SELBYVILLE, Delaware, March 2, 2022 (GLOBE NEWSWIRE) —
The automotive repair and maintenance services market is projected to surpass $950 billion by 2028 as reported in a Research study by Global Market Insights Inc. Rising household incomes encouraging up-trading to more expensive services like custom detailing are driving industry growth.
E-commerce players and digital services are changing the industry. Market players like kfzteile24 and Autodoc, online sellers of car parts and companies like WhoCanFixMyCar.com enable customers to make appointments with local repair shops. These actors fall into two groups: service aggregators and e-tailers. Such digital-based players are emerging and are increasingly challenging the established companies in the industry.
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The electric segment is poised to witness around 4.5% CAGR in the automotive repair and maintenance services market through 2028. Electrical systems, ranging from lighting systems to sensors, are an extremely important part of the vehicle. Electrical repair and maintenance services include regular bulb inspections and headlamp cleaning.
The general repairs franchise segment is expected to hold a 5% market share by 2028. In the Asia-Pacific region, owners of passenger cars older than three years prefer local or franchised garages that offer reliable and fast services at minimal cost. Poor road quality, frequent accidents and heavy traffic congestion have also greatly increased the demand for automotive repair and maintenance services across the region.
Asia Pacific Automotive Repair and Maintenance Services Market accounted for more than 30% of the share of sales in 2021. This is mainly due to the increasing sales of used cars and car sharing market across the region. For example, China has granted business licenses to 200 online car brokers in 2020, as well as about 2.8 million car broker licenses, according to the Ministry of Transport.
Key Findings of the Automotive Repair and Maintenance Services Market report include:
- With increasing workshop mergers and growing e-commerce platforms, more and more companies want to source products directly from manufacturers or suppliers. Parts manufacturers have built capabilities, such as a country-level distribution system, to provide after-sales services.
- The COVID-19 pandemic has accelerated overall motor vehicle repair and maintenance services as recession and employment problems have reduced overall motor vehicle sales, leading to further aging of existing fleets. The market for automotive repair and maintenance services fell nearly 50% during lockdowns in March and April 2020; however, it quickly bounced back and the overall market was down just 8.4% by the end of 2020.
- Latin America is in its early stages and is expected to see steady growth due to the growing landscape of the fleet management and vehicle leasing industry. The increasing importance of industry players expanding their retail and automotive repair facilities will further support the industry expansion.
- The scheduled repair services segment is growing significantly due to increasing vehicle sales. The scheduled repair service includes various inspection and replacement jobs such as oil and filter changes, spark plug repairs, air conditioning, and brake services and repairs.
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Sub-chapters of the report table of contents (TOC):
Chapter 2 summary
2.1 Global Automotive Repair and Maintenance Services Market 360° Synopsis, 2018 – 2028
2.1.1 Business Development
2.1.2 Vehicle Trends
2.1.3 Type Trends
2.1.4 Service Provider Trends
2.1.5 Regional Trends
Chapter 3 Global Automotive Repair and Maintenance Services Industry Insights
3.1 Industry Segmentation
3.2 Industry Landscape, 2018 – 2028
3.2.1 Impact of COVID-19 on the Automotive Repair and Maintenance Services Industry
3.3 Industry Ecosystem Analysis
3.4 Innovation & Sustainability
3.5 Regulatory Landscape
3.5.1 United States
3.6 Impact Forces of Industry
3.6.1 Growth drivers
3.6.2 Pitfalls and Challenges of the Industry
3.7 Growth Potential Analysis, 2020
3.8 Porter’s analysis
3.9 Competitive Landscape
3.10 PESTLE Analysis
3.11 Impact of COVID-19 on the automotive industry
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting services provider; provides syndicated and custom research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data specifically designed and presented to support strategic decision-making. Created using a proprietary research methodology, these comprehensive reports are available for key industries such as chemical, advanced materials, technology, renewable energy and biotechnology.