Surge in automobile sales, increase in standard of living among people, rapid urbanization, rise in need for aftersales automotive services, and prevalence of stringent government regulations to replace or upgrade vehicle components are expected to drive the growth of the global automotive repair and service market. Closed manufacturing facilities, presence of transportation restrictions from governments, and temporary stoppage of services due to social distancing restrictions during the pandemic had a negative impact on the market.
Portland, OR, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive repair and service market generated $789.8 billion in 2021, and is projected to reach $1,656.21 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Automotive Repair and Service Industry Report Coverage & Details:
Report Coverage
Details
Forecast Period
2022–2031
Base Year
2021
Market Size in 2021
$789.8 billion
Market Size in 2031
$1,656.21 billion
CAGR
7.6%
No. of Pages in Report
331
Segments Covered
Type, Service Provider, Vehicle Type, Propulsion Type, And Region.
Drivers
Increase in the standard of living
Surge in automobile sales
Opportunities
Rise in need for aftersales automotive services
Prevalence of stringent government regulations to replace or upgrade vehicle components
Restrains
Volatile prices of raw materials
Surge in demand for shared mobility
COVID-19 Scenario:
The outbreak of COVID-19 pandemic has had a negative impact on the growth of the global automotive repair and service market, owing to the occurrence of lockdowns in various countries around the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those in the automotive sector, which resulted in decreased automobile sales. This further adversely impacted the demand for the automobile repair and service market.
In addition, all types of shops, service, and automobile customization centers were closed down due to the stringent social distancing restrictions imposed by the government. These regulations were imposed so as to curb the spread of the virus during the pandemic.
The report offers detailed segmentation of the global automotive repair and service market based on type, service provider, vehicle type, propulsion type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the mechanical segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The maintenance services segment, on the other hand, is expected to cite the fastest CAGR of 9.0% during the forecast period.
Based on vehicle type, the passenger cars segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The heavy commercial vehicles segment, on the other hand, is expected to cite the fastest CAGR of 11.0% during the forecast period.
Based on propulsion type, the internal combustion engine (ICE) segment held the largest market share in 2021, holding 90% of the global market, and is expected to maintain its leadership status during the forecast period. The electric segment, on the other hand, is expected to cite the fastest CAGR of 15.1% during the forecast period.
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Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 11.0% during the forecast period.
The key players analyzed in the global automotive repair and service market report include Asbury Automotive Group, Inc., Carmax Autocare Center, CarParts.com, Inc., Europart, Firestone, Hance’s European, Inter Cars S.A., Jiffy Lube International, Inc., LKQ Corporation, M&M Automotive, MEKO, Mobivia Groupe, MyTVS Accessories, Safelite Group, Sun Auto Service, USA automotive, Wrench, Inc.
The report analyzes these key players in the global automotive repair and service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
Similar Reports We Have on Automotive Industry:
Automotive AfterMarket Industry Expected to Reach $828.2 Billion, at 6.2% CAGR by 2031
Passenger Car Accessories Aftermarket is Expected to Reach $248.41 Billion, at 8.5% CAGR by 2026
Ship Repair and Maintenance Service Market by Vessel (Gas Carriage, Oil & Chemical Tankers, Bulk Carriers, General Cargo, Container Ship and Passenger Ship) and Application (General Services, Dockage, Engine Parts, Electric Works and Auxiliary Services): Global Opportunity Analysis and Industry Forecast, 2020–2031
Aircraft Maintenance Market by Application (Commercial Air Transport, Business & General Aviation, and Military Aviation), Type (Engine, Component, Line Maintenance, Airframe, and Modifications), and Aircraft Type (Narrow-body and Wide-body), and End User (Commercial Aircraft and Military aircraft)- Global Opportunity Analysis and Industry Forecast, 2021-2030.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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