Automotive Repair & Maintenance Services Market Size By Vehicle (Passenger Cars, LCV, HCV, Two-wheelers), By Type (Mechanical [Tires & Wheels, Lubricants, Filters, Engines, Drivetrains, Steering & Suspension, Brakes, Exhaust System, Others], Exterior & St

Automotive Repair & Maintenance Services Market Size By Vehicle (Passenger Cars, LCV, HCV, Two-wheelers), By Type (Mechanical [Tires & Wheels, Lubricants, Filters, Engines, Drivetrains, Steering & Suspension, Brakes, Exhaust System, Others], Exterior & Structural [Body Repair, Windows & Glass], Electrical [Lighting System, Controls, Modules & Sensors, Others], Maintenance Services [Schedule Repair Service, Unscheduled Maintenance Service, Other Services]), By Service Provider (Franchise General Repairs, OEM Authorized Service Centers, Local Garages, Tire Stores & Repair Chains, Others), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The automotive repair & maintenance services market is slated to witness robust growth by 2028 on account of the strong demand that has been as an outcome of the strong automotive sales over the past decade. According to the IEA, despite facing an economic slowdown from the impacts of the COVID-19 pandemic, more than 73 million automobiles were sold across the world in 2020.

Since then, numbers have further grown, with Autocar recently reporting that new car sales showcased a strong recovery throughout 2021, with more than seven of the globe’s top 10 automobile markets recording higher sales than the pandemic-ravaged 2020.

Considering that the outflux of vehicles from factories was dampened by the ongoing global semiconductors shortage, this is a welcome ray of light in an otherwise dark period for the car industry.

Overall, the automotive repair & maintenance services industry is classified into segments such as vehicle type, service type, service provider, and regional landscape.

With respect to vehicle type, the market is further bifurcated into passenger cars, LCV, HCV, and two wheelers. Among these, the HCV segment is forecast to grow at a remunerative rate of 6.3% over the projected timeframe. The rapidly expanding construction and logistic industry across Asia Pacific and Latin America will drive demand for the HCV, which is likely to positively impact the automotive repair & maintenance services market.

The two wheelers segment is also slated to foster industry fortunes given their high density in developing economies across the APAC and Latin America. With increasing employment rates and disposable incomes in the region, demand for two wheelers, and their repair as well as maintenance is slated to go up tremendously.

With respect to type, the market is divided into mechanical, exterior & structural, electrical, and maintenance services. Among these the exterior & structural segment is expected to witness notable growth owing to the strong need for exterior and structural repair services arising from the high frequency of road accidents and crashes.

The maintenance services segment is also earmarked for a distinguished bounce-back from the pandemic blues as the commuting to work and traveling culture begins to pick up steam once again.

From a regional standpoint, the Middle East & Africa market will be accounting for lower share of the global automotive repair & maintenance services market. Logistical issues and higher dependency on raw materials supply from the European countries such as Germany, China and lower automotive vehicle fleet are key reason restricting the market in the region.

However, the increasing sales of luxury passenger cars each year in the region will increase demand for automotive repair & maintenance services by the end of forecast time period.