairs, OEM authorized service centers, tire stores and repair chains, and others. Among these, local garage accounted for the largest market share.
On a regional basis, the market has been categorized into 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. At present, Asia Pacific holds the largest market for automotive repair and service.
The competitive landscape of the industry has also been examined, with some of the key players being 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Types Covered	Mechanical, Exterior and Structural, Maintenance Services
Vehicle Types Covered	Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers
Propulsion Types Covered	Internal Combustion Engine (ICE), Electric
Service Providers Covered	Local Garage, Franchise General Repairs, OEM Authorized Service Centers, Tire Stores and Repair Chains, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
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Global Automotive Repair and Service Market to Reach US$ 874.6 Billion by 2028, Propelled by the Rising Sales of Vehicles

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