A $678.5 Billion Global Opportunity
SAN FRANCISCO, March 21, 2022 — Global Industry Analysts Inc. (GIA), a leading market research firm, issued a new market study today titled “Automotive Repair and Maintenance Services – Global Market Trajectory & Analytics.” The research offers new perspectives on opportunities and difficulties in the post-COVID-19 sector, which has undergone considerable changes.
What’s New for the Year 2022? Global competitiveness and market share percentages of main competitors. Strong/Active/Niche/Trivial market presence across various geographies
Personalized online interactive peer-to-peer updates 399 people in the executive pool 84 businesses Arnold Clark Automobiles Ltd., Asbury Automotive Group, Inc., Ashland Automotive Inc., Belron International Ltd., Bridgestone Corporation, CARMAX Autocare Center, Driven Brands, Inc., Firestone Complete Auto Care, Halfords Group plc, Jiffy Lube International, Inc., Monro, Inc., Sumitomo Corporation, The Goodyear Tire & Rubber Company, and Others are among the companies covered.
All main geographies and essential segments are covered.
Parts (Tires, Wear & Tear Parts, Collision Body, Batteries, Other Parts); Application (Tires, Wear & Tear Parts, Collision Body, Batteries, Other Parts); (Passenger Cars, Commercial Vehicles) World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East
By 2026, the global market for automotive repair and maintenance services is expected to reach $678.4 billion. Automotive repair and maintenance services entail maintaining all of the vehicle’s features and systems operational in a manner that closely resembles the manufacturer’s original design. Repair and maintenance services also help to maintain a consistent degree of vehicle dependability. All vehicle maintenance programs aim to provide the best possible performance, service life, and dependability. Throughout its lifetime, a vehicle requires a variety of repair and maintenance services. Customers’ interactions with businesses have changed as a result of the pandemic, a trend that is also being witnessed in auto dealerships, which are now responding to how customers buy cars and obtain repairs. Because of the looming economic uncertainties, people are opting to fix their existing automobiles in order to extend their life and increase their trade-in value. Despite the fact that fewer individuals are traveling to work or school as a result of the pandemic, people continue to drive cars to avoid taking public transportation. During the forecast period, the demand from customers for repair and maintenance services to maintain the safety of their vehicles is likely to fuel the expansion of the automotive repair and maintenance services market. Other factors such as increased awareness of vehicle safety and maintenance, increased awareness of road safety, poor road quality, easy access to various independent auto service and maintenance providers, service flexibility, reliability, and cost competitiveness are expected to boost demand for automotive repair and maintenance services during the forecast period.
Despite the COVID-19 problem, the global market for Automotive Repair and Maintenance Services, which was forecast to be worth US$594.9 billion in 2022, is expected to increase at a CAGR of 3.1 percent to reach US$678.4 billion by 2026. Tires, one of the report’s segments, is expected to increase at a 3.6 percent compound annual growth rate (CAGR) to reach US$211.1 billion by the conclusion of the analysis period. After a detailed examination of the pandemic’s commercial ramifications and the resulting economic crisis, the Wear & Tear Parts segment’s growth is revised to a revised 2.7 percent CAGR for the next seven years. The global Automotive Repair and Maintenance Services market is currently held by this category, which accounts for 23.1 percent of the total. The demand for repair and maintenance services will be affected by battery electric vehicles (BEVs). Automobiles are driven on terrible roads, wet pavements, at high speeds, turned at sharp corners, and navigated on perilous on-and-off exit ramps, among other things, and tires are among the most damaged parts of the vehicle. In comparison to traditional ICE vehicles, BEVs require advanced and hi-tech tires, so the tire category is expected to grow, mostly in terms of value.
The market in the United States is expected to reach $95.9 billion in 2022, while China is expected to reach $154 billion by 2026.
In the year 2022, the automotive repair and maintenance services market in the United States is expected to be worth US$95.9 billion. The country presently holds 16.33 percent of the worldwide market share. China, the world’s second largest economy, is expected to reach a market size of US$154 billion in 2026, representing a CAGR of 4% throughout the analyzed period. Japan and Canada are two other important geographic markets, with forecasted growth rates of 2.2 percent and 2.7 percent, respectively, over the analysis period. Germany is expected to grow at a CAGR of around 2.4 percent in Europe, while the rest of the European market (as defined in the study) will reach US$158.9 billion by the end of the analysis period. Asia has a significant position in the worldwide industry, owing to the existence of major automotive centers. High passenger vehicle usage, combined with expanded production of these cars in the region, is expected to fuel market expansion. In rising countries in the region, such as India, a lack of excellent roads and infrastructure will stimulate development in tire, chassis, and suspension maintenance. Because of rising automobile sales and strong US rules regarding vehicle servicing and maintenance, North America will continue to be an important market.
By 2026, the collision body segment will be worth $138.6 billion. Most communities saw a decrease in collision rates as a result of the stay-at-home policies that reduced car density. After the state announced a host of measures to prevent the virus from spreading, collision rates in San Francisco dropped over 60% and roughly 50% in Seattle. A similar tendency was observed in European cities. This is a good thing because fewer collisions equals fewer deaths and injuries. In terms of aftermarket, revenue forecasting must account for fewer collision repair jobs. The United States, Canada, Japan, China, and Europe are expected to fuel the global Collision Body segment’s 2.7 percent CAGR. By the end of the analysis period, these regional markets, with a combined market size of US$83.4 billion, will have grown to US$100.7 billion. In this group of regional markets, China will continue to be one of the fastest expanding. The Asia-Pacific market is expected to reach US$23.8 billion by 2026, led by countries like Australia, India, and South Korea, while Latin America will grow at a 3.2 percent CAGR during the same period.