Increasing safety requirements for passengers, especially in growing economies and increase in technological advancements are the major factors influencing market growth.
Market Size – USD 516.14 billion in 2018, Market Growth – CAGR of 5.6%, Market Trends – Rise in demand for electric vehicles.
NEW YORK, March 27, 2019 (GLOBE NEWSWIRE) -- The global Automotive Repair & Maintenance Service Market is estimated to reach USD 810.30 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the growing need for passenger’s safety. Increase in awareness related to vehicle maintenance and safety is expected to drive the market. Increased road safety awareness among the general population, the average maintenance and repair expenses by an individual are anticipated to drive the market. Moreover, an increase in sales of used cars in many regions, especially in emerging economies; technological advancements pertaining to vehicle safety, are also fuelling market growth. Furthermore, cost effectiveness, availability of service flexibility and reliable maintenance services are also propelling the market growth globally. Based on statistics, increase in average age of vehicle due to technological advancements and the average miles driven per vehicle are also significant factors stimulating market demand.
North America region is projected to grow at a CAGR of 5.8% during the forecast period with the largest share of 32.50% in 2018. The improving countries are the primary consumers of vehicles in this region. The Automotive repair & maintenance service market in the Asia Pacific has been expanding owing to the rise in technological advances in the area.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Automotive Repair & Maintenance service Market on the basis of Parts, Application, Service type, Technology, Service provider and region:
Parts Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
Service Type Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
Technology Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
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Service provider Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
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