Automotive repair and maintenance market to flourish
A new market intelligence report outlines the growth trails of the automotive repair and maintenance services market which is estimated to reach a value of ~$530bn in 2019. The demand for automotive repair and maintenance services has been gaining a boost from increasing vehicle age and poor quality of road infrastructure, especially in low- and mid-income countries.
In the view of rising replacement rate of tires, engine, and wear & tear parts of older vehicles, the automotive repair and maintenance services market estimated to expand at an impressive CAGR of ~6% during the forecast period of 2019 to 2029.
“Although continued urbanisation, a burgeoning consuming class, and supportive government policies have largely contributed to the growth of automotive industry, the recent slowdown of auto sales in developing countries such as China and India is prompting a steady growth for pre-owned car market, car rental, and subscription models. Such factor along with acceleration of technological innovation is deemed to be the important driver for automotive repair and maintenance services market growth.”
North America is estimated to hold significant value share of the automotive repair and maintenance services market, owing to ubiquity of automobiles in the region along with increasing average age of pre-owned vehicles. However, market consolidation in Asia Pacific Excluding Japan is likely to remain key to gaining distinct competitive edge due to emergence of China and India as the world’s largest automotive markets.
A notable increase in car rentals, ridesharing services, and sales of pre-owned cars in APEJ will further remain instrumental in the growth of the automotive repair and maintenance services market.
The global automotive repair and maintenance services market has been classified on the basis of services and parts, vehicle, service providers, and regions such as APEJ, Latin America, North America, the Middle East and Africa, Eastern Europe, Japan, and Western Europe.
- Automobile dealership owners continue to capture significant share in the automotive repair and maintenance services, as they remain targeted towards offering high-quality services for enhanced reputation and customer retention.
- Increasing replacement rate of tires has been directly impacting the growth of the automotive repair and maintenance services market over the years, while solution providers are focusing on increasing repair and maintenance services for cabin filter, oil filter, and exhaust components.
Report’s business intelligence offers an incisive outlook of the competitive landscape, highlighting several key players active in the global automotive repair and maintenance services market. Some of the prominent players in the global automotive repair and maintenance services market are Arnold Clark Automobiles, Goodyear Tire & Rubber, Asbury Automotive, Halfords, Lookers, Monro, Pendragon, Sumitomo, Jiffy Lube International, Firestone Complete Auto Care, Driven Brands, Carmax Autocare Center, Ashland Automotive, and Belron International.