Automotive Repair And Maintenance Services Market Will Grow Over $ 94 Billion During 2020-2024 | Rising Demand for EVs to Emerge as Key Trend | Technavio

Technavio has been monitoring the automotive repair and maintenance services market and it is poised to grow by USD 94.28 billion during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Automotive Repair and Maintenance Services Market 2020-2024 (Graphic: Business Wire)

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Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the automotive repair and maintenance services market. The market growth in 2020 is likely to increase compared to the market growth in 2019.

Frequently Asked Questions:

• Based on segmentation by parts and service, which is the leading segment in the market?
  The tires segment led the market in 2019.
  
• What are the major trends in the market?
  The rise in demand for electric vehicles is the major trend in the market.
  
• At what rate is the market projected to grow?
  The market is projected to grow at a CAGR of over 3% during the forecast period.
  
• Who are the top players in the market?
  Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron Group SA, Bridgestone Corp., Carmax Autocare Center, Driven Brands Inc., Halfords Group plc, Jiffy Lube International Inc., and THE GOODYEAR TIRE & RUBBER CO. are the top players in the market.
  
• What are the key market drivers and challenges?
  The market is driven by the need to ensure the safety of passengers. However, the growing use of public transport might challenge growth.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., Ashland Automotive Inc., Belron Group SA, Bridgestone Corp., Carmax Autocare Center, Driven Brands Inc., Halfords Group plc, Jiffy Lube International Inc., and THE GOODYEAR TIRE & RUBBER CO. are some of the major market participants. Although the need to ensure the safety of passengers will offer immense growth opportunities, the growing use of public transport is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this automotive repair and maintenance services market forecast report provide a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Automotive Repair and Maintenance Services Market 2020-2024: Segmentation

Automotive Repair and Maintenance Services Market is segmented as below:

• Parts and Services
  • Tires
  • Wear And Tear Parts
  • Collision Body
  • Batteries
  • Others
• Geography
  • North America
  • APAC
  • Europe
  • MEA
  • South America
• Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle

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Automotive Repair and Maintenance Services Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The automotive repair and maintenance services market report cover the following areas:

• Automotive Repair and Maintenance Services Market Size
• Automotive Repair and Maintenance Services Market Trends
• Automotive Repair and Maintenance Services Market Industry Analysis

This study identifies the rise in demand for electric vehicles as one of the prime reasons driving the Automotive Repair and Maintenance Services Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Automotive Repair and Maintenance Services Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist automotive repair and maintenance services market growth during the next five years
• Estimation of the automotive repair and maintenance services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive repair and maintenance services market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of automotive repair and maintenance services market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Parts and services

• Market segments
• Comparison by Parts and services
• Tires - Market size and forecast 2019-2024
• Wear and tear parts - Market size and forecast 2019-2024
• Collision body - Market size and forecast 2019-2024
• Batteries - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Parts and services

Market Segmentation by Vehicle type

• Passenger vehicle
• Commercial vehicle

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Arnold Clark Automobiles Ltd.
• Asbury Automotive Group Inc.
• Ashland Automotive Inc.
• Belron Group SA
• Bridgestone Corp.
• Carmax Autocare Center
• Driven Brands Inc.
• Halfords Group plc
• Jiffy Lube International Inc.
• THE GOODYEAR TIRE & RUBBER CO.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

   

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