Automotive Repair & Maintenance Services Market size is expected to exceed USD 950 billion by 2028, according to a new research study published by Global Market Insights Inc.
The rising population of emerging countries has exceeded the public transport limit, resulting in a decreased dependance on public transport. Moreover, the Covid-19 pandemic has also shown the vulnerability of such mediums and hence people are reducing their travel in public transport and shifting their focus to personal mobility mediums. From non-metro to metro cities, people are concentrating more on social distancing norms and health safety, which is estimated to increase the demand for pre-owned vehicles. The emergence of auto-tech players in the pre-owned cars segment has accelerated the automotive repair & maintenance services industry growth.
Technological advancements in automotive component material selection & design at various levels have increased component service life, repair costs, and complexities. These factors will have a positive impact on the automotive repair & maintenance services market demand owing to increased repair costs of automotive components.
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Autonomous driving is leading to fewer accidents reducing car maintenance
Over the last few years, the demand for Advanced Driver Assistance Systems (ADAS) in automotive vehicles has increased considerably. Advanced driver-assistance systems have played a significant critical role in reducing car accidents by eliminating the element of human errors while driving. Reduced human control will be the main driver behind the declining number of crashes; for instance, over 90% of all car crashes are primarily caused by human errors in the U.S. Since autonomous cars are designed to operate at optimal environments, they will experience reduced wear & tear.
Browse key industry insights spread across 200 pages with 165 market data tables & 21 figures & charts from the report, “Automotive Repair & Maintenance Services Market Size By Vehicle (Passenger Cars, LCV, HCV, Two-wheelers), By Type (Mechanical [Tires & Wheels, Lubricants, Filters, Engines, Drivetrains, Steering & Suspension, Brakes, Exhaust System, Others], Exterior & Structural [Body Repair, Windows & Glass], Electrical [Lighting System, Controls, Modules & Sensors, Others], Maintenance Services [Schedule Repair Service, Unscheduled Maintenance Service, Other Services]), By Service Provider (Franchise General Repairs, OEM Authorized Service Centers, Local Garages, Tire Stores & Repair Chains, Others), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
The engines segment is poised to witness around 5% CAGR in the automotive repair & maintenance services market through 2028. Engine repair & maintenance services are also dependent on the type of fuel utilized by engines such as diesel ICE and gasoline ICE. Engine repair & maintenance services include inspections of various systems such as vehicle ignition, cooling, and fuel injection. However, a diesel vehicle requires extra maintenance as compared to a gasoline vehicle as diesel engines need high pressure for combustion and there is no spark plug, so they get overheated, resulting in the decline of vehicle engine life.
OEM-authorized service centers are expected to generate USD 145 million revenue by 2028. OEM-authorized service centers are vehicle manufacturer brand workshops, they perform a variety of repair & maintenance operations for automotive vehicles. These service centers are gaining traction among vehicle owners due to increasing concerns for forged automotive vehicle components and the rising implementation of advanced electronics, fuel, and ignition, thereby compelling them to opt for OEM-authorized service centers.
Europe automotive repair & maintenance services market size is predicted to hold 30% of the revenue share by 2028. According to the Federal Statistical Office of Germany, 2,719 people died in road traffic accidents in Germany in 2020. The increasing road mortality rate is estimated to spur the adoption of complete vehicle body repair services. Furthermore, automotive vehicle parc across Europe grew at a rate of 1.6% from 2011 to 2019, which is one of the key factors driving the industry expansion.
Some of the major manufacturers include LKQ Corporation, Mobivia Groupe, Inter Cars, Mekonomen Group, Hance's European, EUROPART Holding GmbH, USA Automotive, CarParts.com, Inc., myTVS, M & M Auto Repair, Bosch Car Service, Wrench, Inc., and Sun Auto Service.