The Business Research Company’s Automotive Repair And Maintenance Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 1, 2022 /EINPresswire.com/ — The Automotive repair and maintenance market has rebounded from the impact of COVID-19 and reflects the economic fortunes of different regions. In 2021, the global market was dominated by Western Europe. Increasing demand for automotive repair and maintenance due to increasing vehicle ownership in emerging markets are likely to drive growth over the next five years. In parallel, the industry will undergo a transformative change in the technological demands, manpower and delivery model of services due to changing consumer preferences and technological advances in the automotive industry.
The automotive repair and maintenance market consists of sales of automotive repair and maintenance services for passenger automobiles, commercial vehicles and motorcycles.
The global automotive repair and maintenance market size rebounded to pre-pandemic levels with revenues of $751 billion in 2021. Revenues were $749 billion in 2019 and fell by 5.5% to $708 billion at the height of the pandemic in 2020. The recovery is mainly due to companies rearranging their operations and demand recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. Automotive mechanical and electrical repair and maintenance is the largest segment, accounting for 47% ($354 billion) of the automotive repair and maintenance revenues in 2021. It is followed by the automotive body, paint, interior, and glass repair segment which represents 37% of the market.
In 2021, Western Europe was the largest region in the global automotive repair and maintenance market, accounting for 34% of the market. Asia Pacific and North America were the second and third largest regions, accounting for 31% and 24% of the global automotive repair and maintenance market, respectively. Africa was the smallest region in the global automotive repair and maintenance market.
As per data from the Global Market Model, the market is expected to reach $1,121 billion in 2025 at a CAGR of 10.5%, with growth being only slightly higher in underdeveloped markets than mature markets. For example, the automotive repair and maintenance market in the South America is expected to experience a 13.2% CAGR whilst North America will grow less rapidly (8.8% CAGR), over the same period.
Key drivers for the automotive repair and maintenance market over the next five years are likely to be increased economic activity with increased vehicle ownership and accompanying demand for automotive repair and maintenance services, in emerging markets. The emerging shift toward shared mobility, means that e-hailing and car-sharing services will grow significantly in cities and suburbs in Europe, Asia, and North America. This higher utilization of shared vehicles will create more wear and tear and a greater need for repair and maintenance. However, the industry is likely to go through transformative change in the next five to ten years. Vehicles produced today are more reliable, with improvements such as synthetic engine oils, decreasing the need for regular maintenance. More vehicles are sold with extended service provision by dealerships and the huge increase in car leasing over the last ten years is expected to continue to grow, based on consumer preferences, disrupting the independent local automobile service industry. The introduction and increasing growth of electric vehicles, coupled with the increasing digitization, automation, enhanced telematics, and connectivity means that automotive repair and maintenance is increasingly beyond the capabilities of owners and small local garages/auto shops to perform.
Currently, independent local automobile repair shops perform approximately 75% of aftersales repairs and maintenance. The imminent retirement of millions of automobile mechanics coupled, with the technological revolution in the automotive industry, presents a significant need to train a pipeline of well prepared and technologically experienced automotive technicians, working in more specialized, sophisticated and technology enabled workshops. Thus, whilst the demand for automotive repair and maintenance services will be robust, the industry will see transformative change in the nature and delivery of these services, over the next five to ten years.
The Automotive Repair and Maintenance Global Market Report is one of a series of new reports from The Business Research Company that provides automotive repair and maintenance market overviews, analyzes and forecasts automotive repair and maintenance market size, share, automotive repair and maintenance market players, automotive repair and maintenance market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
Here are some related reports:
Global Electric Car Market Report 2021
Automotive Equipment Leasing Global Report 2022
Connected Cars Global Market Report 2021
About The Global Market Model
The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.
Interested In Knowing More About The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. The Global Market Model is The Business Research Company’s flagship product.
Get a quick glimpse of our services here: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
Follow us on LinkedIn: https://in.linkedin.com/company/the-business-research-company
Follow us on Twitter: https://twitter.com/tbrc_info
Check out our Blog: http://blog.tbrc.info/
The Business Research Company
+44 20 7193 0708
Visit us on social media:
Missouri couple left waiting days to get car back from mechanic
Diagnostic Network Launches New Module Swap System to Enhance Reprogramming Knowledge Among Members
Blackcreek Diesel strives to maintain customer satisfaction at long-time Emporia repair shop | Gaz