NEWARK, DE / ACCESSWIRE / June 21, 2023 / According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion. The market presents significant market opportunities for key players due to the growing trend of vehicle customization, higher disposable income levels, and increasing automotive safety regulations. Additionally, the demand for technologically advanced features further enhances the market potential for these players.
Increasing adoption of vehicle diagnostic tools and higher vehicle sales is expected to drive market growth. A rise in local shop owners and the prevalence of mergers and acquisitions among key players are anticipated to create opportunities for market growth during the forecast period.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in this sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-5335
To expand their customer base, automotive service companies are increasingly embracing artificial intelligence-based automated vehicle inspection technology for efficient vehicle inspections. A notable example is the collaboration between Scope Technology, a United States-based tech firm, and Microsoft's Azure cloud computation in February 2022. This partnership aims to develop AI-automated vehicle inspection technology that enables visual inspections in under 5 minutes, resulting in a significant cost reduction of 50%.
The rising penetration of electric vehicles is further projected to drive market growth. This accelerated adoption of electric vehicles can be attributed to government initiatives and support aimed at improving environmental quality and reducing reliance on crude oil. Moreover, it is projected that battery electric vehicle repair and maintenance costs will be approximately 40% lower than those of internal combustion engine vehicles, further driving the market's expansion.
Key Takeaways:
"Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period," - comments an analyst at FMI.
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Competitive Landscape:
The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.
The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.
Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global automotive repair & maintenance services market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive repair & maintenance services market, the report is segmented by services & parts (engine oil, gear oil, brake oil, grease, tires, batteries, wear & tear parts, air filter, cabin filter, oil filter, wiper blades, and others), vehicle type (passenger car, LCV, and HCV), and service providers (automotive dealerships, franchise general repairs, specialty shops, locally owned repair shops, tire shops, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Key Segmentation Profiled:
By Services & Parts:
By Service Providers:
By Vehicle Type:
By Region:
More About the Automotive Division at Future Market Insights (FMI):
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Table of Content (ToC):
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Services & Parts
6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type
7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Service Providers
8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-5335
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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