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2022
Automotive Repair And Service Market

Automotive Repair and Service Market

by Type (Mechanical, Exterior & Structural, Maintenance Services), by Service provider (Franchise General Repairs, OEM Authorized Service Centers, Local Garage, Tire Stores & Repair Chains, Others), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers), by Propulsion Type (Internal Combustion Engine (ICE), Electric): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A04794
Pages: 331
Aug 2022 | 11950 Views
Author(s) : Abhay S , Sonia M
Tables: 215
Charts: 71
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The global automotive repair and service market was valued at $789.8 billion in 2021, and is projected to reach $1,656.21 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

Automotive repair and service refer to the maintenance and repair of different automotive services and parts, namely gear oil, engine oil, brake oil, and others. In this service, the auto repair technicians perform routine checks & services of vehicles and diagnose malfunctioning vehicles, identify issues, discuss various options with their customers, and find ways to fix them. Furthermore, it comprises companies that offer aftermarket maintenance and servicing of the vehicles to improve the life of the vehicle by replacing the vehicle products such as tires, batteries, wear & tear parts, air filters, cabin filters, oil filters, wiper blades, collision body, starters & alternators, and others. For instance, in June 2022, MyTVS Accessories launched its ‘Life360’ digital platform to offer its customers a range of automotive repair services. It adopted a subscription-based model, which cost $60 (INR 5,000) for a three-year subscription and offered end-to-end repair services ranging from mechanical, collision and maintenance services, diagnostics, roadside assistance, accessories, and vehicles.

The automotive industry acts as a core supporting block for multiple economies such as the U.S., China, and India. The automotive industry has observed a decline in sales and revenue, owing to lockdown sand restrictions implemented by nations globally. Sales and aftersales services of the automotive industry were severely hit by the pandemic and led to a rise in adoption of cost-cutting measures by automotive companies, such as decreasing operational costs and workforce globally. Economic impacts of the COVID-19 outbreak on the automotive industry have major impacts on subsidiary industries such as automotive components and automotive aftermarket industries. Surge in COVID-19 cases globally forced authorities to impose unanticipated closure of international and national borders since the inception of the COVID-19 outbreak in early 2020. The production of vehicles was stunted globally, owing to the pandemic and the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry.

Automotive Repair and Service Market, Automotive Repair and Service Industry

The factors such as increasing automotive sales, growth of automotive post sale services, and stringent government regulations to replace or upgrade vehicle components supplement the growth of the automotive repair and service market. However, volatile prices of raw materials and rise in demand for shared mobility are the factors expected to hamper the growth of the automotive repair industry statistics. In addition, rise in trend of vehicle customization coupled with increase in disposable income and increasing automotive safety norms & demand for technologically advanced features creates market opportunities for the key players operating in the automotive repair and service market.

The automotive repair and service market is segmented into type, service provider, vehicle type, propulsion type, and region. By type, the market is divided into mechanical, exterior & structural, and maintenance services. By service provider, it is fragmented into franchise general repairs, OEM authorized service centers, local garage, tire stores & repair chains, and others. By vehicle type, it is categorized into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. By propulsion type, it is further classified into internal combustion engine (ICE) and electric. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Automotive Repair and Service Market
By Type

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Maintenance Services is projected to be the most lucrative segment

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The leading players operating in the automotive repair and service market are Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., EUROPART, Firestone Complete Auto Care, Hance's European, Inter Cars S.A., Jiffy Lubes International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, myTVS Accessories, Safelite Group, Sun Auto Service, USA Automotive, and Wrench, Inc.

Increasing automotive sales

The automotive industry is racing toward a new world with growing sustainability, changing consumer behavior, encompassing electric vehicles, connected cars, mobility fleet sharing, and improving lifestyles. Developing countries such as India, China, and Brazil are the most promising countries for the automotive sector. In February 2022, Tata Motors announced the sale of passenger vehicles rose by 47% in the domestic market. Also, in June 2021, the passenger car registrations in the European Union increased by 10% compared to last year's same month. Furthermore, the demand for Special Utility Vehicles (SUVs) has surged recently due to the increasing leisure and tour activities globally. In addition, the governments are putting pressure on the passenger car manufacturers to produce efficient and low-emission vehicles, which have intensely pressurized the latter to engage in research and development works. Hence, owing to rise in the demand for automotive production & sales is expected to drive the automotive repair and maintenance industry in the forecast period.

Automotive Repair and Service Market
By Service Provider

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Others is projected to be the most lucrative segment

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Growth of automotive post sale services

The automotive repair & service is used for replacement of the damaged part in the vehicle or for the addition of new components in the existing vehicles. The customers need to change various components of their vehicles at specific interval of time. For instance, passenger vehicles need to change their tires every 3-4 years, depending on the driving condition. Thus, automotive components have a large aftermarket. Moreover, the repair & service market is gaining traction due to the customer inclination toward installation of advanced components in vehicles to improve vehicle appearance and ensure safety while driving. This increased inclination among customers leads to the growth of aftermarket service, which is expected to eventually lead to the growth of the automotive repair and service market in the near future. Furthermore, the contribution of automotive component manufacturers boosts the growth of the market. For instance, in 2020, Jiffy Lube International, Inc. expanded its presence by opening a new service center in the Greater Detroit Metropolitan Area. It offered a wide range of automotive services for components including brakes, tires, and engine diagnostics. Owing to all these factors, the demand for automotive repair & service market is expected to witness significant growth during the forecast period.   

