Global Automotive Repair And Maintenance Market Size 2024, Forecast To 2033

The automotive repair and maintenance market has exhibited strong growth, increasing from $907.72 billion in 2023 to $990.04 billion in 2024, indicating a CAGR of 9.1%. The growth in the historical period is attributed to the rise in disposable income, heightened environmental concerns prompting companies to re-use automotive parts, robust economic growth in emerging markets, and rapid urbanization. Projected for the forecasted period is a continuation of this growth trend, with the market expanding to $1381 billion in 2028 at a CAGR of 8.7%. Key drivers for this growth include a growing sense of sustainability, an increasing vehicle failure rate, cost-benefit associated with repairing old vehicles, stricter government regulations for automotive waste management, and higher purchase costs of automotive vehicles. Major trends in the forecast period involve the adoption of predictive maintenance solutions, enhanced safety features, integration of advanced technology, implementation of big data analytics tools, focus on mergers and acquisitions, use of remote vehicle diagnostic systems, adoption of AI solutions, and emphasis on offering electric vehicles in the portfolio.