Press release
Automotive Repair and Maintenance Services Market will hit at a CAGR of 5.6% by 2026
Demand for various services and parts in the automotive aftermarket such as tyres, engine oil, wear & tear parts will continue to gain traction. Among all the services, the tyre replacement and repair service will continue to hold the leading value share, surpassing US$ 152 Bn in value in 2016.
Passenger Cars was the maximum value generating segment in terms of vehicle type in 2015, and the status quo will remain unchanged over the forecast period (2016-2026).
North America is the largest market for automotive repair and maintenance services accounting for US$ 124.1 Bn in 2016. Asia-Pacific (APEJ) is expected to show highest growth with a CAGR of 8.6% over the forecast period. This is attributed to the increasing vehicle parc in this region and the under developed road infrastructure in many countries of Asia-Pacific.
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Global Demand for Automotive Repair and Maintenance Services Market worth US$ 441.3 Bn in the year 2016
Demand for automotive repair and maintenance services is also driven by the increase in vehicle age. With the improvements in material and technology used for automotive manufacturing, the average age of passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015. With the rising vehicle sales in the U.S. and Western Europe, the demand for automotive repair and maintenance services is expected to increase. Due to declining oil and gas prices, there has been an increase in the average miles driven which is closely associated with more wear and tear of parts which in turn require maintenance and repair thus driving the market.
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Jiffy Lubes International Inc., Driven Brands Inc., Asbury Automotive Group Inc., Monro Muffler Brake Inc., Belron International Ltd. are some of the key service provider in the market. The key players in the market are aiming on mergers and acquisitions to expand their services portfolio in regions especially North America.
Long-term Outlook: The long term outlook on global automotive repair and maintenance services market remains positive with the market expected to increase at a CAGR of 5.6% over the forecast period, 2016-2026.
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