Automotive Repair and Maintenance Services Market to Grow by USD 134.9 Billion (2024-2028) as Road Transport Demand Increases, with AI Redefining the Market Landscape- Technavio

NEW YORK, Oct. 15, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Automotive Repair and Maintenance Services Market  size is estimated to grow by USD 134.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.21%  during the forecast period. Growing preference for road transportation is driving market growth, with a trend towards expansion of mobile repair services.However, growing use of public transport  poses a challenge – Key market players include ALL-TECH Transmission Inc., Apex Tool Group LLC, Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Auto Repair, Belron International Ltd., Bridgestone Corp., CarMax Inc., Driven Brands Holdings Inc., Firestone Complete Auto Care, Halfords Group Plc, Jiffy Lube International Inc., LeasePlan Corp. NV, Monro Inc., myTVS Accessories, Pendragon Vehicle Management Ltd., Robert Bosch GmbH, Rust Oleum Corp., Sumitomo Corp., and The Goodyear Tire and Rubber Co..

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Key Market Trends Fueling Growth

Electric Vehicles (EVs) are gaining popularity due to their eco-friendly nature and ability to reduce harmful air pollution. These vehicles, which can be recharged from external sources of electricity, contribute to improved air quality and reduced health issues caused by pollution. Moreover, if renewable energy is used for charging, EVs can also help decrease greenhouse gas emissions. However, the reliance on electricity for power means that traditional repair and maintenance services for oil changes and part replacements are no longer necessary for EVs. Instead, customers can service their EVs using online parts or remote updates. Consequently, the automotive repair and maintenance services market may experience a decline in growth due to the increasing adoption of EVs, as the need for routine maintenance and repairs will significantly decrease. 

The Automotive Repair and Maintenance Services market is experiencing significant trends in the automotive production sector, with an increasing focus on vehicle fleet size and safety. Independent auto services and service providers are gaining popularity due to their flexibility and cost competitiveness. Dependable maintenance services are crucial for both automotive sales and post-sale services, as vehicle ownership continues to grow. Passenger cars, including electric vehicles, require regular maintenance using advanced diagnostics tools and augmented reality apps. Replacement parts and annual maintenance costs are key concerns for price-sensitive customers. Dealerships and franchise stores are leveraging digital platforms for online presence, price transparency, and software expertise. The passenger cars segment, driven by new car registrations, is a major contributor to the automotive sector. Road safety awareness is a priority, with a growing emphasis on vehicle customization, connected car technologies, and self-driving capabilities. Aftermarket solutions, specialist repair services, and replacement parts cater to the needs of taxis and shared mobility services. CXOs of Elitek Vehicle Services and other industry leaders are investing in big data to optimize operations and improve customer experience. 

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Market Challenges

• The escalating issue of air pollution, driven by increasing levels of toxic emissions from commercial vehicles and passenger cars, is compelling governments worldwide to prioritize investments in alternative fuel sources and public transportation. This trend is particularly significant in rapidly urbanizing countries, where deteriorating air quality poses serious health risks and negatively impacts quality of life. As a result, the growth of metro rail systems and other public transport solutions is on the rise, particularly in polluted cities in China. This shift towards public transportation may impact the demand for automotive repair and maintenance services during the forecast period.
• The Automotive Repair and Maintenance Services market faces numerous challenges in the evolving automotive sector. Diagnostics tools and augmented reality apps require significant software expertise. Dealerships and franchise stores must maintain an online presence and price transparency to attract price-sensitive customers. New car registrations in the passenger cars segment impact aftermarket maintenance demand. Road safety awareness drives the need for high-quality replacement parts and specialist repair services. CXOs in Elitek Vehicle Services grapple with integrating big data from new car technologies, such as sensors and connected car technologies, for predictive maintenance and subscription-based programs. The market includes various vehicle types – passenger cars, two wheelers, hybrid vehicles, commercial vehicles, and luxury vehicles. Taxis and shared mobility services add to the complexity, requiring quick repair time and profitability. Price transparency, annual maintenance costs, and vehicle customization are crucial factors for passenger car registrations. Replacement parts and aftermarket solutions cater to various vehicle types, with profitability depending on the specialist repair services provided. The automotive technology landscape includes self-driving capabilities and various digital platforms, requiring continuous software updates and expertise.

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Segment Overview

This automotive repair and maintenance services market report extensively covers market segmentation by

1. Type 

• 1.1 Internal combustion engine
• 1.2 Electric

• 2.1 Tires
• 2.2 Wear and tear parts
• 2.3 Collision body
• 2.4 Batteries
• 2.5 Others

• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Internal combustion engine-  The internal combustion engine segment of the automotive repair and maintenance services market is experiencing significant growth due to rising demand for passenger and commercial vehicles in developed and developing countries. The lack of widespread electric vehicle charging infrastructure and the popularity of petrol vehicles, along with the increasing production of oil and shale gas, are major contributors to this growth. Additionally, vehicle aging and the expanding demand for shared mobility are increasing repair and maintenance costs. These factors collectively are expected to drive the expansion of the internal combustion engine segment in the automotive repair and maintenance services market throughout the forecast period.

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Research Analysis

The Automotive Repair and Maintenance Services Market encompasses the provision of services related to the upkeep and restoration of passenger cars, electric vehicles, and commercial fleet vehicles. With the increasing size of vehicle fleets and the emphasis on safety, the demand for dependable maintenance services is on the rise. Independent auto services and service providers offer flexibility and cost competitiveness, making them popular alternatives to dealerships and franchise stores. Vehicle maintenance involves the regular inspection, servicing, and replacement of vehicle components. Automotive diagnostics tools, augmented reality apps, and big data are transforming the industry, enabling more accurate and efficient repairs. The automotive sales and post-sale services sectors are interconnected, with ownership of passenger cars and new car registrations driving demand for maintenance services. Passenger car registrations continue to grow, with electric vehicles gaining popularity. The automotive sector employs a large workforce of auto repair technicians, offering aftermarket maintenance and vehicle customization services. Online presence and digital platforms are essential for service providers to offer price transparency and convenience to customers.

Market Research Overview

The Automotive Repair and Maintenance Services market is a critical segment of the automotive sector, catering to the needs of vehicle owners for dependable maintenance services. With the increasing automotive production and vehicle fleet size, the demand for maintenance services is on the rise. Vehicle maintenance is essential for ensuring safety, extending the life of vehicles, and maintaining their value. Independent auto services and service providers offer flexibility and cost competitiveness, making them popular choices among price-sensitive customers. The market encompasses automotive sales and post-sale services, including vehicle components, replacement parts, and annual maintenance costs. Passenger cars, electric vehicles, and commercial vehicles all require regular maintenance. Advanced automotive diagnostics tools, augmented reality apps, big data, and connected car technologies are transforming the industry, enabling faster and more accurate repairs. Dealerships and franchise stores offer specialized repair services, while online presence, digital platforms, and price transparency are becoming essential for success in the market. The market also includes aftermarket solutions, specialist repair services, and subscription-based maintenance programs. Automotive technology, such as self-driving capabilities and connected car technologies, are driving innovation in the industry. Auto repair technicians provide aftermarket maintenance services for various vehicle types, including passenger cars, hybrid vehicles, luxury vehicles, and two wheelers. CXOs in the automotive industry are focusing on data analytics, sensors, and software expertise to improve profitability and customer satisfaction. Road safety awareness, vehicle customization, and the rise of shared mobility and online sales platforms are also influencing the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Internal Combustion Engine
• Electric
• Service
• Tires
• Wear And Tear Parts
• Collision Body
• Batteries
• Others
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio