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.

Download FREE Report Sample (331 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/5156

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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Hyundai stated to system up to 6 EVs in new $5.5 billion Ga plant

ELLABELL, Ga. — Hyundai Motor Group — solidly No. 2 in the U.S. electric motor vehicle market in the first quarter — will plow $5.5 billion into its first devoted EV manufacturing facility in the world in this Georgia town, the South Korean automaker claimed Friday. Suppliers will invest an extra $1 billion.

The plant, about 30 miles northwest of Savannah, Ga., is a cornerstone of Hyundai’s lengthy-term expense in electric powered automobiles, and would make it the initially Asian automaker to commit a North American plant completely to EV output. All autos manufactured there will be offered in the U.S.

Along with the new plant, the automaker is scheduling to create a battery-production manufacturing unit with a joint husband or wife, the automaker’s CEO informed Automotive News. An announcement will occur “shortly.”

Hyundai Global COO José Muñoz, who is also the head of the automaker’s North American operations, verified that up to six versions will be constructed there by 2028, and that the manufacturing facility will make a blend of products. A provide chain field source who requested not to be discovered earlier informed Automotive News that the factory is anticipated to start with the Hyundai Ioniq 7 in 2025. The resource said that the production of a Kia EV pickup could start off in the initially half of 2026, followed by a Hyundai manufacturer compact EV pickup in the 2nd 50 percent. Genesis EV output is also planned.

This new factory represents “the foreseeable future of our organization,” Hyundai Motor Co. CEO Jaehoon Chang advised an audience collected right here. “You will support us to meet up with expanding requires of our U.S. buyers.”

“The transition into the U.S. marketplace will be significantly more quickly than we have predicted ahead of. So we are likely to be on the front,” Chang stated in an interview following the announcement. “That is why we are seeking to do something quicker than anybody else.”

The Hyundai team — maker of the Hyundai, Kia and Genesis brand names — has pledged $16 billion globally by way of 2030 for EVs. Kia Corp. has earmarked about half of its 5-calendar year, $22 billion financial commitment funds to long term jobs, this kind of as EVs.

The group is targeting once-a-year product sales of much more than 3 million EVs globally by 2030. The Hyundai and Genesis manufacturers are producing 17 battery-electric powered designs globally by 2030, and Kia plans a lineup of 14 EVs by 2027.

In the U.S., Hyundai sells the Kona Electric and Ioniq 5 crossovers, Kia sells the Niro EV and EV6 crossovers, and Genesis just introduced the GV60, which shares a devoted EV system with the Ioniq 5 and EV6. By future year, Hyundai will add an electrical sedan, Kia will start a a few-row electric powered crossover, and Genesis will add electrical versions of the G80 sedan and GV70 crossover.

Hyundai did not say which models would be built at the new manufacturing facility, but the automaker

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Honda pours $40 billion into electrification, targets 2 million EV output by 2030

EV ambitions

Honda Govt Vice President Kohei Tekeuchi said the 2 million EVs Honda will be prepared to develop in 2030 signify about 40 per cent of its 5 million world-wide output plan that year.

With world wide quantity all around 5 million autos, Honda hopes to realize a 7 p.c running profit margin, up from the 5.5 % anticipated in the fiscal calendar year just finished March 31.

Honda, which sells about 4.5 million motor vehicles a year worldwide, has a extensive way to go in advance of likely pure BEV. To day, it has marketed only 32,649 battery-electrics, cumulatively, since marketing its initial, the Honda EV In addition, in 1997. Honda marketed practically half individuals EVs, 14,324 units, in 2021 alone.

Honda has created a considerably more substantial dent with hybrids, a section it assisted pioneer with the Insight. It has marketed 3.91 million cumulatively more than the years, which include 561,165 gasoline-electrics in 2021.

The confined-run EV Plus, a squat three-door micro auto, was Honda’s first EV, but the battery-driven edition of the minimal-providing Clarity sedan was the 1st to be marketed in the U.S.

Currently, its only worldwide all-electric providing is the Honda e urban runabout. Honda has bought 9,226 of the subcompact hatchbacks in Europe and Japan as a result of the stop of 2021, like 4,171 units final yr. Honda also sells a few domestically-targeted EV versions in the China industry.

Tailored and world

As a mid-sized player on the world wide phase, Honda desires the enable of friends. For a long time, it has circled wagons with Typical Motors on a range of tasks, from hydrogen fuel mobile know-how to electric powered autos. But Mibe has been actively courting new companions.

Mibe pressured that gasoline-electric powered hybrids would keep on being a important component of Honda’s lineup properly into the 2030s and that he expects demand from customers for them to increase in destinations this kind of as center The united states.

“We will go on to count on hybrids as one of our powerful weapons,” he reported.

In conditions of EV choices, Honda sees 3 platforms in advance in the around expression.

One platform will be a mini and subcompact EV system formulated for Japan and Asia. In Honda’s household market, it will debut as a industrial mini cars. The other is a midsize EV platform remaining jointly created with GM. The 3rd is the in-home e:Architecture framework, which will underpin bigger motor vehicles, in particular those for North The usa and China, Mibe reported.

Of the 30 EVs Honda programs to start by 2030, 10 will debut in China via 2027.

“Through the next half of the 2020s, which will be the dawn of the popularization of EVs, we will introduce items personalized to the traits of every location, these types of as our important EV marketplaces of North The us, China and Japan,” mentioned Shinji Aoyama, the senior running govt officer in cost of Honda’s electrification approach.

“After the second

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Volkswagen Team of America commits $7.1 billion to North The united states, options 25 EVs for U.S. by 2030

Total facts of the German automaker’s expending ideas weren’t uncovered. For example, irrespective of whether its prepared improve in North American battery creation would be carried out in-property or in partnership with a provider. Battery-maker SK Innovation designed a plant in Georgia to provide VW’s original EV assembly functions in Chattanooga.

In responses previous 7 days, Volkswagen Team CEO Herbert Diess mentioned the world’s 2nd-most significant automaker prepared an intense enlargement of battery manufacturing to offer its EV ambitions.

Having said that, “the team is now evaluating governance and finance models, and aims to finalize conclusions through 2022,” relating to its battery plant aspirations in North The united states, the company said Monday. In May possibly, VW will open a $22 billion battery engineering lab in Chattanooga to examination and validate batteries applied domestically.

Particulars of a whole changeover of its Mexico operations to EV creation have been also remaining undisclosed. The corporation mentioned the overhauls of the group’s two Mexican vegetation is “for the assembly of electrical vehicles and elements [such as e-motors] by the middle of the 10 years.” Puebla currently assembles the VW Tiguan and Taos crossovers and the VW Jetta sedan.

In feedback afterwards Monday, Keogh reported component of VW’s transformation will be to its company operations as properly, letting the company to “be faster” as it switches from being “an import business” to using local obligation for engineering, paying for and production of cars marketed in North The us.

“I assume that’s a great deal about what the $7.1 billion commit[ment] is about. It will also enable us to make the conclusions that are correct for the market,” like a possible EV pickup for the VW model, Keogh stated. “At the conclude of the working day, let’s connect with it ‘the math’ continue to needs to make perception it is continue to the automotive business enterprise, so you require scale, you need efficiencies, and you do a suitable business situation. But sure, we can do individuals items regionally.”

Keogh also said that plant capacity for EV output in Chattanooga could in the end arrive at up to 100,000 to 120,000 on a yearly basis following ID4 is entirely ramped up. The plant is currently undertaking pilot builds, with a start off-of-generation prepared for August/September. That degree of generation “is just what the doctor purchased for that automobile,” to satisfy desire throughout North The united states, Keogh stated. “I feel we normally had a bridge period of time to get the current market completely ready, to get the sellers completely ready, to get Chattanooga up to pace. And frankly, the bridge period of time has been overcome by demand from customers for the ID4. The industry is heading via the roof.”

As for a possible EV pickup, Keogh explained the business “has some distinct strategies and we have some diverse proposals, and I promise we will make the announcement as it’s prepared. I feel it is a fantastic plan. I assume it’s a very good possibility.

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CDK Global’s $8.3 billion offer to go private could accelerate growth

Brookfield Business Associates is a unit of world wide different asset administration company Brookfield Asset Management’s personal fairness team.

Brookfield will purchase all of CDK’s fantastic shares, and CDK shareholders will acquire $54.87 per share in cash when the transaction closes, which is anticipated in the third quarter, CDK claimed. The value would mirror a 30 per cent high quality to CDK’s closing share price Feb. 18, which the firm claimed was the previous entire day of trading prior to industry speculation began about a doable sale.

The company did not disclose details about its procedure of trying to get bids, other than that CDK’s board viewed as “strategic and fiscal alternatives more than numerous months” right before deciding upon Brookfield.

In a information release, Brookfield stated CDK is appealing for its current market leadership its recurring, subscription-based income streams the opportunity for upside amid consolidation in auto retail and what it mentioned are “significant options” to increase CDK’s worth.

“We are excited to increase our technologies footprint with the acquisition of CDK Global, and we glance ahead to leveraging our working abilities to develop on the firm’s keep track of report of supplying best-in-course client support and innovation,” Doug Bayerd, Brookfield Business Partners’ running director, mentioned in a assertion.

A Brookfield consultant did not reply to a request for supplemental remark. Tautges mentioned conclusions about CDK’s leadership group had not been manufactured ahead of the transaction closing.

Analysts who adhere to CDK informed Automotive Information that the corporation has been investing in developing its product or service lineup, but that technique has not aligned with trader anticipations.

“The enterprise was not obtaining rewarded for what they were being carrying out,” reported Gary Prestopino, managing director at Barrington Study, who follows CDK.

Shareholders of a community company want to see constant earnings advancement, Prestopino reported, which does not always manifest when the enterprise is investing for the future.

“This is the very best possible consequence, I feel, for the govt workforce of CDK in conditions of using it out of the community eye, getting able to develop this factor about the up coming few several years with no possessing to stress about conference quarterly financial commitment expectations,” he said. “And in a pair of several years, they may possibly have it in which they need to have it to be, and they could choose it public yet again, or it may well be a non-public fairness trade.”

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Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026

ReportLinker

Abstract: What`s New for 2022? -Global competitiveness and key competitor percentage market shares. -Market presence across multiple geographies – Strong/Active/Niche/Trivial.

New York, Feb. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Automotive Aftermarket Industry” – https://www.reportlinker.com/p04778726/?utm_source=GNW
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Global Automotive Aftermarket Market to Reach $542.1 Billion by 2026

Increasing vehicle population, higher vehicle life expectancy and longer car retention continue to fuel growth in the global automotive aftermarket. Growing percentage of electronic content in automobiles coupled with modern consumers` proclivity to in-car infotainment technologies provides ample opportunities for growth. Automotive electronics such as night-vision devices, global positioning systems (GPS) and reverse and parking-assist systems will become popular targets for market expansion. Increasing customer expectations, technological innovations and growing competition are among the factors driving industry expansion. More and more OEMs can be seen penetrating into the aftermarket. Increasing consumer awareness pertaining to periodic maintenance, safety, installation of new interior and exterior accessories, convenience and add-on services would also fuel business expansion. The online platform for sales of automotive components would also become more popular in the coming years. Online platforms would enable customers to compare prices and product features prior to the purchase decision.

Amid the COVID-19 crisis, the global market for Automotive Aftermarket estimated at US$438.8 Billion in the year 2020, is projected to reach a revised size of US$542.1 Billion by 2026, growing at a CAGR of 3.6% over the analysis period. Mechanical Products, one of the segments analyzed in the report, is projected to grow at a 3.2% CAGR to reach US$228 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 Exterior & Structural Products segment is readjusted to a revised 3.1% CAGR for the next 7-year period. This segment currently accounts for a 18.7% share of the global Automotive Aftermarket market. Bad road conditions and rise in automotive accidents generate demand for tires, rims, and other mechanical products associated with the wheel assembly. Vehicle exterior and structural products such as laminated windows and glass are some of the most common products that are enhanced with advanced versions.

The U.S. Market is Estimated at $118.8 Billion in 2021, While China is Forecast to Reach $98.5 Billion by 2026

The Automotive Aftermarket market in the U.S. is estimated at US$118.8 Billion in the year 2021. The country currently accounts for a 26.61% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$98.5 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market

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