Future Market Insights (FMI) is delivering 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-’16) 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 percent during the forecast period (2017-’27). Among the 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 about $479.4 billion by the end of 2017. In terms of value, North America is estimated to account for a market share of 27.2 percent in the global automotive repair and maintenance services market by the end of 2017 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 $441.4 billion and in the current release the estimated value have been revised to $454.4 billion for 2016 with a 10-year CAGR (2017-’27) to be 5.8 percent. Owing to macro-economic growth factors (GDP, inflation, employment and 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.
Some of the trending opportunities in the automotive repair and maintenance services market are inclination toward adoption of remote vehicle diagnostics system and collaboration and partnership between small locally owned repair shops and 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.
Regional Market Projections
North America is anticipated to account for 27.2 percent market share in terms of value in the global Automotive Repair and Maintenance Services market by the end of 2017. The 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 percent over the forecast period.
The report is available here.