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

Read More... Read More

Accenture and IIT Madras to Carry out Deep Technological innovation Research for Industrial Automation, Robotics and Highly developed Automotive Technologies

Accenture and IIT Madras to Conduct Deep Technology Investigation for Industrial Automation, Robotics and Innovative Automotive Systems

 
BENGALURU, India Sept. 21, 2022 – Accenture (NYSE: ACN) and the Indian Institute of Technological know-how Madras (IITM) have set up a Middle of Excellence (CoE) to undertake collaborative exploration projects and jointly establish mental attributes and believed leadership centered on electronic engineering and manufacturing throughout industries.
 
Certain places of collaboration will consist of autonomous robotics techniques (ARS), industrial internet of things (IIoT), electronic twin programs (DTS) and sophisticated automotive systems such as electric mobility services. The CoE will also operate as an incubator and establish disruptive early-phase startups to generate innovation and investigation in these spots.

 
“Advanced digital systems can help enterprises travel new amounts of productivity, competitiveness and sustainable progress in a fluid and rapidly switching environment, and industry academia partnerships are very important for producing options and talent for the long term,” claimed Mahesh Zurale, senior managing director, guide – State-of-the-art Technological know-how Facilities in India, Accenture.
 
“With expanding use of electronic systems in production, breakthrough innovations in areas these kinds of as AI, IoT, autonomous robotics units and electronic twins are important to gas the subsequent era of industrial revolution,” stated Raghavan Iyer, senior running director, Innovation lead – Built-in Global Solutions, Accenture Technological innovation. “Through our collaboration with IITM, we appear ahead to performing with some of the brightest expertise in know-how to produce highly effective and purposeful answers that can push effect.”
 
Welcoming this partnership, Dr. V Kamakoti, Director IITM said, “As a leading technology institution in India, we have been actively collaborating with modern businesses globally to co-innovate disruptive products and solutions and solutions in new and emerging regions. We are thrilled to be environment up this new Middle with Accenture as it not only aligns with our desire and aims, but also brings intellectual and simple skills that are vital for our scholar scientists for the foreseeable future.”
 
University collaboration has been important to Accenture’s innovation agenda. The firm has been collaborating with top universities all-around the world to jointly build ahead-looking assumed leadership, study, educational courses, and other pursuits. Most not too long ago, Accenture collaborated with the Indian Institute of Science (IISc) Bengaluru to establish Accenture Middle for Innovative Computing.
 
About Accenture
Accenture is a world-wide expert services corporation with major capabilities in electronic, cloud and protection. Combining unmatched practical experience and specialized techniques across far more than 40 industries, we present Technique and Consulting, Engineering and Operations products and services and Accenture Track — all driven by the world’s greatest network of Highly developed Engineering and Clever Operations centers. Our 710,000 persons supply on the assure of technological innovation and human ingenuity every single working day, serving consumers in far more than 120 nations. We embrace the ability of transform to build worth and shared achievements for our customers, individuals, shareholders, companions and communities. Check out us at accenture.com.
 
About IIT Madras
The Indian Institute of Technologies Madras (IITM) was recognized

Read More... Read More

Foresight Research: New auto purchasers spend $18bn on equipment in 1st two a long time of ownership, but dealers leave some on the desk |

ROCHESTER, Mich., March 9, 2022 /PRNewswire/ — Nearly half of all new retail cars bought in the US will be accessorized in two many years of supply, yielding $18 billion in new car or truck accent spending, in accordance to Michigan automotive insights business Foresight Study.

Foresight’s most a short while ago released US Accessory Immersion Report © finds over 6.2 million new autos are accessorized in the very first yr of possession, representing around $12 billion in expending.  An additional $7 billion in accessory investing happens in the two-calendar year time period from shipping.

No more time is the target on just a couple of truck extras, or on wheels and ground mats, suggests Steve Bruyn, Foresight’s CEO.  “The best put in components are connectivity-based, with Bluetooth, iPods, cell telephone holders and charging devices topping the record.  This is a total new course for the automotive accessory organization, and it is right in line with what is likely on in the market.  Appearance and safety add-ons are also best performers.”

Foresight’s Accessory Revenue & Marketing Report © finds that successful accessory promoting strategies are rooted in progress industry scheduling.   Accessory customers carry out important self-study in progress, gathering accent details from electronic media, brochures and print posts, as perfectly as in the course of visits to their area vehicle present.  These are the “lower handing fruit” that automakers can and really should actively assist.  And with present-day escalating electronic vehicle obtaining, these advance buyer study channels will most likely engage in an even much more vital role relocating forward.

Circumstance in place: only fifty percent of all new auto consumers remember obtaining a discussion about components with their dealer, and the the greater part of people discussions had been initiated by the consumer themselves.  Because the common consumer is investing $1,000 + on equipment in the aftermarket, these are revenue sellers are surrendering by not proactively offering. And with restricted dealer automobile inventories, accessorizing at the dealer will be an even a lot more important aspect of the seller profits in the coming calendar year.

Foresight Investigate is a tested chief in automotive marketing and advertising analysis and insights considering the fact that 1998. Our Automotive Accessory Team publishes once-a-year syndicated reviews on the US new automobile accent current market and on the revenue and marketing and advertising of accessories.

For more details, call:

Bob Longstreth

Foresight Investigation

248.608.1870 x 18

[email protected]

www.foresightresearch.com

View initial written content:https://www.prnewswire.com/information-releases/foresight-research–new-vehicle-potential buyers-invest-18bn-on-extras-in-initially-two-many years-of-ownership-but-sellers-leave-some-on-the-desk-301499291.html

Supply Foresight Exploration

Read More... Read More