SEATTLE, May 13, 2020 (GLOBE NEWSWIRE) -- Automotive repair and maintenance service is an essential timely practice require to maintain the functionality of an automobile. The repair and maintenance services are provided by automobile dealership owners, wherein they have a contract with the OEM or locally-owned shop. There are specialty shops that provide specific services including collision repair, services for mufflers and exhaust, suspension services, etc. Moreover, locally-owned repair shops include body shops, small garages, etc. and they usually provide all types of services. Others include department stores and repair shops present at the gas stations.
The global Automotive Repair and Maintenance Services market is estimated to account for US$ 41,374.7 Mn in terms of value in 2019 and is expected to grow at a CAGR of 6.0 % over the forecasted period 2020-27.
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Market Drivers
- Increasing disposable income and rising vehicle parc is expected to support growth of the global automotive repair and maintenance services market during the forecast period
- Increase in miles driven per vehicle is expected to boost the global automotive repair and maintenance services market growth over the forecast period
Market Opportunities
- Merger and acquisition activities among major market players can offer major business opportunities
- Growing acceptance for remote vehicle diagnostics
Key Takeaways
Asia Pacific region holds the dominant position in the global Automotive Repair and Maintenance Services market and is expected to witness significant growth over the forecast period 2020-27. This is owing to growing automotive market in the Asia Pacific region. According to the CMI analysis the Asia Pacific regions constitutes worlds 60% population and increased population demands for effective mobility. As the demand for the automotive in Asia Pacific is increasing the Automotive Repair and Maintenance Services market is also expected to increase in this region. Owing to this increasing population size, the Asia Pacific region is expected to hold the dominant position during the forecast period.
Among Vehicle type segment, Passenger cars sub segment is expected to dominate the global Automotive Repair and Maintenance market over the forecasted period 2020-27. According to CMI analysis among the vehicle type passenger cars are most selling sub-segment. According to same analysis 75.8 Million units of passenger cars sold in the 2019 and sale is expected to increase at a CAGR of 3.8% during the forecast period. Owing to all these reasons, the passenger car segment is expected to drive the growth of the market during forecast period.
Among Services and Parts segment Tires sub segment is expected to create a lucrative opportunity for global Automotive Repair and Maintenance Services market as tires gets worn out in couple of years. The Tires needs to be changed regularly because they are vital parts of the Automotive. Worn–out tires are dangerous to drive because they cannot grip the road properly and increases
Competitive Section:
Major companies involved in the global automotive and repair maintenance services market Jiffy Lube International Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Co., Ashland Automotive, Inc., Goodyear Tire & Rubber Co., Sumitomo Corporation, Driven Brands, Inc., Belron International Ltd., Carmax Autocare Center, and Monro Muffler Brake, Inc.
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Key Developments:
- Major companies in the market are involved in business and capacity expansion, in order to strengthen market position. For instance, in December 2019, Jiffy Lube International Inc. inaugurated its automotive service to provide Jiffy Lube Signature Service Oil Change at Milwaukee, U.S.
- Key players in the market are focused on product development, in order to gain a competitive advantage market. For, instance, in March 2018, Goodyear Tire & Rubber Co introduced new tire management program to aid fleets save time and money at 2018 Technology & Maintenance Council (TMC) Show in Atlanta, U.S.
Market Segmentation:
- By Services and Parts
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Tires
- Batteries
- Wear and Tear Parts
- Air Filter
- Cabin Filter
- Oil Filter
- Wiper Blades
- Collision Body
- Starters and Alternators
- Lighting
- Exhaust Components
- Spark Plugs
- By Service Provider
- Automobile Dealerships
- Franchise General Repairs
- Specialty Shops
- Locally owned repair shops
- Tire Shops
- Others
- By Vehicle Type
- Passenger Cars
- LCV
- HCV
- By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan