The auto repair industry is an important part of the economy and is constantly changing. As technology advances, so do the needs of the auto repair industry. Knowing the current trends and statistics in the auto repair industry can help you stay ahead of the competition and make informed decisions.
In this blog post, we will explore the latest auto repair industry statistics and trends to help you understand the current state of the industry. We will also discuss the implications of these trends and how they can affect your business.
Auto Repair Industry: The Most Important Statistics
The average full-time employee in the Automotive repair & maintenance Industry Group works 44.4 hours per week and earns an average annual salary of $46,783, while part-time employees in the same industry work 22.2 hours and earn an average annual salary of $18,302.
There are over 176,022 auto mechanics currently employed in the United States, with 3.6% of them being women and 96.4% being men.
Auto Repair Industry Statistics Overview
The auto repair industry is valued at $880 billion annually, with crash parts service making up 31% of all services offered and an annual gross income of over $250,000 34% of the time.
The majority of aftermarket auto repair is performed by independent auto repair shops, while dealerships make up the remaining 25%.
White Auto Mechanics make up the majority of the industry, and Western Europe is the second largest region in the global automotive repair and maintenance market.
This shows the current market share of independent auto repair shops, the most common ethnicity of Auto Mechanics, as well as the size of the global automotive repair and maintenance market.
The average full-time employee in the Automotive repair & maintenance Industry Group works 44.4 hours per week and earns an average annual salary of $46,783, while part-time employees in the same industry work 22.2 hours and earn an average annual salary of $18,302.
The global automotive engineering services market is expected to grow at a CAGR of 8.1%, with a revenue of $243.9 billion by 2028.
Furthermore, automotive service technicians and mechanics are projected to have little to no change in employment from 2021 to 2031, with an average of 73,300 job openings projected annually and a median annual wage of $46,880.
Male employees in the Automotive repair & maintenance Industry Group earn more than Female employees and other races and ethnicities, with 89.5% of workers in the Industry Group being Male.
There are over 176,022 auto mechanics currently employed in the United States, with 3.6% of them being women and 96.4% being men.
White auto mechanics make up the majority (60.5%), followed by Hispanic or Latino (19.6%), Black or African American (9.9%) and Asian (5.0%).
The light duty auto parts industry is projected to reach $374 billion and the entire automotive aftermarket/auto care industry is projected to reach $497 billion in 2023.
This can be used to inform business decisions and investments in the auto repair industry.
The US aftermarket industry is estimated to be nearly $500 billion in 2023, with $370 billion for automobiles and light trucks and $123 billion for medium- and heavy-duty.
In 2004 there were 25,000 motor vehicle repair workshops in the UK, which declined by 3.5 thousand by 2014. However, it is predicted to remain relatively stable until 2020.
The auto repair and maintenance industry in the U.S. saw a two percent increase in the number of establishments between 2010 and 2021, with over 17,700 new businesses added.
This growth is indicative of the increasing demand for auto repair services, which is likely due to the increasing number of cars on the road and the aging of existing vehicles.
The global automotive repair and maintenance services market was valued at $508.93 billion in 2020.
This highlights the importance of the industry and the impact it has on the global economy. It also serves as a reminder of the need for continued investment in the sector to ensure its continued growth and success.
The Auto Repair Industry is expected to grow at a CAGR of 3.0% from 2021 to 2028.
The industry is likely to experience steady growth over the next few years. This is great news for those in the industry, as it means that they can expect to see an increase in demand for their services and products. Furthermore, this statistic can be used to inform decisions about investments in the industry, as well as to plan for future expansion.
As of 2021, there are approximately 233,745 auto repair and maintenance businesses in the United States.
This highlights the importance of the industry to the US economy, as it employs a large number of people and contributes significantly to the GDP. This statistic is an important reminder of the importance of the auto repair and maintenance industry and its impact on the US economy.
The Auto Repair Industry in the United States generates around $80 billion in annual revenue.
This speaks to the sheer number of businesses and individuals involved in the industry, as well as the amount of money that is generated each year. It is a powerful reminder of the importance of the Auto Repair Industry in the US economy and its impact on the lives of millions of people.
Independently-owned auto repair shops make up roughly 75% of the market.
The majority of the market is made up of independently-owned auto repair shops, which speaks to the strength of small businesses in this sector. This statistic is also important because it highlights the importance of supporting local businesses and the impact they have on the industry.
The average auto repair industry worker earns a median hourly wage of $20.24.
This provides insight into the wages of those who work in the industry, and serves as a reminder of the importance of fair compensation for those who provide essential services.
Labor costs account for 30-50% of the total expenses of an auto repair business.
The statistic highlights the importance of efficient labor management and cost control in order to maximize profits and remain competitive in the industry.
The market share of electric vehicles in the total global passenger car market is projected to reach 28.1% in 2030, which may lead to increased demand for new auto repair services.
The demand for new auto repair services is likely to skyrocket in the coming years. With the projected market share of electric vehicles reaching 28.1% in 2030, auto repair shops will need to be prepared to handle the influx of new customers and the unique needs of electric vehicles. This could mean investing in new tools and training for technicians, as well as expanding services to meet the needs of electric vehicle owners.
Almost 70% of independent auto repair businesses focus on providing basic repair services, such as oil changes and tune-ups.
This information can be used to inform readers of the blog post about the current state of the auto repair industry and the services that are most commonly offered.
The average repair order amount in the auto repair industry is $200-$500.
This is an important piece of information for anyone considering getting their car serviced, as it gives them an idea of what to expect in terms of cost. Additionally, it can be used to compare the prices of different auto repair shops, allowing customers to make an informed decision about where to take their car for service.
Automotive maintenance and repair businesses that specialize in collision repair account for $47 billion in annual revenues.
Collision repair businesses alone generate a staggering $47 billion in annual revenues, demonstrating the importance of this sector to the overall economy. It also serves as a reminder of the need for reliable and trustworthy auto repair services, as well as the potential for growth in this field.
Conclusion
In conclusion, the auto repair industry is a major contributor to the economy, and it is expected to continue to grow in the coming years. The industry is highly competitive, and it is important for auto repair shops to stay up-to-date on the latest industry trends and statistics in order to remain competitive.
By understanding the current trends and statistics, auto repair shops can better position themselves to take advantage of the opportunities that the industry presents.
References
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