In recent years, volatile growth has been observed in automotive repair & maintenance service market. The industry is highly fragmented, less than 10% of revenue is generated by top companies. The profitability of individual companies depends on convenient location and good marketing. In automotive repair & maintenance services market, demand depends on number of cars on the road and on car usage. Increase in demand for passenger cars, light commercial vehicle and two-wheelers has fuelled the growth of automotive repair & maintenance services market. Additionally, automotive industry has grown sharply, owing to miscellaneous factors such as rising standard of living, improvement in road infrastructure, growing disposable income, ongoing development in urban and rural areas has further driven automotive repair & maintenance services demand in the market.
Automotive Repair & Maintenance Services Market: Drivers & Restraints
The automotive repair & maintenance services is anticipated to grow at a double-digit CAGR during the forecast period. Growth of the automotive repair & maintenance service is mainly driven by increasing vehicle production, increasing safety and security needs, demand for add-on services, growing vehicle parc, higher customer awareness about vehicle upkeep, periodic maintenance and increasing mandated by governments, among others. However, despite certain technological challenges such as hybrid designs require additional training for mechanics acting as growth restraints, the automotive repair & maintenance services is expected to experience rapid growth over the forecast period.
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Automotive Repair & Maintenance Services: Segmentation
On the basis of service provider, the global automotive repair & maintenance service market is segmented as:
- Automobile Dealerships
- Franchise General Repairs
- Specialty Shops
- Locally Owned Repair Shops
- Other
On the basis of vehicle type, the global automotive repair & maintenance service market is segmented as:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
On the basis of services, the global automotive repair & maintenance market is segmented as:
- Regular Maintenance
- Engine Work
- Undercar Work
- A/C Work and Cooling system
- Other
On the basis of market, the global automotive repair & maintenance services market is segmented as:
- Original Equipment Manufacturers (OEM)
- After-market
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Automotive Repair & Maintenance Services: Region-wise Outlook
The global automotive repair & maintenance services market is anticipated to register a favourable growth for the forecast period, 2015?2025. On the basis of region, Asia Pacific is expected to be the growth engine of automotive repair & maintenance services market in the near future. The key countries mentioned in the Asia-Pacific region are China, India and Japan as an outcome of growth in the vehicle population which in turn is resulting in increase in demand of automotive repair & maintenance services in these countries. Moreover, the region is expected to generate higher revenue as compared to North America and Europe (maturing markets). Japan also contributes to the global automotive repair & maintenance services market remarkably. Moving forward towards the developing regions, Latin America and Middle East & Africa are expected to be the largest opportunity in terms of revenue of the automotive repair & maintenance services market. The remaining regions are expected to grow at a steady rate over the forecast period.
Automotive Repair & Maintenance Services: Key Players
Some of the key market participants in the global automotive repair & maintenance services market are:
- Bridgestone
- Jiffy Lube
- Meineke (a division of Driven Brands)
- Safelite Group
- AAMCO Transmissions
- Asbury Automotive Group
- Ashland Incorporated
- AutoNation Incorporated
- CarMax Incorporated
- CARSTAR Incorporated
- Discount Tire
- Goodyear Tire & Rubber
- Midas Incorporated
- Sumitomo Corporation
- Monro Muffler Brake
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