Global Automotive Repair and Maintenance Services Market is Expected to Grow at a CAGR of 5.6% During the Forecast Period (2019-2027)
SEATTLE, July 8, 2019 /PRNewswire/ -- According to Coherent Market Insights, the Global Automotive Repair and Maintenance Services Market is projected to exhibit a CAGR of 5.6% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Global Automotive Repair and Maintenance Services Market:
Increasing number of vehicles, increasing disposable income of people, need for improved passenger safety in vehicles, and increasing average age of vehicles are the factors expected to boost the demand of automotive repair and maintenance services over the forecast period. Furthermore, increase in average miles driven by vehicle is expected to drive the demand for automotive repair and maintenance services over the forecast period.
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Increase in repair and maintenance cost, and careless attitude of vehicle owners towards their vehicles are few factors, which are expected to restrain growth of global automotive repair and maintenance services market over the forecast period. Furthermore, growing usage of public transport and limited availability of automotive repair and maintenance services dealerships and shops in rural areas are expected to be negative factors, which will impact growth of global automotive repair and maintenance services market during the forecast period.
The global automotive repair and maintenance services market is segmented on the basis of vehicle type, service providers, type of services, and the region. Among vehicle type, bike and scooters segment held the dominant position in the market in 2018 and is expected to retain its dominance over the forecast period, owing to increasing disposable income of people and increasing number of electrical vehicles.
Among service providers, locally owned repair shops/ body shops segment held the dominant position in the market in 2018 and is expected to retain its position throughout the forecast period. This is owing to increasing sale of vehicles across the globe. For instance, according to India Brand Equity Foundation (IBFE), two-wheeler production in India is expected to increase to 34 million by 2020, and passenger vehicle production to touch 10 million figure by 2020.
North America is expected to be the most lucrative market for automotive repair and maintenance services over the forecast period, owing to increasing sale of vehicles across major economies in the region and stringent laws and regulations in the U.S. for maintenance and servicing of the vehicle. For instance, according to Federal Motor Carrier Safety Administration, according to part 396.3(a), every motor vehicle should be systematically inspected, repaired, and maintained. Parts and accessories of the vehicle should be in a safer condition. Furthermore, push-out windows, emergency doors, and emergency door marking lights should be inspected in every 90 days.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 5.6% during the forecast period (2019–2027), owing to growth in transportation industry and increasing sales of vehicles
- There are several factors, which are expected to impact the global automotive repair and maintenance services market over the forecast period. Owing to improvement in material and technology used for automotive manufacturing, the average operational age of vehicle is increased substantially. Increase in average age of vehicle is expected to boost the demand for automotive repair and maintenance service. For instance, according to the U.S. Department of Transportation, the average age of passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015.
- Some of the major players operating in the global automotive repair and maintenance services market include Arnold Clark Automobiles Limited, Asbury Automotive Group, Inc., B&S Chevron Service., Driven Brands, Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Company, Jiffy Lube International Inc., Lookers Group, Monro Muffler Brake, Pendragon Vehicle Management, Phillips 66 (Erst. Conoco Phillips), Shell, Valvoline and others
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SOURCE Coherent Market Insights
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