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DUBLIN--(BUSINESS WIRE)--Sep 23, 2022--
The "Automotive Repair And Maintenance Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global automotive repair and maintenance market reached a value of nearly $750.8 billion in 2021, having increased at a compound annual growth rate (CAGR) of 3.8% since 2016. The market is expected to grow from $750.8 billion in 2021 to $1,237.5 billion in 2026 at a rate of 10.5%. The market is then expected to grow at a CAGR of 10.9% from 2026 and reach $2,080.2 billion in 2031.
Growth in the historic period in the automotive repair and maintenance market resulted from a rise in disposable income, increased environmental concerns for e-waste pushing companies to re-use automotive parts, strong economic growth in emerging markets and rapid urbanization. The market was restrained by fluctuating metal prices, the coronavirus pandemic and unpredictability in the political environment across countries.
Going forward, growing sense of sustainability, growing vehicle failure rate and cost-benefit associated with repairing old vehicle, increasing government regulations for automotive waste management and higher purchase cost of automotive vehicles will drive the market. Factors that could hinder the growth of the market in the future include lack of skilled workforce and high cost involved in training service technicians.
The automotive repair and maintenance market is segmented by type into automotive mechanical and electrical repair and maintenance, automotive body, paint, interior, and glass repair and other automotive repair and maintenance. The automotive mechanical and electrical repair and maintenance segment was the largest segment of the automotive repair and maintenance market segmented by type, accounting for 47.1% of the total in 2021.
Going forward, the automotive body, paint, interior, and glass repair segment is expected to be the fastest growing segment in the automotive repair and maintenance market segmented by type, at a CAGR of 12.2% during 2021-2026.
The automotive mechanical and electrical repair and maintenance market is segmented by type into general automotive repair, automotive exhaust system repair, automotive transmission repair, and other automotive mechanical and electrical repair and maintenance.
The general automotive repair segment was the largest segment of the automotive mechanical and electrical repair and maintenance market segmented by type, accounting for 43.3% of the total in 2021. Going forward, the automotive transmission repair segment is expected to be the fastest growing segment in the automotive mechanical and electrical repair and maintenance market segmented by type, at a CAGR of 3.1% during 2021-2026.
The automotive body, paint, interior, and glass repair market is segmented by type into automotive body, paint, and interior repair and maintenance, and automotive glass replacement. The automotive body, paint, and interior repair and maintenance segment was the largest segment of the automotive body, paint, interior, and glass repair market segmented by type, accounting for 33.1% of the total in 2021. Going forward, the automotive glass replacement segment is expected to be the fastest growing segment in the automotive body, paint, interior, and glass repair market segmented by type, at a CAGR of 11.6% during 2021-2026.
The other automotive repair and maintenance market is segmented by type into automotive oil change and lubrication shops, car washes, and all other automotive repair and maintenance. The car washes segment was the largest segment of the other automotive repair and maintenance market segmented by type, accounting for 9.0% of the total in 2021. Going forward, the automotive oil change and lubrication shops segment is expected to be the fastest growing segment in the other automotive repair and maintenance market segmented by type, at a CAGR of 5.8% during 2021-2026.
The automotive repair and maintenance market is also segmented by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles and bike and scooter. The passenger cars segment was the largest segment of the automotive repair and maintenance market segmented by vehicle type, accounting for 65.1% of the total in 2021. Going forward, light commercial vehicles segment is expected to be the fastest growing segment in the automotive repair and maintenance market segmented by vehicle type, at a CAGR of 10.2% during 2021-2026.
The automotive repair and maintenance market is also segmented by service provider into automotive dealership, franchise general repair, specialty shop, locally owned repair shops/body shop and others. The automotive dealership segment was the largest segment of the automotive repair and maintenance market segmented by service provider, accounting for 39.5% of the total in 2021. Going forward, locally owned repair shops/body shop segment is expected to be the fastest growing segment in the automotive repair and maintenance market segmented by service provider, at a CAGR of 10.6% during 2021-2026.
Western Europe was the largest region in the automotive repair and maintenance market, accounting for 33.6% of the total in 2021. It was followed by the Asia Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the automotive repair and maintenance market will be Africa and South America where growth will be at CAGRs of 13.5% and 12.8% respectively during 2021-2026. These will be followed by Middle East and Eastern Europe, where the markets are expected to register CAGRs of 12.7% and 11.7% respectively during 2021-2026.
The global automotive repair and maintenance market is fragmented, with a large number of players. The top ten competitors in the market made up to 1.57% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies.
Major players in the market are LKQ Corporation, Belron International Ltd., ADNOC, Monro Muffler Brake, Asbury Automotive Group Inc., Nippon Express Co., Ltd., Driven Brands Inc, Goodyear Tire & Rubber Co., Lookers PLC, Halfords and other players.
Key Opportunities
Automotive Repair And Maintenance Market Trends And Strategies
Key Mergers And Acquisitions In The Automotive Repair And Maintenance Market
Global Automotive Repair And Maintenance Market Competitive Landscape
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KEYWORD:
INDUSTRY KEYWORD: GENERAL AUTOMOTIVE OTHER AUTOMOTIVE AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/23/2022 10:13 AM/DISC: 09/23/2022 10:12 AM
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