FMI Says the Automotive Repair and Maintenance Services Market is Set to Flourish Through 2029 with 6% CAGR
Future Market Insights, in its new offering, outlines the growth trails of the automotive repair and maintenance services market which is estimated to reach a value of ~US$ 530 Bn in 2019. The demand for automotive repair and maintenance services has been gaining a boost from increasing vehicle age and poor quality of road infrastructure, especially in low- and mid-income countries.
Automotive Repair And Maintenance Services Market 102017
A recent market study published by FMI on the automotive repair and maintenance service...
In the view of rising replacement rate of tires, engine, and wear & tear parts of older vehicles, the automotive repair and maintenance services market estimated to expand at an impressive CAGR of ~6% during the forecast period of 2019-2029.
“Although continued urbanization, a burgeoning consuming class, and supportive government policies have largely contributed to the growth of automotive industry, the recent slowdown of auto sales in developing countries such as China and India is prompting a steady growth for pre-owned car market, car rental, and subscription models. Such factor along with acceleration of technological innovation is deemed to be the important driver for automotive repair and maintenance services market growth.”
North America’s Rising Market Attractiveness
North America is estimated to hold significant value share of the automotive repair and maintenance services market, owing to ubiquity of automobiles in the region along with increasing average age of pre-owned vehicles. However, market consolidation in Asia Pacific Excluding Japan is likely to remain key to gaining distinct competitive edge due to emergence of China and India as the world’s largest automotive markets. A notable increase in car rentals, ridesharing services, and sales of pre-owned cars in APEJ will further remain instrumental in the growth of the automotive repair and maintenance services market.
Automobile Dealership Owners to Remain Key Service Providers
The global automotive repair and maintenance services market has been classified on the basis of services and parts, vehicle, service providers, and regions such as APEJ, Latin America, North America, the Middle East and Africa, Eastern Europe, Japan, and Western Europe.
- Automobile dealership owners continue to capture significant share in the automotive repair and maintenance services, as they remain targeted towards offering high-quality services for enhanced reputation and customer retention.
- Increasing replacement rate of tires has been directly impacting the growth of the automotive repair and maintenance services market over the years, while solution providers are focusing on increasing repair and maintenance services for cabin filter, oil filter, and exhaust components.
Automotive Repair and Maintenance Services Market: Vendor Insights
FMI’s business intelligence offers an incisive outlook of the competitive landscape, highlighting several key players active in the global automotive repair and maintenance services market. Some of the prominent players in the global automotive repair and maintenance services market are Arnold Clark Automobiles Limited, Goodyear Tire & Rubber Company, Asbury Automotive Group, Inc., Halfords Group Plc., Lookers Plc., Monro, Inc., Pendragon Plc., Sumitomo Corporation, Jiffy Lube International, Inc., Firestone Complete Auto Care, Driven Brands, Inc., Carmax Autocare Center, Ashland Automotive, Inc., and Belron International Ltd.
For additional insights on the automotive repair and maintenance services landscape, write to the analyst at [email protected]
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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