Automotive Repair and Maintenance Services Market to Reach US$ 840.9 Bn by 2027
Future Market Insights delivers key insights and a revised forecast of the global Automotive Repair and Maintenance Services market in the report titled ‘Automotive Repair and Maintenance Services Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment 2017-2027.’ The long-term outlook on the global Automotive Repair and Maintenance Services market remains positive with the market value expected to increase at a CAGR of 5.8% during the forecast period (2017-2027). Among services and parts segment, the tires segment is expected to expand at a significant CAGR in terms of value over the forecast period. The market value of Automotive Repair and Maintenance Services is estimated to be valued at US$ 479,371.8 Mn by the end of 2017. In terms of value, North America is estimated to account for a market share of 27.2% in the global automotive repair and maintenance services market by 2017 end and it is anticipated to retain its dominance throughout the forecast period. In this report, Future Market Insights throws light on drivers and restraints likely to impact the market during this period.
In the latest report by FMI on global automotive repair and maintenance services market, the forecast has been revised until 2027. Previously the market in 2016 was estimated to be US$ 441,351.1 Mn and in the current release the estimated value have been revised to US$ 454,351.1Mn for 2016 with a ten year CAGR (17-27) to be 5.8%. Owing to macro-economic growth factors (GDP, inflation, employment, spending) growth in the target market the market size has been revised for the entire forecast period.
Factors such as increase in average age of vehicle due to technological advancements and increase in the average miles driven per vehicle tend to increase the demand of automotive repair and maintenance services over the forecast period. Moreover, with increase in the road safety awareness in the people, the average repair and maintenance expenditure by an individual is anticipated to increase. This will further provide a boost to the market growth. Furthermore, increase in the sales of used cars in many regions would further increase the demand of automotive repair and maintenance services over the forecast period.
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Some of the trending opportunities in the Automotive Repair and Maintenance Services market are inclination towards adoption of remote vehicle diagnostics system and collaboration & partnership between small locally owned repair shops & fleet and leasing firms. The locally owned repair shops are strategically focusing on winning big maintenance contracts with insurance firms, leasing firms and fleet owners so as to increase their market share and hence profits. These locally owned repair shops compete with authorized dealerships by providing attractive prices, increased reliability through remote diagnostics, on-call assistance, and remote diagnostics.
The Automotive Repair and Maintenance Services market is segmented on the basis of services and parts, service providers and vehicle type
On the basis of services and parts, the tire segment is anticipated to continue to dominate the market in terms of value over the forecast period.
On the basis of service providers, the automotive dealership segment is estimated to grow at a significant rate over the forecast period. It is expected to represent a total incremental opportunity of US$ 110,949.0 Mn between 2017 and 2027.
On the basis of vehicle type, the passenger cars segment is anticipated to dominate the market throughout the forecast period. This can be attributed to anticipated increase in the fleet size of passenger cars over the forecast period.
Regional Market Projections
North America is anticipated to account for 27.2% market share in terms of value in the global Automotive Repair and Maintenance Services market by the end of 2017. U.S. is expected to hold a dominant revenue share in the North America Automotive Repair and Maintenance Services market through 2027. The APEJ market is projected to hold a significant market share in terms of value in the global Automotive Repair and Maintenance Services market over the forecast period, exhibiting a CAGR of 8.6% over the forecast period.
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The report highlights some of the top companies operating in the global Automotive Repair and Maintenance Services market, such as Arnold Clark Automobiles Limited, Asbury Automotive Group, Inc., Ashland Automotive, Inc., Belron International Ltd., Carmax Autocare Center, Driven Brands, Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Company, Halfords Group Plc., Jiffy Lube International, Inc., Lookers Plc., Monro, Inc., Pendragon Plc., Sumitomo Corporation
Top market players are focussing on mergers and acquisition of small and established repair shops to strengthen their Automotive Repair and Maintenance Services market.