SAN FRANCISCO, March 21, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Automotive Repair and Maintenance Services – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 20; Released: February 2022
Executive Pool: 399
Companies: 84 – Players covered include 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.
Coverage: All major geographies and key segments
Segments: Parts (Tires, Wear & Tear Parts, Collision Body, Batteries, Other Parts); Application (Passenger Cars, Commercial Vehicles)
Geographies: 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.
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Global Automotive Repair and Maintenance Services Market to Reach $678.4 Billion by 2026
Automotive repair & maintenance services signify keeping all features and systems of the vehicle functional in close resemblance to the original design of the manufacturer. Repair and maintenance services also ensure a fixed level of vehicular reliability. All vehicle maintenance programs intend to return maximum performance, service life, and reliability. A vehicle needs a range of repair and maintenance services during its life span. The pandemic has changed the way customers engage with businesses across industries, a trend also seen in auto dealerships which are now adapting to how consumers buy cars and get repairs. As economic uncertainty looms large over car owners, consumers are preferring to repair their existing vehicles in order to boost their life and trade-in value. Despite fewer people traveling to offices or schools in the pandemic, people are still driving cars to avoid mass transit and public transport by sticking to road vehicles. The requirement by the customers to ensure the safety of their vehicle through repair and maintenance services is expected to fuel the growth of automotive repair and maintenance services market during the forecast period. Various other factors such as growing awareness about vehicle safety and maintenance, growing consciousness regarding road safety, poor quality of roads, easy accessibility of various independent auto service and maintenance providers, service flexibility, reliability and cost competitiveness are anticipated to enhance the demand for automotive repair and maintenance services during the estimated period.
Amid the COVID-19 crisis, the global market for Automotive Repair and Maintenance Services estimated at US$594.9 Billion in the year 2022, is projected to reach a revised size of US$678.4 Billion by 2026, growing at a CAGR of 3.1% over the analysis period. Tires, one of the segments analyzed in the report, is projected to grow at a 3.6% CAGR to reach US$211.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wear & Tear Parts segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Automotive Repair and Maintenance Services market. Battery electric vehicles (BEVs) will have an effect on the demand for repair & maintenance services. Tires are among the most abused part of the vehicle, as automobiles are driven on bad roads, wet pavements, are driven at high speeds, turned at sharp corners, and maneuvered on precarious on-and-off exit ramps, slippery road conditions, among others. The tire category is anticipated to expand, mainly in value terms, as BEVs need advanced and hi-tech tires, in comparison to conventional ICE vehicles.
The U.S. Market is Estimated at $95.9 Billion in 2022, While China is Forecast to Reach $154 Billion by 2026
The Automotive Repair and Maintenance Services market in the U.S. is estimated at US$95.9 Billion in the year 2022. The country currently accounts for a 16.33% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$154 Billion in the year 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$158.9 Billion by the end of the analysis period. Asia commands a sizable presence in the market globally, supported by the strong presence of several automotive hubs. High passenger vehicle consumption along with increased production of these vehicles in the region are likely to further augment growth in the market. Lack of good roads and infrastructure deficit in emerging countries in the region like India will fuel growth in tire, chassis and suspension maintenance. North America will remain a key market due to growing automobile sales combined with strict US regulations regarding vehicle servicing and maintenance.
Collision Body Segment to Reach $138.6 Billion by 2026
Under the stay-at-home mandates that lowered vehicle density, most cities registered a drop in collision rates. For example, collision rates in San Francisco plunged almost 60% and around 50% in Seattle after the state announced a slew of measures to prevent the virus from spreading. Cities in Europe also witnessed a similar trend. This is a rather positive development as fewer collisions mean fewer deaths and injuries. Revenue planning must account for lesser collision repair jobs in terms of aftermarket. In the global Collision Body segment, USA, Canada, Japan, China and Europe will drive the 2.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$83.4 Billion will reach a projected size of US$100.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$23.8 Billion by the year 2026, while Latin America will expand at a 3.2% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.