Automotive Repair & Maintenance Services Sales to Grow with Burgeoning Demand for Automotive Repair Parts: FMI Study
2021 Analysis and Review: Automotive Repair & Maintenance Services Market by Vehicle Type – Passenger Cars, HCV, and LCV for 2021 – 2031
Dubai, United Arab Emirates – June 1, 2021 /MarketersMedia/ —
ESOMAR-certified consulting firm Future Market Insights’ report on global automotive repair & maintenance services market projects an impressive growth for the market at over 5.7% CAGR between 2021 and 2031. Surging demand for various services and parts in the automotive aftermarket such as tires, engine oil, and wear & tear parts will bolster the market growth.
Increasing production of passenger cars across India, China, and Germany is creating high demand for automotive aftermarkets. Rising need for the maintenance of vehicles to ensure high performance and subsequent demand for spare parts of are creating opportunities for growth in the market.
Increasing vehicle age and poor quality of roads are fuelling the demand for automotive repair & maintenance services. The market also is expected to gain from the penetration of online retail platforms and high demand for automotive repair parts such as tires.
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According to the FMI’s study, the global automotive repair & maintenance services market is anticipated to reach a valuation of US$ 544.5 billion in 2021.
“Increasing focus on safety and maintenance of vehicles among consumers coupled with the increasing production of passenger cars will provide growth opportunities to the market players,” says the FMI analyst
Key Takeaways
In terms of services & parts, tire segment is expected to register significant growth over the forecast period Automobile dealerships are highly sought-after as automotive service providers, followed by franchise general stores Passenger cars are expected to hold the largest share in the automotive repair & maintenance services market The U.S. is expected to be remain one of the most lucrative markets throughout the forecast period, accounting for over 85% market revenue Increasing investment in research & development by automotive manufacturers will augment production capabilities across Germany Expansion in India’s automotive industry is augmenting the growth of automotive repair & maintenance services market Increasing production of passenger vehicles and vehicle parts are fostering the sales across China The U.K.’s automotive repair & maintenance services market is poised to expand at over 3.5% CAGR through 2021
Competitive Landscape
Emphasis on technological innovations is what keeping leading manufacturers at the forefront. Strategies such as mergers & acquisition, targeted collaborations and partnerships are also some of the major growth strategies for some of the key players.
In February 2021, The Goodyear Tire & Rubber Company announced the acquisition of Cooper Tire & Rubber Company with a transaction of US$ 2.5 billion. Through the acquisition, the company aims to expand its customer base in North America and expand its reach to the global distributors and retail channels in the highly profitable light truck & SUV product segments.
Recently, Belron ® and AGC Automotive Europe, the European division of the world’s leading automotive glass producer, signed a franchise agreement covering the AGC VGRR operations in the Poland and Czech Republic.
Some of the leading players operating in the automotive repair & maintenance services market profiled by FMI includes:
Arnold Clark Automobile Limited Asbury Automotive Group Inc. Ashland Automotive Group Inc. Belron International Ltd Carmax Autocare Center Driven Brands Inc. Firestone Complete Auto Care Goodyear Tire & Rubber Company Halfords Group PLC Monro Inc.
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More Insights on the Global Automotive Repair & Maintenance Services Market
In its latest report, FMI offers a detailed segmentation on the global automotive repair & maintenance services market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Services & Parts
Engine Oil Gear Oil Brake Oil Grease Tires Batteries Wear & Tear Parts Air Filter Cabin Filter Oil Filter Wiper Blades Collision Body Starters & Alternators Lighting Exhaust Components Spark Plugs
Service Providers
Automobile Dealerships Franchise General Repairs Specialty Shops Locally Owned Repair Shops/Body Shops Tire Shops Others
Vehicle Type
Passenger Cars LCV HCV
Region
North America Latin America Europe East Asia South Asia & Pacific Middle East & Africa
Key Questions Covered in the Report
Which is the most lucrative market for automotive repair & maintenance services? Which are the major companies leading the global automotive repair & maintenance services market? What are the key challenges faced by automotive repair & maintenance services suppliers? Which factors will drive the sales of automotive repair & maintenance services market? Which type of automotive repair & maintenance services is the most preferred? What is the impact of COVID-19 on automotive repair & maintenance services market? Explore FMI’s Extensive Coverage on the Automotive Domain Automotive Pumps Market: In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for automotive pumps. The report tracks the global sales of automotive pumps in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive pumps industry. Engine Fogging Oil Market: The remarkable expansion of the automotive industry has been encouraging leading players to launch innovative and advanced products to expand their footprints in the global market. In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for engine fogging oil market.
Automotive Engine Oil Coolers Market: FMI’s recent report on the automotive engine oil coolers market elaborates on key expansion dynamics anticipated to shape the future outlook of the landscape across prominent geographies. Moreover, statistics about key segments along with a detailed competitive landscape enhance the reliability of this research study.
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017
Source: MarketersMedia
Release ID: 89020804
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