DUBLIN--(BUSINESS WIRE)--The "Automotive Repair and Maintenance Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Automotive Repair and Maintenance Services estimated at US$565 Billion in the year 2020, is projected 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 projected to grow at a 3.6% CAGR to reach US$211.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wear & Tear Parts segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Automotive Repair and Maintenance Services market.
The U.S. Market is Estimated at $93.6 Billion in 2021, While China is Forecast to Reach $154 Billion by 2026
The Automotive Repair and Maintenance Services market in the U.S. is estimated at US$93.6 Billion in the year 2021. The country currently accounts for a 16.33% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$154 Billion in the year 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 2.7% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$158.9 Billion by the end of the analysis period. Asia commands a sizable presence in the market globally, supported by the strong presence of several automotive hubs. High passenger vehicle consumption along with increased production of these vehicles in the region are likely to further augment growth in the market. Lack of good roads and infrastructure deficit in emerging countries in the region like India will fuel growth in tire, chassis and suspension maintenance. North America will remain a key market due to growing automobile sales combined with strict US regulations regarding vehicle servicing and maintenance.
Select Competitors (Total 84 Featured) -
- Arnold Clark Automobiles Ltd.
- Asbury Automotive Group, Inc.
- Ashland Automotive Inc.
- Belron International Ltd.
- Bridgestone Corporation
- CARMAX Autocare Center
- Driven Brands, Inc.
- Firestone Complete Auto Care
- Halfords Group plc
- Jiffy Lube International, Inc.
- Monro, Inc.
- Sumitomo Corporation
- The Goodyear Tire & Rubber Company
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Automotive Repair and Maintenance Services - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Impact of COVID-19 and a Looming Global Recession
- COVID-19 Leaves the World in Shambles & Industries and Markets Upended: World Economic Growth Projections (Real GDP, Annual % Change) for 2019E to 2022F
- Auto Sales Come Down Crashing As Unemployment Spikes to Historic Highs
- A Big Blow to Consumerism, Rising Levels of Unemployment Threatens to Shrink the Global Middle Class Population: Unemployment in the U.S. (In Million)
- Impact on Global Automotive Aftermarket: The 2020 Challenges
- Structural Shifts in the Automotive Aftermarket Industry
- Pandemic Effect on Repair & Maintenance Services Industry
- Repair Shops and Dealership Service Departments Change Procedures amid the Pandemic
- An Introduction to Automotive Repair & Maintenance Services
- Services Offered Under Automotive Repair
- Services Offered Under Automotive Maintenance
- Review of Select Product Segments of Parts
- Global Market Prospects & Outlook
- World Automotive Repair and Maintenance Services Market by Parts (2020 & 2027): Percentage Breakdown of Revenues for Tires, Wear & Tear Parts, Collision Body, Batteries, and Other Parts
- World Automotive Repair and Maintenance Services Market by Application (2020 & 2027): Percentage Breakdown of Revenues for Passenger Cars, and Commercial Vehicles
- Key Trends Affecting the Automotive Repair and Maintenance Services Market
- Market Restraints
- Recent Market Activity
- Regional Analysis
- World Automotive Repair and Maintenance Services Market by Region (2020 & 2027): Percentage Breakdown of Revenues for Developed and Developing Regions
- Global Automotive Repair and Maintenance Services Market: Geographic Regions Ranked by CAGR (Value) for 2020-2027: China, Asia-Pacific, Latin America, Middle East, Africa, Canada, USA, Europe, and Japan
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Large Vehicle Fleet & Rising Passenger Car Density Offer Potential for Repair & Maintenance Services Market
- Global Passenger Car & Commercial Vehicle Population (In 000 Units) for the Years 2017 and 2020
- Motorization Rate for Select Countries: 2019
- Automotive Repair & Maintenance Services Undergoes Changes on Several Fronts
- Electric Vehicles & Autonomous Cars Set to Impact Repair & Maintenance Trends in Future
- Growing Awareness About Vehicle Maintenance Yields Positive Results
- Sustained Emphasis on DIFM Services Widens Market Opportunities
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/q5h70j
