The global Automotive Repair And Maintenance Services Market is estimated to be valued at US$ 770.7 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive repair and maintenance services include inspection, maintenance and repairs of vehicle systems and components by professional technicians. Regular maintenance and repair services help in maintaining vehicle performance, safety and resale value.
Market key trends:
One of the key trend in the automotive repair and maintenance services market is the increasing focus on advanced diagnostics and predictive maintenance. With growing connectivity in vehicles through telematics systems, real-time diagnostics of vehicle systems is enabling remote monitoring of vehicle health and potential component failures. This allows for predictive maintenance where repairs and replacements can be scheduled before the component fails. Automakers are providing advanced diagnostics and monitoring services to fleet operators and individual vehicle owners through customized service plans. This is improving vehicle uptime and reducing repair costs over the long run. Other trends include the increasing do-it-yourself repairs through online tutorials and availability of repair tools through rentals.
Market key trends:
One of the key trend in the automotive repair and maintenance services market is the focus on predictive maintenance and usage of advanced technologies to reduce maintenance downtime. Automotive repair shops are increasingly focusing on incorporating predictive maintenance techniques, remote diagnostics, and connectivity solutions to streamline repair processes and reduce vehicle downtime. Technologies such as sensors, remote diagnostics tools, telematics, and predictive analytics are helping mechanics to conduct repairs faster and enhance customer experience.
SWOT Analysis
Strength: The automotive repair and maintenance market benefits from high vehicle usage and a steady rise in average vehicle age. This ensures continuous demand for repair and maintenance services.
Weakness: Rising labour and operational costs can squeeze profit margins for automotive repair shops. High entry costs associated with equipment, tools and infrastructure also discourage new entrants.
Opportunity: Increasing adoption of electric vehicles and hybrid powertrains is opening up opportunities for workshops to capitalize on advanced diagnostics, predictive maintenance techniques and EV-specific repair services.
Threats: Technological upgrades in newer vehicles tend to reduce frequent breakdowns, affecting demand for traditional repair services to some extent. Do-it-yourself attitude of some vehicle owners also poses threats.
Key Takeaways
The global automotive repair and maintenance services market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing vehicle usage and rising average age of vehicles on road across regions.
Regional analysis: North America dominates currently, followed by Europe. Meanwhile, Asia Pacific region is expected to witness fastest growth owing to rising vehicle parc in major countries like China and India.
Key players operating in the automotive repair and maintenance services market are Firestone Complete Auto Care, Ashland Automotive, Inc., Driven Brands, Inc., Carmax Autocare Center, Sumitomo Corporation, Monro Muffler Brake, Inc., Belron International Ltd., Goodyear Tire & Rubber Co., Jiffy Lube International Inc., MyTVS Accessories, Safelite Group, Sun Auto Service, USA automotive, Wrench, Inc.