Automotive Restoration Market by Vehicle Type (Passenger Cars and Commercial Vehicles), Service (Partial Restoration and Full/Complete Restoration), Application (Classic Car Restoration, Muscle Car Restoration, Antique Car Restoration, and Luxury Car Restoration) and Region - Global Forecast to 2030
Automobile restoration is the process of repairing the degraded aspect of an automobile into an overall “authentic” condition. A vehicle restoration is typically a process of reconditioning it from a used condition. This process helps to return the vehicle like-new condition with the help of either original parts or reproduction parts and techniques. This process includes restoration of the interior, exterior, and the engine as well.
The global automotive restoration market is projected to reach USD 2.3 billion by 2030 from an estimated USD 5.5 billion in 2022, at a CAGR of 11.2% from 2022 to 2030. Automotive restoration is regarded as a booming business primarily supported by car enthusiasts, auctioneers, and auto clubs. Factors such as increasing inclination towards vintage as well as classic cars, and increasing purchasing power parity of an individual, are expected to drive the demand for automotive restoration services.
Market Dynamics
DRIVERS: Increasing collection of vintage cars
The growing collection/sales of vintage cars as well as classic cars increases the scope for automobile restoration services. Most people regard driving vintage cars and rebuilding them as their hobby. Subsequently, people from elite economic background tend to have higher interest in purchasing classic car models and restoring them for leisure. For instance, most of the classic models such as Mercedes-Benz 300SE, GMC Typhoon, and Porsche Carrera GT, among others have seen double-digit increases in terms of sales. Thus, growing sales of vintage cars as well as classic cars, is anticipated to increase the revenue growth of the automotive restoration market during the forecast period.
DRIVERS: Rapid urbanization as well as increasing purchasing power parity
Increasing rapid urbanization along with rising purchasing power parity of an individual has positively affected the sales of classic and vintage cars. In addition, with more and more families having moved to higher economic status, their demands have changed in line with new lifestyles, leading to change in their preferences. This in turn has also increase the demand for vintage cars across the globe. All these aforementioned factors are expected to increase the demand for automotive restoration services, which in turn, will increase the market growth prospects in the coming years.
Opportunity: Rising demand for premium car segment
The automotive industry witnessed a steady recovery post-2020, with increased vehicle production as well as vehicle sales. For instance, as per OICA, in 2020, motor vehicle production in China was 25.2 million units, reaching 26.0 million units in 2021. Similarly, in India, motor vehicle production was 3.3 million units in 2020, reaching 4.3 million units in 2021. Further, the demand for premium passenger cars is expected to grow at a noticeable rate in the foreseeable future, especially in the countries such as US, Canada, Germany, Spain, Japan, UK, and France, among others. For instance, as per Inspop.com Ltd., the combined sales of luxury car in US were 5.1 million units from 2016-2020. Similarly, in Japan, the combined sales of luxury car were 1.3 million units from 2016-2020. Thus, increasing demand for premium car is likely to increase the demand for automotive restoration services in the future. This in turn, is likely to support the revenue growth of the automotive restoration market during the forecast period.
Key Market Players
The automotive restoration market is dominated by major players such as Automotive Restorations Inc (US), American Auto Restoration (US), SL Classics (Germany), Armadillo Auto Restoration (US), Royal Vintage Cars (India), Collector Car Services (US), Muscle Car Restorations Inc. (US). These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
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|
Report Metrics |
Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2030 |
| Market Growth and Revenue forecast | $ 5.5 Bn by 2030 at a CAGR of 11.2% |
| Top Players | Automotive Restorations Inc (US), American Auto Restoration (US), SL Classics (Germany), Armadillo Auto Restoration (US), Collector Car Services (US), and Muscle Car Restorations Inc. (US). |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Segments covered | |
| By Vehicle Type | Passenger Cars and Commercial Vehicles |
| By Service | Partial Restoration and Full/Complete Restoration |
| By Application | Classic Car Restoration, Muscle Car Restoration, Antique Car Restoration, and Luxury Car Restoration |
| By Region | North America - US, Canada, and Mexico |
| Europe - Germany, Italy, France, UK, and Spain | |
| Asia Pacific - China, Japan, South Korea, and India | |
| Rest of the World - Argentina, and Brazil | |
| Additional Customization to be offered | Profiling of Additional Market Players (Up to 5) |
Along with the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs
Recent Developments
- In December 2021, Muscle Car Restorations, Inc. expanded its offsite storage building (Wisconsin, US) which is a 10,000 square foot space for holding customer cars and parts.
