June 29, 2020—The global automotive repair and maintenance market is expected to decline from $693.5 billion in 2019 to $691.7 billion in 2020, according to a new report.
According to the report, titled the "Global Automotive Repair and Maintenance Markets 2020-2030 - Implications and Recovery from COVID-19," the decline is mainly due to economic slowdown across countries in response to the COVID-19 outbreak. The market is then expected to recover and grow at a CAGR of 7 percent from 2021 and reach $828.6 billion in 2023.
The report also said companies involved in the automotive repair and maintenance are increasingly using IoT technology to enhance repairs, restorations, and maintenance of automobiles and improve their efficiency. Repair and maintenance companies use IoT to enable sensors inside vehicles to connect to manufacturers in order to get real-time status of car components in order to identify potential part failures before they occur.
IoT also helps the customers to set-up a repair work request at the shop from a far distance integrated with payment through smartphone.