Forecast: Sales in Automobile Maintenance Services in Stock Companies in Japan

In 2023, the sales in automobile maintenance services in Japan's stock companies reached 2.319 trillion Japanese Yens. Observing the actual data from 2013 to 2023, the market displayed consistent growth, albeit with some fluctuations. Notably, substantial drops occurred in 2018 and 2020, with the latter experiencing a sharp decline of 15.9% possibly due to the COVID-19 pandemic. However, the market rebounded by 2021 with a 15.93% increase.

From 2018 to 2023, the compound annual growth rate (CAGR) was 1.29%, indicating moderate but steady growth. The short-term year-on-year growth from 2022 to 2023 was 1.21%, showcasing a stable performance post-pandemic.

Forecasts from 2024 onwards project continued growth in the market. Specifically, a forecasted 5-year CAGR of 0.97% suggests a steady but slower pace of increase, culminating in a projected 2028 value of 2.4566 trillion Japanese Yens, resulting in a cumulative growth rate of 4.93% over the period.

Future trends to watch for:

• Impact of technological advancements and electric vehicles on maintenance services.
• The potential influence of environmental regulations on service demand and market dynamics.
• Evolving consumer behaviors and preferences towards car ownership and maintenance.