Global Automotive Repair and Maintenance Services Market- Insights
Vehicles that are not serviced regularly are prone to meet accidents hence, they require repair and maintenance services on a regular basis to ensure vehicle safety. Periodic maintenance of vehicle reduces the possibility of crashes and delays due to unscheduled downtime. Some of the vehicle components that require regular service and maintenance are vehicle engines, tires, brakes, etc. which fuels the growth of global automotive repair and maintenance services market.
Factors such as increase in average age of vehicle, owing to technological development and increase in average miles driven per vehicle will boost growth of global automotive repair and maintenance services market over the forecast period. Moreover, growing road safety consciousness among the people and increase in expenditure on maintenance and repair by an individual boost the market growth.
Furthermore, increasing sales of used cars would further increase the demand for automotive repair and maintenance services during the forecast period.
Availability of several independent auto service and maintenance providers globally, providing flexibility and reliability is likely to boost the global automotive repair and maintenance service market during the forecast period.
Global automotive repair and maintenance services market is expected to witness significant growth during the forecast period (2019–2027). The market growth is majorly attributed to availability of service flexibility, cost competitiveness, and reliable maintenance services. Furthermore, growth of the global automotive repair and maintenance services market is also propelled by growth of automobile industry. According to Indian Brand Equity Foundation (IBEF), India automotive sales increased 9.5% year-on-year to 4.02 million units (excluding two wheelers) in 2017.
Figure 1. Global Automotive Repair and Maintenance Services Market Share (%), by Region (2019 & 2027)
Source: Coherent Market Insights, 2018-19
The North America automotive repair and maintenance services market accounted for around 29% of the market share in the global automotive repair and maintenance services market in year 2017, and is expected to maintain its dominance over the forecast period, owing to increasing sales & production of vehicles and stringent regulations by governments for the maintenance of the vehicle. For Instance, according to Statistics Canada, North American Industry Classification System (NAICS) Canada 2017 Version 1.0 has revised regulations primarily engaged in providing mechanical or electrical repair and maintenance services for motor vehicles, such as NAICS 811111 for general automotive repairs, NAICS 811112 for automotive exhaust system repairs and NAICS 811119 for other automotive repair and maintenance.
Asia Pacific is expected to lead the global automotive repair and maintenance services market, owing to the presence of number of automotive hubs in the region. Furthermore, increasing demand of passenger vehicles and rising production of passenger vehicles across the region are expected to drive the global automotive repair and maintenance service market during the forecast period. For Instance, according to Indian Brand Equity Foundation (IBEF), domestic automobile production increased at 7.08 % CAGR between FY13-18 with 29.07 million vehicles manufactured in India in FY18. During April 2018-January 2019, automobile production in India increased 9.84% year-on-year to reach 26.26 million vehicle units. The poor quality of road infrastructure in emerging economies of Asia Pacific such as India is expected to drive the market for automotive repair and maintenance services in this region.
Figure 2. Global Automotive Repair and Maintenance Services Market Share (%), By Vehicle Types (2019 & 2027)
Source: Coherent Market Insights, 2018-19
Global automotive repair and maintenance service market is segmented on basis of vehicle type as bikes and scooters, passenger cars, and commercial vehicles. The passenger cars segment growth is attributed to increase in fleet size of passenger cars. For Instance, according to International Organization of Motor Vehicle Manufacturers, there was increase of 1.4% in global sales of passenger vehicles in 2017 with total sales of 71 million passenger vehicles.
Some of the key 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.
Automotive repair and maintenance services are provided to keep passenger cars as well as commercial vehicles in running condition by complex diagnostics form tire and wheel alignments to oil changes. Some parts of the vehicles such as brakes, engine, filters, and batteries are not inspected visually, hence, regular maintenance and repair services are important for them for increasing the efficiency of the vehicle. Moreover, regular oil change, brake repair, air conditioning service, and wheel alignment also contributes for increasing the life of the vehicle.
Growth of global automotive repair and maintenance services market is attributed to increase in awareness regarding the vehicle maintenance and the vehicle safety. Furthermore, the availability of several independent auto services and maintenance service providers, availability of service flexibility, cost competitiveness, reliable maintenance services, and poor quality of road infrastructure across the globe is expected to boost the demand for automotive repair and maintenance services over the forecast period. Moreover, increasing number of vehicles on the road across the globe is expected to boost the global automotive repair and maintenance services market during the forecast period. For instance, according to World Economic Forum, the number of cars on the roads is expected to get double by the year 2040, globally. Furthermore, most of this transport growth is going to take place in emerging markets such as China and India, as global population is set to increase by another two billion over the next 25 years to 9.2 billion.
However, increase in the repair and maintenance services cost and careless attitude of consumers towards maintenance and services of the vehicle is expected to restrain the growth of global automotive repair and maintenance services market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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