Automotive Repair and Maintenance Services Market to Surpass US$ 820.3 Billion by 2027 - Coherent Market Insights

Published On : Jul 03, 2019

The global automotive repair and maintenance services market was valued at US$ 459.1 billion in 2017, and is projected to reach US$ 820.3 billion by 2027, exhibiting a CAGR of 5.6% over the forecast period (2019-2027), according to Global Automotive Repair and Maintenance Services Market Report, by Vehicle type (Bikes and Scooters, Passenger Cars, and Commercial Vehicles), by Service Providers (Automobile, Dealerships, Franchise General Repairs, Locally Owned Repair Shops/ Body Shops, Specialty Shops, and Tire Shops), by Type of Services (Mechanical Services, Exterior and Structural Services, Electrical Services, and Electronics Services), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.

Vehicles need periodic maintenance to reduce the possibility of crashes and delays due to unscheduled downtime. The most important vehicle components that require regular service and maintenance are engines, tires and brakes. Maintenance of these components fuel the automotive repair and maintenance services market growth. The factors such as increase in the sales and production of the vehicles, increase in average age of vehicle owing to technological development and increase in average miles driven per vehicle will ultimately boost growth of the global automotive repair and maintenance services market over the forecast period.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/automotive-repair-and-maintenance-services-market-2796

Key Trends and Analysis of the Global Automotive Repair and Maintenance Services Market:

  • Rise in the adoption of electric vehicles which can be serviced by vehicle owners themselves by using parts that can be purchased online or fixed remotely through over-the-air updates is one of the key trends which is expected to govern the global automotive repair and maintenance services market over the forecast period.
  • Another trend observed in the global automotive repair and maintenance services market is that the locally owned shops are pairing up with fleet operators to gain additional maintenance contracts.
  • Bike and Scooters segment is expected to dominate the global automotive repair and maintenance services market driven by increasing number of bikes in countries such as China and India. Passenger cars segment is expected to account significant share in the market owing to increase in fleet size of passenger cars over the years. According to International Energy Agency, in 2018, the global electric car fleet exceeded 5.1 million units, from 2 million units in previous year, thus almost doubling the number of new electric car sales.

Key Takeaways of the Market:

  • According to Coherent Market Insights’ analysis, North America account for revenue share of around 29% global automotive repair and maintenance services market. Increasing sales & production of the vehicles, and stringent government regulations for the maintenance of the vehicle drives the growth of the automotive repair and maintenance services market in the region. The U.S. is among the largest automobile markets worldwide, both in terms of production and sales.
  • According to Coherent Market Insights’ research, 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, large demand of passenger vehicle and rising production of passenger vehicles across the region is expected to drive the global automotive repair and maintenance service market during the forecast period. For Instance, According to Indian Brand Equity Foundation (IBEF), In April 2018-January 2019, automobile production in India increased by 9.84% year-on-year to reach 26.26 million vehicle units.
  • 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., Jiffy Lube International Inc., Lookers Group, Monroe Muffler Brake, Pen dragon Vehicle Management, Phillips 66 (Rest. Conoco Phillips), Shell Valvoline, and others.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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