Automotive Repair and Service Market to Reach $1,656.21 Billion by 2031: Allied Market Research

Allied Market Research

Surge in automobile sales, increase in standard of living among people, rapid urbanization, rise in need for aftersales automotive services, and prevalence of stringent government regulations to replace or upgrade vehicle components are expected to drive the growth of the global automotive repair and service market. Closed manufacturing facilities, presence of transportation restrictions from governments, and temporary stoppage of services due to social distancing restrictions during the pandemic had a negative impact on the market.

Portland, OR, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive repair and service market generated $789.8 billion in 2021, and is projected to reach $1,656.21 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Automotive Repair and Service Industry Report Coverage & Details:

Report Coverage

Details

Forecast Period

2022­–2031

Base Year

2021

Market Size in 2021

$789.8 billion

Market Size in 2031

$1,656.21 billion

CAGR

7.6%

No. of Pages in Report

331

Segments Covered

Type, Service Provider, Vehicle Type, Propulsion Type, And Region.

Drivers

Increase in the standard of living

Surge in automobile sales

Opportunities

Rise in need for aftersales automotive services

Prevalence of stringent government regulations to replace or upgrade vehicle components

Restrains

Volatile prices of raw materials

Surge in demand for shared mobility

COVID-19 Scenario:

  • The outbreak of COVID-19 pandemic has had a negative impact on the growth of the global automotive repair and service market, owing to the occurrence of lockdowns in various countries around the globe.

  • Lockdowns resulted in the closure of various manufacturing facilities, including those in the automotive sector, which resulted in decreased automobile sales. This further adversely impacted the demand for the automobile repair and service market.

  • In addition, all types of shops, service, and automobile customization centers were closed down due to the stringent social distancing restrictions imposed by the government. These regulations were imposed so as to curb the spread of the virus during the pandemic.

The report offers detailed segmentation of the global automotive repair and service market based on type, service provider, vehicle type, propulsion type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.

Based on type, the mechanical segment held the largest market share in

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