Global Automotive Repair and Maintenance Market Report 2022-2026 and 2031 with LKQ Corp, Belron, Abu Dhabi National Oil Company for Distribution, Monro Muffler Brake and Asbury Automotive

0

company logo

Global automotive repair and maintenance market

Global automotive repair and maintenance market

Global automotive repair and maintenance market

Dublin, Sept. 22, 2022 (GLOBE NEWSWIRE) — The report “Automotive Repair And Maintenance Global Market Opportunities And Strategies To 2031” has been added to from ResearchAndMarkets.com offer.

The global automotive repair and maintenance market reached a value of nearly $750.8 billion in 2021, having grown at a compound annual growth rate (CAGR) of 3.8% since 2016. 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 over the historical period in the automotive repair and maintenance market has resulted from an increase in disposable income, heightened environmental concerns for e-waste pushing companies to reuse auto parts, strong economic growth in emerging markets and rapid urbanization. The market was held back by fluctuating metal prices, the coronavirus pandemic and the unpredictability of the political environment from country to country.

In the future, the increasing sense of sustainability, vehicle failure rate and cost-benefits associated with repairing old vehicles, increasing government regulations for automotive waste management and the cost of purchasing more high automotive vehicles will drive the market. Factors that may hinder the growth of the market in the future include lack of skilled labor and high cost of 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, 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, with a CAGR of 12.2% over the period 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 repair segment automotive powertrain 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% over the period 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 segmented automotive body repair, paint, interior and glass market 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 body repair, paint, repair market. automotive interior and glass segmented by type, with a CAGR of 11.6% during the period 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 wash 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 oil change shop segment automotive repair and maintenance market segmented by type, growing at a CAGR of 5.8% over the period 2021-2026.

The automotive repair and maintenance market is also segmented by vehicle type into passenger cars, light-duty vehicles, heavy-duty vehicles, and bicycles & scooters. The passenger car segment was the largest segment in the automotive repair and maintenance market segmented by vehicle type, accounting for 65.1% of the total in 2021. Going forward, the light commercial vehicle segment is expected to to be the fastest growing segment of the automotive repair and maintenance market. maintenance market segmented by vehicle type, at a CAGR of 10.2% over the period 2021-2026.

The automotive repair and maintenance market is also segmented by automotive dealership service provider, general repair franchise, specialty shop, local repair/body shops 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, the repair/body shop segment locally owned 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% over the period 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 Asia-Pacific, North America, 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 the period 2021-2026. These will be followed by the Middle East and Eastern Europe, where the markets are expected to register CAGRs of 12.7% and 11.7% respectively during the period 2021-2026.

The global automotive repair and maintenance market is fragmented, with a large number of players. The top ten competitors in the market accounted for up to 1.57% of the total market in 2020. This may be due to the existence of a number of local players in the market serving customers in particular geographies.

Major market players include 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

  • The major opportunities in the automotive repair and maintenance market segmented by type will be in the automotive body repair, paint, interior and glass segment, which will earn $214.0 billion. dollars in global annual sales by 2026.

  • The major opportunities in the automotive mechanical and electrical repair and maintenance market segmented by type will arise in the general automotive repair segment, which will earn $178.9 billion in global annual sales by 2026.

  • The major opportunities in the automotive body, paint, interior and glass repair market, segmented by type, will arise in the segment of body, paint and repair and automotive home care, which will earn $193.9 billion in global annual sales by 2026.

  • Major opportunities in other automotive repair and maintenance markets segmented by type will arise in the car wash segment, which will earn $58.9 billion in global annual sales by 2026.

  • The major opportunities in the automotive repair and maintenance market segmented by vehicle type will arise in the passenger car segment, which will earn $309.4 billion in global annual sales by 2026.

  • The major opportunities in the automotive repair and maintenance market segmented by service provider will arise in the automotive dealership segment, which will earn $186.3 billion in global annual sales by 2026.

Automotive Repair and Maintenance Market Trends and Strategies

  • Implementation of predictive maintenance

  • Increased commercial vehicle safety features

  • Increasing use of advanced technologies

  • Growing use of Big Data Analytics

  • Increase in mergers and acquisitions

  • Growing adoption of remote vehicle diagnostic systems

  • Growing implementation of artificial intelligence (AI)

  • Rental of improved electronic vehicles (EV)

Major mergers and acquisitions in the automotive repair and maintenance market

  • Halfords acquired Axle Group Holdings

  • AutoCentral merged with Blue Print

  • Keyauto acquired Rolf

  • MySyara has acquired an auto parts distributor

  • Cox Automotiv has acquired Dickinson Fleet Services

  • Borg Automotive has acquired Turbo Motor Inyeccion SL (TMI)

  • Maruti Suzuki India Ltd acquired Sumitomo Corporation

  • Fiix Acquired Key

  • Alliance Automotive Group (AAG) has acquired PartsPoint Group

  • MKO acquired VRK-3

  • Didi Chuxing acquired Xiaoju Automobile Solutions (XAS)

Competitive landscape of the global automotive repair and maintenance market

  • LKQ Corporation

  • Belron International Ltd.

  • Abu Dhabi National Oil Company for PJSC Distribution

  • Monro muffler brake

  • Asbury Automotive Group Inc.

For more information about this report visit https://www.researchandmarkets.com/r/a87w7o

Attachment

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Share.

Comments are closed.