According to a new report published by KD Market Insights, titled, “Automotive Service Maintenance and Repair Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global automotive service, maintenance and repair market size is anticipated to witness moderate growth during forecast period i.e. 2021-2026. The growing awareness regarding vehicle maintenance & vehicle safety, the rising disposable incomes in developing nations and the increasing number of favorable government agencies regulations across regions regarding pollution emission is favoring the growth of the market.
According to OICA, total sales of passenger cars accounted to 7,08,49,466 in 2019 and represented a growth of 1.9% as compared to 2018. The increasing sale of vehicles, rising average driving miles and the high spending on household transportation budgets leading to rapid rise in middle-class vehicle ownership are expected to augment the growth of automotive service, maintenance & repair market during the forecast period. Apart from this, the increasing fleet of old vehicles is resulting in increased demand for automotive service, maintenance and repairs.
Asia Pacific is anticipated to hold the largest market share during the forecast period due to the rising production of passenger vehicles and the increasing presence of numerous automotive hubs in the region.
According to vehicle type, the passenger car segment showcased highest growth rate and is anticipated to grow over a CAGR of 5.0% during forecast period i.e. 2021-2026.
The global automotive service, maintenance and repair market is segmented into offerings, vehicle type, service provider and region. Based on offerings, the market is bifurcated into maintenance, service and repair. Based on vehicle type, it is classified into passenger car, light commercial vehicle and heavy commercial vehicle. Based on service provider, it is classified into authorized automotive repair shop and independent automotive repair shop.
The global automotive service, maintenance and repair market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). China, India, Japan, U.S., Germany and U.K. are believed to be key contributors to the growth of automotive service, maintenance & repair market during the forecast period.
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Key Insights of Automotive Service Maintenance and Repair Market
- On the basis of vehicle type, the passenger car segment is predicted to grow at the highest growth rate over the forecast period of 2021-2026.
- On the basis of region, Asia Pacific is anticipated to hold the largest market share during the forecast period.
- On the basis of region, China, India, Japan from Asia Pacific, The U.S. from North America and the Germany and U.K. from Europe are believed to be key contributors to the growth of automotive service, maintenance & repair market during the forecast period of 2021-2026.
Some of the major automotive service, maintenance and repair companies profiled in the report include Toyota, Volkswagen Group, Hyundai, General Motors, Ford, Nissan, Honda, Suzuki, Daimler and BMW.
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