Global Automotive Repair and Maintenance Services Industry

Summary

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Global Automotive Repair and Maintenance Services Market to Reach $782.3 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Automotive Repair and Maintenance Services estimated at US$594.9 Billion in the year 2022, is projected to reach a revised size of US$782.3 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2022-2030. Tires, one of the segments analyzed in the report, is projected to record a 4% CAGR and reach US$240.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Wear & Tear Parts segment is readjusted to a revised 3.2% CAGR for the next 8-year period.

The U.S. Market is Estimated at $95.9 Billion, While China is Forecast to Grow at 4.4% CAGR

The Automotive Repair and Maintenance Services market in the U.S. is estimated at US$95.9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$184 Billion by the year 2030 trailing a CAGR of 4.4% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$142.3 Billion by the year 2030.

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

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.

The data is gathered from a wide range of sources, including industry reports, government statistics, and company financials. This data is then analyzed and cross-referenced to ensure its accuracy and reliability. Next, primary interviews are conducted with industry experts and key stakeholders to gather their insights and perspectives on the market. This information is then combined with the data collected to provide a complete picture of the market. Macro-economic factor analysis is also carried out to understand the impact of external factors on the market. Finally, country-level data analysis is performed to understand the market dynamics in specific regions and countries.

Reportlinker's market research methodology is designed to provide clients with a clear understanding of the market, its trends, and its future potential.

Related Topics

• Auto Repair
• Heavy Industry
• Automotive

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