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Editing: 20; Published: February 2022

Executive Pool: 399
Companies: 84 – Actors covered include Arnold Clark Automobiles Ltd. ; Asbury Automotive Group, Inc.; Ashland Automotive Inc.; Belron International Ltd. ; Bridgestone Corporation; CARMAX car maintenance center; Driven Brands, Inc.; Complete Firestone car maintenance; Halfords Group plc; Jiffy Lube International, Inc.; Monro, Inc.; Sumitomo Company; The Goodyear Tire & Rubber Company and others.
Blanket: All major geographies and key segments
segments: Parts (tires, wear parts, collision body, batteries, other parts); Application (Passenger Cars, Utility Vehicles)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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ABSTRACT-

Global Automotive Repair and Maintenance Services Market to Reach $678.4 billion by 2026
Automotive repair and maintenance services mean that all vehicle features and systems perform closely to the original manufacturer’s design. Repair and maintenance services also guarantee a fixed level of vehicle reliability. All vehicle maintenance programs are aimed at providing maximum performance, life and reliability. A vehicle needs a range of repair and maintenance services over its lifetime. The pandemic has changed the way customers interact with businesses across industries, a trend also seen in car dealerships which are now adapting to the way consumers buy cars and get repairs. As economic uncertainty hangs over car owners, consumers prefer to repair their existing vehicles in order to increase their lifespan and trade-in value. Although fewer people are commuting to office or school during the pandemic, people are still driving cars to avoid mass transit and public transport by sticking to on-road vehicles. The requirement of customers to ensure the safety of their vehicle through repair and maintenance services is expected to fuel the growth of the automotive repair and maintenance services market over the forecast period. Various other factors such as increasing awareness of vehicle safety and maintenance, growing awareness of road safety, poor quality of roads, easy accessibility of various independent car service and maintenance providers, the service flexibility, reliability and cost competitiveness are expected to increase demand for motor vehicles. repair and maintenance services for the estimated period.

Amid COVID-19 crisis, Global Automotive Repair and Maintenance Services Market Estimated at US$594.9 billion in 2022, is expected 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 expected to grow at a CAGR of 3.6% to reach US$211.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Wear & Tear Parts segment is readjusted to a revised CAGR of 2.7% for the next 7-year period. This segment currently accounts for a 23.1% share of the global automotive repair and maintenance services market. Battery electric vehicles (BEVs) will affect the demand for repair and maintenance services. Tires are among the most abused parts of the vehicle as automobiles are driven on bad roads, wet pavement, driven at high speeds, turned in tight turns and maneuvered on precarious exit ramps, road conditions slippery, among others. The tire category is expected to grow, primarily in terms of value, as BEVs require advanced and high-tech tires, compared to conventional ICE vehicles.

The US market is estimated at $95.9 billion in 2022, when China is expected to reach $154 billion by 2026
The automotive repair and maintenance services market in the United States is estimated at US$95.9 billion in 2022. The country currently accounts for a 16.33% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of 154 billion US dollars in 2026 with a CAGR of 4% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.2% and 2.7% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.4% while the rest of the European market (as defined in the study) will reach US$158.9 billion at the end of the analysis period. Asia has a significant presence in the global market, supported by the strong presence of several automotive hubs. High consumption of passenger vehicles along with increased production of these vehicles in the region is expected to further augment the market growth. Lack of good roads and infrastructure deficit in emerging countries in the region like India will fuel growth in tire, chassis and suspension servicing. North America will remain a key market due to growing automobile sales combined with stringent US vehicle service and maintenance regulations.

Collision body segment to reach $138.6 billion by 2026
Under stay-at-home mandates that have reduced vehicle density, most cities have seen lower crash rates. For example, collision rates in San Francisco plunged by almost 60% and about 50% in Seattle after the state announced a series of measures to prevent the spread of the virus. Cities in Europe also experienced a similar trend. This is a rather positive development because fewer collisions mean fewer deaths and injuries. Revenue planning should consider the lesser collision repair work in terms of the aftermarket. In the global collision body segment, United States, Canada, Japan, China and Europe will drive the CAGR of 2.7% estimated for this segment. These regional markets representing a combined market size of US$83.4 billion will reach a projected size of US$100.7 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$23.8 billion by 2026, while Latin America will grow at a CAGR of 3.2% over the analysis period. Continued

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