Automotive Repair and Service Market
By Vehicle Type

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Heavy Commercial Vehicles is projected to be the most lucrative segment

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Volatile prices of raw materials

Various raw materials, such as steel, iron, and leather are used to manufacture vehicle component and accessories. The tariff on import of steel and aluminum is adversely affecting many players in the market. Moreover, the crude derivatives, such as nylon and polyester are used as raw materials in the manufacture of multiple automotive components, such as tires, seats, and covers. Also, rubber (natural and synthetic) is the basic element required for various automotive components, which witnesses high fluctuations in cost. The pricing of these raw materials has a significant impact on the overall price of the component. These materials are traded on community exchange and owing to global economic ups and downs in the market; prices of these materials fluctuate occasionally. Therefore, increase in prices of these raw materials negatively affects the automotive accessories and components vendors. Owing to all the aforementioned factors, the rise in prices of raw materials is expected to hamper the growth of the automotive repair and service market during the forecast period.

Automotive Repair and Service Market
By Propulsion Type

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Electric is projected to be the most lucrative segment

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Rise in trend of vehicle customization coupled with increase in disposable income

Globally, the disposable income of individuals has been increasing considerably. For instance, according to the Organization for Economic Co-operation and Development (OECD) statistics, the disposable income in OECD countries witness a growth of 1.7% in 2021. In addition, according to the China government, China’s per capita disposable income observed an increase of 8.1% in 2021. In addition, increase in trend of vehicle customization has been witnessed, owing to rise in disposable income as car owners are more conscious about the looks and aesthetics of the car. Chrome accessories, spoilers, LED lights, allow wheels, and others are some of the examples of the passenger car accessories that enhance the car aesthetics. This in turn fuels the growth of the global passenger car accessories, which is expected to create lucrative opportunity for the growth of the automotive repair & service market.

Automotive Repair and Service Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

LAMEA would exhibit the highest CAGR of 11.0% during 2022-2031

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the global automotive repair and service market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall automotive repair and service market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global automotive repair and service market with a detailed impact analysis.
  • The current automotive repair and service market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Automotive Repair and Service Market Report Highlights

Aspects Details
Type
  • Maintenance Services
  • Mechanical
  • Exterior & Structural
Service provider
  • Franchise General Repairs
  • OEM Authorized Service Centers
  • Local Garage
  • Tire Stores & Repair Chains
  • Others
Vehicle Type
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Two Wheelers
Propulsion Type
  • Internal Combustion Engine (ICE)
  • Electric
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., Europart, Firestone, Hance’s European, Inter Cars S.A., Jiffy Lube International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, MyTVS Accessories, Safelite Group, Sun Auto Service, USA automotive, Wrench, Inc.
 

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This section provides the opinions of various top-level CXOs in the global automotive repair and service market. Hence, based on the interviews of various top-level CXOs of leading companies, the increase in customer preference for periodic vehicle maintenance and the average age of vehicle due to technological advancements is expected to witness significant growth in the automotive repair and service industry market. For instance, in June 2021, LKQ Corporation’s subsidiary Elitek Vehicle Services expanded its service offerings by offering on-site mobile diagnostics and repair, remote automotive diagnostics, and remote programming. This significantly strengthened its market position across the U.S.

Moreover, the repair & service market is gaining traction due to the customer inclination toward installing advanced components in vehicles to improve vehicle appearance and ensure safety while driving. This increased inclination among customers leads to the growth of aftermarket service, which is expected to eventually lead to the development of the automotive repair and service market in the near future. Furthermore, the contribution of automotive component manufacturers boosts the market's growth. For instance, in 2020, Jiffy Lube International, Inc. expanded its presence by opening a new service center in the Greater Detroit Metropolitan Area. It offered a wide range of automotive services for components, including brakes, tires, and engine diagnostics

The market growth is supplemented by factors such as increasing automotive sales, growth of automotive post sale services, and stringent government regulations to replace or upgrade vehicle components supplement the growth of the automotive repair and service market. However, volatile prices of raw materials and rise in demand for shared mobility are the factors expected to hamper the growth of the automotive repair and service market. In addition, rise in trend of vehicle customization coupled with increase in disposable income and increasing automotive safety norms & demand for technologically advanced features creates market opportunities for the key players operating in the automotive repair and service market.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, LAMEA is expected to lead during the forecast period, due to surge in road safety awareness in people and increase in the sales of used cars, which is expected to create numerous opportunities for the key players operating in the automotive repair and service market in this region.

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FREQUENTLY ASKED QUESTIONS?

A. Increased application in vehicle maintenance services are the upcoming trends of Automotive Repair and Service Market in the world

A. Increased passenger car repair & servicing are the leading application of Automotive Repair and Service Market

A. Asia-Pacific is the largest regional market for Automotive Repair and Service

A. The global automotive repair and service market was valued at $789.8 billion in 2021, and is projected to reach $1,656.21 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031

A. The leading players operating in the automotive repair and services market are Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., EUROPART, Firestone Complete Auto Care, Hance's European, Inter Cars S.A., Jiffy Lubes International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, myTVS Accessories, Safelite Group, Sun Auto Service, USA Automotive, and Wrench, Inc.

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