(Image source: Photo.com)
On Friday, Steven Elek, head of the automotive data analytics program at Consumer Reports, said that when comparing cumulative costs by brand from year one to year five and years six to ten, Tesla had the lowest maintenance costs. And more often than not, over time, the maintenance costs of expensive luxury cars as well as the tide rises. ”
According to a comprehensive analysis of Consumer Reports' 2023 Annual Automotive Survey, there are significant differences in vehicle maintenance and repair costs between brands. Tesla's total cost of maintenance and repairs over the past decade is just $4,035, compared to $19,250 for Land Rover and $14,090 for Porsche.
It's worth noting that Tesla will only cost $580 in 1-5 years
(about RMB 4200), well below the $900 needed for second-place Buick.
On the morning of April 24, Musk also posted on X (Twitter) quoting the report, saying: "Tesla has the lowest maintenance costs".
Tesla and some other BEV brands have been claiming that maintenance costs are much lower because EVs have far fewer parts than internal combustion engine vehicles. With the disappearance of traditional engines, some wearing parts such as oil, filters, air filters, spark plugs, etc., have also disappeared, as well as a large number of high-profit maintenance items such as transmission and brake systems. At present, the development of the entire aftermarket of new energy vehicles is not particularly perfect, and the main spare parts of the vehicle are concentrated in the hands of the main engine manufacturers, and they have the leading power in the pricing of accessories and working hours.
The automotive maintenance industry in mainland China is a subdivision with a large industrial scale, and the maintenance business is one of the fields with "the most rigid demand" and "relatively high consumption frequency" in the life cycle of consumer vehicles. This means that car repair services are one of the most urgent and frequent needs of consumers in the process of using cars, so they have huge market potential.
The average annual maintenance cost of new energy vehicles is lower than that of traditional vehicles
In 2022, the average annual maintenance cost of new energy vehicles will be 1,210 yuan, which is lower than the 2,570 yuan of traditional vehicles. With the widening gap in car prices, the gap between the maintenance costs of new energy vehicles and traditional cars is also expanding.
Note: The horizontal axis is the price range of the car, and the vertical axis is the maintenance cost of the car.
The market size of the automobile maintenance industry is growing steadily
According to the 2020 China Automotive Aftermarket White Paper released by Deloitte, the size of the mainland auto maintenance and repair market was about 1.42 trillion yuan in 2020 and is expected to reach 1.74 trillion yuan by 2025.
The market size of China's automobile maintenance industry has increased from 0.66 trillion yuan in 2014 to 14,200 yuan in 2020, with a compound annual growth rate of 13.8%; The market size will reach 1.66 trillion yuan in 2022.
Market size forecast
According to McKinsey's research, due to the transformation and upgrading of travel services such as car sharing and online ride-hailing, the growth rate of global automobile production and sales will slow down in the future. Subject to the impact of the scale of automobile production and sales on the number of automobiles, the forward-looking forecast is that the growth rate of the market size of the automobile maintenance industry will also slow down in the future, and the market size of China's automobile maintenance industry will grow at a compound annual growth rate of 5% from 2023 to 2028, and the market size is expected to exceed 2 trillion yuan in 2028.
The automotive repair industry at Continental has great potential. With the increasing number of automobiles and the increasing demand of consumers for auto maintenance services, the scale of the auto repair market continues to expand. With the continuous upgrading and updating of automotive technology, the demand for highly qualified technicians and professionals is also increasing. In the future, with the popularization of new energy vehicles and smart cars, the automobile maintenance industry will usher in more development opportunities and become a sunrise industry. At the same time, with the government's policy support and guidance for the automobile maintenance industry, the automobile maintenance market will show a more healthy and orderly development trend.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Market Operation Status and Investment Forecast Analysis Report of China's Automobile Maintenance Industry" by Qianzhan Industry Research Institute
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