The global Automotive Repair & Maintenance Service Market is estimated to reach USD 908.95 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing need for passenger’s safety. Increase in awareness related to vehicle maintenance and safety is expected to drive the market. Increased road safety awareness among the general population, the average maintenance and repair expenses by an individual are anticipated to drive the market. Moreover, an increase in sales of used cars in many regions, especially in emerging economies; technological advancements pertaining to vehicle safety, are also fuelling market growth. Furthermore, cost effectiveness, availability of service flexibility and reliable maintenance services are also propelling the market growth globally. Based on statistics, increase in average age of vehicle due to technological advancements and the average miles driven per vehicle are also significant factors stimulating market demand.

North America region is projected to grow at a CAGR of 5.8% during the forecast period with the largest share of 32.50% in 2018. The improving countries are the primary consumers of vehicles in this region. The Automotive repair & maintenance service market in the Asia Pacific has been expanding owing to the rise in technological advances in the area.

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Further key findings from the report suggest

In the Automotive Repair & Maintenance service Market, the tire segment accounts for the largest share of 33.48% in 2018 due to the growing extensive use of vehicles for other daily purposes.
Tire services include tire pressure monitoring, replacement of tires, repair of flat tires and misalignment of tires. Battery services cover replacement of automotive batteries. Wear and tear parts include brake wheel end, shock absorbers, driveline, engine, and suspension. Collision body includes crash parts, coating and painting, refinishing and repair materials.
In terms of service providers, the automotive repair and maintenance services market is segmented as an automotive dealership, locally owned repair shops, general franchise repairs, and others. The automotive dealership segment is estimated to drive the growth of the market. Presence of various locally owned repair shops is also growing at a significant rate due to the increase in inclination of consumers toward the locally owned shops.
Based on service type, the car maintenance service type is valued at USD 299.88 billion in 2018 and is estimated to reach USD 478.08 billion by 2028 at a CAGR of 5.8% during the forecast period.
Some of the trending possibilities in the automotive repair and maintenance services market are an inclination towards the adoption of remote vehicle diagnostics system and collaboration & partnership between small locally owned repair shops & fleet and leasing firms.
APAC is considered to be the second largest market for automotive repair and service market with revenue of USD 140.39 billion in 2018 and is estimated to reach USD 218.78 billion by 2028 at a CAGR of 5.5%, due to the presence of several automotive hubs in the region. Moreover, large consumption of passenger vehicle across Asia Pacific is also driving the growth.
Europe is estimated to grow at a CAGR 4.4%, during the forecast period.
Key participants include Arnold Clark Automobiles Limited, Driven Brands, Inc., Ashland Automotive, Inc., Asbury Automotive Group, Inc., Belron International Ltd., Carmax Autocare Center, Jiffy Lube International, Inc., Goodyear Tire & Rubber Company, Halfords Group Plc., Firestone Complete Auto Care.

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Segments covered in the report:

Parts Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)

Tires
Wear and tear parts
Collision body
Batteries
Others

Service Type Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)

Car Maintenance Services
Car Repair Service

Application Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)

Passenger vehicle
Commercial vehicle
Mechanical

Technology Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)

Microcomputers
Aluminum
Wireless
Others

Service provider Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)

Automobile dealerships
General franchise repairs
Specialty shops
Locally owned repair Shops
Others

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

Beneficial Aspects of the Report:

Global and region forecast of the Automotive Repair & Maintenance Service market from 2020-2027
In-depth analysis of market dynamics, industry outlook, market size based on types and applications
Details of value chain analysis, supply and demand ratio, production and consumption patterns
SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
Detailed insights on competitive landscape and emerging market trends

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