- In October 2021, Hahn Auto Restoration deployed 3D scanning and printing in order to produce custom fiat-hellcat car.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 19)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 23)
2.1 RESEARCH DATA
2.2 SECONDARY DATA
2.2.1 KEY SECONDARY SOURCES
2.2.2 KEY DATA FROM SECONDARY SOURCES
2.3 PRIMARY DATA
2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
2.3.2 PRIMARY PARTICIPANTS
2.4 DATA TRIANGULATION
2.5 FACTOR ANALYSIS
2.6 RESEARCH ASSUMPTIONS
2.7 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY (Page No. - 32)
4 PREMIUM INSIGHTS (Page No. - 40)
5 MARKET OVERVIEW (Page No. - 47)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGES
5.2.5 IMPACT ANALYSIS OF MARKET DYNAMICS
5.3 CASE STUDY ANALYSIS
5.4 PRICING ANALYSIS
5.5 SUPPLY CHAIN ANALYSIS
5.6 TRENDS AND DISRUPTIONS IN AUTOMOTIVE RESTORATION MARKET
5.7 AUTOMOTIVE RESTORATION MARKET: SCENARIO ANALYSIS, 2022-2030
5.7.1 OPTIMISTIC SCENARIO
5.7.2 MOST LIKELY SCENARIO
5.7.3 PESSIMISTIC SCENARIO
(MnM will provide regional market size in terms of value in scenario analysis)
6 AUTOMOTIVE RESTORATION MARKET, BY VEHICLE TYPE (Page No. - 64)
6.1 INTRODUCTION
6.1.1 RESEARCH METHODOLOGY
6.1.2 OPERATIONAL DATA
6.1.3 KEY INDUSTRY INSIGHTS
6.2 PASSENGER CARS
6.3 COMMERCIAL VEHICLES
NOTE: *The market size will be provided at regional level in terms of value (USD Billion)
7 AUTOMOTIVE RESTORATION MARKET, BY SERVICE (Page No. - 64)
7.1 INTRODUCTION
7.1.1 RESEARCH METHODOLOGY
7.1.2 OPERATIONAL DATA
7.1.3 KEY INDUSTRY INSIGHTS
7.2 PARTIAL RESTORATION
7.3 FULL/COMPLETE RESTORATION
NOTE: *The market size will be provided at global level in terms of value (USD Billion)
8 AUTOMOTIVE RESTORATION MARKET, BY APPLICATION (Page No. - 64)
8.1 INTRODUCTION
8.1.1 RESEARCH METHODOLOGY
8.1.2 OPERATIONAL DATA
8.1.3 KEY INDUSTRY INSIGHTS
8.2 CLASSIC CAR RESTORATION
8.3 MUSCLE CAR RESTORATION
8.4 ANTIQUE CAR RESTORATION
8.5 LUXURY CAR RESTORATION
NOTE: *The market size will be provided at global level in terms of value (USD Billion)
9 AUTOMOTIVE RESTORATION MARKET, BY REGION (Page No. - 74)
9.1 INTRODUCTION
9.2 ASIA PACIFIC
9.2.1 CHINA
9.2.2 JAPAN
9.2.3 INDIA
9.2.4 SOUTH KOREA
9.3 EUROPE
9.3.1 FRANCE
9.3.2 GERMANY
9.3.3 SPAIN
9.3.4 ITALY
9.3.5 UK
9.4 NORTH AMERICA
9.4.1 US
9.4.2 CANADA
9.4.3 MEXICO
*Note: Market Size would be provided in terms of Value (USD Billion)
10 COMPETITIVE LANDSCAPE (Page No. - 129)
10.1 OVERVIEW
10.2 MARKET SHARE ANALYSIS – AUTOMOTIVE RESTORATION
10.3 COMPETITIVE SCENARIO
10.3.1 NEW PRODUCT DEVELOPMENTS
10.3.2 EXPANSIONS
10.3.3 PARTNERSHIPS/SUPPLY CONTRACTS/COLLABORATIONS/JOINT VENTURES/AGREEMENTS/MERGERS & ACQUISITIONS
10.4 COMPETITIVE LEADERSHIP MAPPING
10.4.1 STARS
10.4.2 EMERGING LEADERS
10.4.3 PERVASIVE
10.4.4 PARTICIPANTS
10.5 STARTUP/SME EVALUATION QUADRANT
10.6 WINNERS VS. TAIL-ENDERS
11 COMPANY PROFILES (Page No. - 138)
(Business overview, Products offered, Recent Developments, MnM view)*
11.1 AMERICAN AUTO RESTORATION
11.2 AUTOMOTIVE RESTORATIONS INC
11.3 HAHN AUTO RESTORATION
11.4 COLLECTOR CAR SERVICES
11.5 MUSCLE CAR RESTORATIONS INC
11.6 PRECISION RESTORATIONS
11.7 FARLAND CLASSIC RESTORATION INC
11.8 INNOVATIVE RESTORATIONS INC
11.9 ARMADILLO AUTO RESTORATION
11.10 CLASSIC CAR RESTORATION CLUB
*Details on Business overview, Products/Services offered, Recent Developments, SWOT analysis, might not be captured in case of unlisted companies.
11.13 OTHER KEY PLAYERS
12 APPENDIX (Page No. - 170)
12.1 INSIGHTS FROM INDUSTRY EXPERTS
12.2 DISCUSSION GUIDE
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
12.4 AVAILABLE CUSTOMIZATIONS
12.5 RELATED REPORTS
12.6 AUTHOR DETAILS
Growth opportunities and latent adjacency in Automotive Restoration Market