The Worldwide Automotive Repair and Service Industry is Estimated to Reach $1.6 Billion by 2031 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Automotive Repair and Service Market By Type, By Service provider, By Vehicle Type, By Propulsion Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to this report the automotive repair and service market was valued at $789.80 billion in 2021, and is estimated to reach $1,656.21 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

The report incorporates the study of the global automotive repair and service market that focuses on the automotive aftermarket services provided to automotive repair shops and end users. Automotive repair and service include fixing an unexpected problem, ranging from rebuilding transmissions to replacing shocks.

The automotive repair and service can be performed at any auto shop without affecting the customer's warranty coverage. Various service providers currently offer automotive repair and maintenance services, including automobile dealerships and OEMs. Moreover, the specialty shops are independently owned shops that are specialized in providing a particular service for suspension services, collision repair, services for exhaust and mufflers.

For instance, in September 2021, LKQ Corporation expanded its business by opening a new Innovation and Service Center in Katowice, Poland. This service center offered repair services using digital channels such as app-based solutions that ensured best-in-class customer experience across Europe.

The factors such as increasing automotive sales, growth of automotive post sale services, and stringent government regulations to replace or upgrade vehicle components supplement the growth of the automotive repair and service market. However, volatile prices of raw materials and rise in demand for shared mobility are the factors expected to hamper the growth of the automotive repair and service market.

In addition, rise in trend of vehicle customization coupled with increase in disposable income and increasing automotive safety norms & demand for technologically advanced features creates market opportunities for the key players operating in the automotive repair and service market.

Key Benefits

• This study presents analytical depiction of the global automotive repair and service market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall automotive repair and service market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global automotive repair and service market with a detailed impact analysis.
• The current automotive repair and service market is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Type

• Maintenance Services
• Mechanical
• Exterior Structural

By Service provider

• Franchise General Repairs
• OEM Authorized Service Centers
• Local Garage
• Tire Stores Repair Chains
• Others

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Two Wheelers

By Propulsion Type

• Internal Combustion Engine (ICE)
• Electric

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• 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.

For more information about this report visit https://www.researchandmarkets.com/r/k82x8z