ReportLinker: Global Automotive Repair and Maintenance Services Market to Reach $678.4 Billion by 2026

Source: GlobeNewswire

Abstract: What’s New for 2022? -Global competitiveness and key competitor percentage market shares. -Market presence across multiple geographies – Strong/Active/Niche/Trivial.

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Global Automotive Repair and Maintenance Services Market to Reach $678.4 Billion by 2026

Automotive repair & maintenance services signify keeping all features and systems of the vehicle functional in close resemblance to the original design of the manufacturer. Repair and maintenance services also ensure a fixed level of vehicular reliability. All vehicle maintenance programs intend to return maximum performance, service life, and reliability. A vehicle needs a range of repair and maintenance services during its life span. The pandemic has changed the way customers engage with businesses across industries, a trend also seen in auto dealerships which are now adapting to how consumers buy cars and get repairs. As economic uncertainty looms large over car owners, consumers are preferring to repair their existing vehicles in order to boost their life and trade-in value. Despite fewer people traveling to offices or schools in the pandemic, people are still driving cars to avoid mass transit and public transport by sticking to road vehicles.

Amid the COVID-19 crisis, the global market for Automotive Repair and Maintenance Services estimated at US$565 Billion in the year 2020, is projected to reach a revised size of US$678.4 Billion by 2026, growing at a CAGR of 3.1% over the analysis period. Tires, one of the segments analyzed in the report, is projected to grow at a 3.6% CAGR to reach US$211.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wear & Tear Parts segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Automotive Repair and Maintenance Services market.

The U.S. Market is Estimated at $93.6 Billion in 2021, While China is Forecast to Reach $154 Billion by 2026

The Automotive Repair and Maintenance Services market in the U.S. is estimated at US$93.6 Billion in the year 2021. The country currently accounts for a 16.33% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$154 Billion in the year 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$158.9 Billion by the end of the analysis period. Asia commands a sizable presence in the market globally, supported by the strong presence of several automotive hubs. High passenger vehicle consumption along with increased production of these vehicles in the region are likely to further augment growth in the market. Lack of good roads and infrastructure deficit in emerging countries in the region like India will fuel growth in tire, chassis and suspension maintenance. North America will remain a key market due to growing automobile sales combined with strict US regulations regarding vehicle servicing and maintenance.

Collision Body Segment to Reach $138.6 Billion by 2026

Under the stay-at-home mandates that lowered vehicle density, most cities registered a drop in collision rates. For example, collision rates in San Francisco plunged almost 60% and around 50% in Seattle after the state announced a slew of measures to prevent the virus from spreading. Cities in Europe also witnessed a similar trend. This is a rather positive development as fewer collisions mean fewer deaths and injuries. Revenue planning must account for lesser collision repair jobs in terms of aftermarket. In the global Collision Body segment, USA, Canada, Japan, China and Europe will drive the 2.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$83.4 Billion in the year 2020 will reach a projected size of US$100.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$23.8 Billion by the year 2026, while Latin America will expand at a 3.2% CAGR through the analysis period.

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