Selbyville, Delaware, March 02, 2022 (GLOBE NEWSWIRE) —
The automotive repair & maintenance services market is expected to surpass USD 950 billion by 2028, as reported in a research study by Global Market Insights Inc. Increasing household incomes, which will encourage the up-trading to higher-cost services such as custom detailing is driving the industry growth.
E-commerce players and digital services are changing the industry. Market participants, such as kfzteile24 and Autodoc, online automotive component venders, and businesses including WhoCanFixMyCar.com allow customers to plan appointments with local garages. These players fall into two groups: service aggregators and e-tailers. Such digital-based players are rising and progressively challenging industry incumbents.
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The electrical segment is poised to observe around 4.5% CAGR in the automotive repair & maintenance services market through 2028. Electrical systems ranging from lighting system to sensors are an extremely vital part of the vehicle. Electrical repair & maintenance services include regular lighting bulb inspections and the cleaning of head lights.
Franchise general repairs segment is expected to hold 5% of the market share by 2028. Owners of passenger cars that are over three years old in Asia Pacific prefer local garages or franchise repair shops that provide reliable & quick services at minimum costs. Poor road quality, frequent accidents, and high traffic congestion have also surged the demand for automotive repair & maintenance services across the region.
Asia Pacific automotive repair & maintenance services market accounted for more than 30% of the revenue share in 2021. This can be mainly attributed to the increasing sales of pre-owned cars and cars sharing market across the region. For instance, in 2020, according to the Ministry of Transport, China provided business permits to 200 online car-hailing companies as well as around 2.8 million licenses to car-hailing drivers.
Some of the major findings of the automotive repair & maintenance services market report include:
- With rising workshop mergers and growing e-commerce platforms, an increasing number of companies want to purchase products directly from manufacturers or suppliers. Parts manufacturers have built-up capabilities, such as a country level distribution system, for providing customer services.
- The COVID-19 pandemic has accelerated the overall automotive repair & maintenance services as recession and job concerns have reduced the overall automotive vehicle sales, resulting in further aging of existing fleets. The automotive repair & maintenance services market declined by nearly 50% during the lockdowns of March and April 2020; however, it bounced back quickly, and the overall market only declined by 8.4% by the end of 2020.
- Latin America is at a nascent stage and will foresee steady growth owing to the growing landscape of the fleet management and vehicle leasing industry. The rising prominence of industry players expanding their retail and automotive repair facilities will further support the industry expansion.
- The schedule repair service segment is growing at a substantial rate owing to increasing automotive vehicle sales. Schedule repair service includes various inspection & replacement works such as oil & filter changes, spark plug repairs, air-conditioning, and brake services & repairs.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global automotive repair & maintenance services market 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Type trends
2.1.4 Service Providers trends
2.1.5 Regional trends
Chapter 3 Global automotive repair & maintenance services Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 – 2028
3.2.1 COVID-19 impact on automotive repair & maintenance services industry
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Regulatory landscape
3.5.1 U.S
3.5.2 Europe
3.5.3 China
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis, 2020
3.8 Porter’s analysis
3.9 Competitive landscape
3.10 PESTLE analysis
3.11 COVID-19 impact on automotive industry
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
