According to IMARC Group's latest research report, titled "Automotive Repair and Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the automotive repair and service market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global automotive repair and service market size reached US$ 653.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 874.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
Automotive Repair and Service Market Outlook:
Automotive repair and service refer to the maintenance and repair of vehicles, including cars, trucks, and other automobiles. It involves various processes, such as inspecting and diagnosing problems, repairing, or replacing parts, and performing regular maintenance to ensure the vehicle operates efficiently and safely. It includes a wide range of tasks, from simple oil changes and tire rotations to more complex engine repairs and transmission replacements. It requires skilled technicians who are trained to work with various vehicle systems and technologies, including engines, brakes, suspension, steering, and electrical systems. It provides numerous benefits, such as enhancing vehicle safety, increasing resale value, preventing onboard equipment failure, and improving the driving experience, precision, and reliability of the vehicle.
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Automotive Repair and Service Market Trends:
The increasing sales of vehicles across the globe are driving the market. Moreover, the increasing focus on sustainability and eco-friendliness is contributing to the growth of the automotive repair and service market. Apart from this, the integration of the internet of things (IoT) to automate damage assessment, predict future maintenance, provide dynamic visibility into repair, and estimate completion time is favoring the demand. Besides, continuous technological advancements, such as the introduction of computerized diagnostic systems, advanced materials, and 3D printing, are providing a boost to the market. Furthermore, the implementation of stringent government regulations towards replacing and upgrading vehicle components to ensure better on-road safety and lower emissions levels is providing an impetus to the demand.
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Key Highlights of the Report:
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