Industry revenue of “maintenance and repair of motor vehicles“ in Sweden 2012-2024

Revenues of the maintenance and repair of motor vehicles industry in Sweden grew 18 percent between 2012-2019, owing to the growing number of diesel and petrol car sales and the subsequent need for maintenance, modification and repairs. However, the industry is projected to only witness marginal growth in the medium term. One of the reasons for this is due to the rapid growth of recharchable vehicles such as electric cars and hybrid cars, which require considerably less maintenance and if at all, the costs are about one-third compared to a gasoline powered car. By 2020, the number of rechargeable vehicles in the country are forecasted to amount to 133,308, a 55 percent increase over 2019.

Volvo’s new electric car line to further impact industry revenues

Volvo, the most popular car brand in the country, has recently launched its all-electric vehicle line in 2019 in line with the broader goal of making half of its cars electric by 2025. This is set to impact the revenues of the motor repair industry in the medium to long term. Additionally, other brands are also expected to follow suit in the short term, as the EU has announced its intentions to phase out fossil fuel cars by 2040.