DUBLIN, April 5, 2023 /PRNewswire/ — The “China Automotive Repair and Maintenance Services Market By Service Type, By Vehicle Type,By Service Area, By Service Provider, By Channel, By Region, Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
China automotive repair and maintenance services market is anticipated to register a robust CAGR during the forecast period, 2023-2027
The market is primarily driven by the rise in vehicle production and sales and the growing disposable income of consumers. People prefer to avail of automotive repair and maintenance services for regular check-ups to avoid the chances of malfunction.
Also, the growing popularity of electric vehicles and connected cars and the emergence of online sales channels are expected to create numerous growth opportunities for the market over the next five years.
Increased Production and Sales of Vehicles Drive the Market Growth
Total vehicle sales in China stood at 26.27 million in 2021. The Chinese automotive industry is the world’s largest automotive industry across the globe. The government is predicting that the domestic production of automobiles will reach 35 million vehicles by 2025.
The Ministry of Industry and Information Technology, over 25 million vehicles will be sold in 2020, which includes 19.99 million passenger vehicles. The period of vehicle ownership has increased considerably from the previous years. There has been a significant rise in the number of automotive repair and maintenance service centers in the country to facilitate the demand from a large number of vehicle owners.
The surge in the average of vehicles is anticipated to boost the demand for the automotive repair and maintenance services market as they require periodic monitoring to perform efficiently.
Adoption of Advanced Technologies Spurs the Market Demand
Market players invest heavy amounts in research and development activities to improve the services offered to vehicle owners and launch innovative solutions in the market.
The advent of advanced diagnostic tools and equipment that can determine the cause of vehicles with accuracy plays a crucial role in accelerating market growth. Market players are also using augmented reality applications to understand better complex repairs, which allows the vehicle to get repaired more easily.
Also, the growing popularity of Big Data technology, which helps service providers to analyze car and customer data and in predictive maintenance of vehicles, is expected to bolster the demand for automotive repair and maintenance services across the country.
The rise in Popularity of Electric Cars Boosts the Market Growth
Growing environmental concerns and crude oil prices coupled with the surge in the pollution level of the country are accelerating the demand for alternate energy fuel vehicles.
Made in China 2025 is an initiative by the Chinese government. The automotive industry, including new energy vehicles (NEVs), is one of the significant sectors in transforming the country’s industry from low-cost mass production to a higher value-added manufacturing process.
The government targets to sell 3 million domestically branded new energy vehicles with a minimum of 80% of the country’s market share. This plan supports the manufacturing of electric vehicles and connected and autonomous vehicles, which is expected to fuel the market growth over the next five years.
Car owners need to regularly upgrade the existing technologies and equipment to reap the maximum benefits of using a technologically advanced car. In the coming years, massive sales of electric cars are expected to accelerate the demand for automotive repair and maintenance services.
Detailed analysis of the major companies present in China automotive repair and maintenance services market.
- China Grand Automotive Services Group Co., Ltd.
- Fuxin Haizhou District Dexin Hongding Winery Co.,Ltd.
- Xianning Xian’an District Shunli Car Repair Service Center
- Wuhan Shiji Tiancheng Automotive Sales Service Co., Ltd.
- Zhengzhou Jianxin Automobile Service Co.,Ltd.
- Shiyan Xinjiuhuan Road Rescue Co.,Ltd.
- Liulin County Yongda Labor Service Co., Ltd.
- Shanxi Lingjie Elevator Engineering Co., Ltd.
- Ulanqab Xintai Automotive Repairing Service Co., Ltd.
- Queshan County Hengtong Automobile Maintenance Co., Ltd.
China Automotive Repair and Maintenance Services Market, By Service Type:
China Automotive Repair and Maintenance Services Market, By Vehicle Type:
- Passenger Car
China Automotive Repair and Maintenance Services Market, By Service Area:
- Automotive Mechanical and Electrical Parts
- Automotive Body Parts
- Interior Parts
China Automotive Repair and Maintenance Services Market, By Service Provider:
- Automobile Manufacturers
- Franchise General Repairs
- Locally Owned Repair Shops
China Automotive Repair and Maintenance Services Market, By Channel:
China Automotive Repair and Maintenance Services Market, By Region:
- East China
- South-Central China
- North China
- South-West China
- North-East China
- North-West China
For more information about this report visit https://www.researchandmarkets.com/r/438lw0
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SOURCE Research and Markets