The IMARC Group's latest research report, titled "Automotive Repair and Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industry, which comprises insights on the automotive repair and service market growth analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global automotive repair and service market size reached US$ 684.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,008.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
Automotive Repair and Service Market Overview:
Automotive repair and service entail a spectrum of maintenance procedures carried out on vehicles to ensure their optimal functioning. This market encompasses a variety of services including oil changes, brake repair, tire servicing, battery maintenance, and more complex mechanical and electrical repairs. It involves a systematic process where trained technicians diagnose issues within a vehicle and perform necessary repairs or maintenance. The sector is crucial for the longevity and reliability of vehicles, playing a vital role in vehicle safety and performance. Technicians use an array of tools and technologies to assess and fix vehicles, ranging from simple wrenches to advanced diagnostic computers that interface with a car’s on-board computer systems.
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Automotive Repair and Service Market Trends:
The global market is primarily driven by an enduring focus on vehicle longevity and road safety. This trend is further reinforced by an increase in the global vehicle population that mandates regular maintenance. Concurrently, advancements in vehicle technology are necessitating specialized maintenance services, which are becoming progressively sophisticated. There is a marked shift towards preventative maintenance practices by vehicle owners aiming to avoid future costly repairs, positively influencing the market. In addition, the sector is benefiting from the rising demand for technicians skilled in modern automotive systems such as electric and hybrid vehicles and advanced driver-assistance systems (ADAS). The convenience offered by digital platforms for service bookings and the emergence of mobile repair services are enhancing consumer access and convenience. The commitment of fleet operators to maintain vehicles in top condition for operational efficiency acts as another catalyst for growth.
Competitive Landscape with Key Players:
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.
Key Market Segmentation:
Type Insights:
Mechanical
Exterior and Structural
Maintenance Services
Vehicle Type Insights:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two Wheelers
Propulsion Type Insights:
Internal Combustion Engine (ICE)
Electric
Service Provider Insights:
Local Garage
Franchise General Repairs
OEM Authorized Service Centers
Tire Stores and Repair Chains
Others