Automotive Repair and Maintenance Services Market Analysis and Forecast 2020: By Keyplayers Firestone Complete Auto Care, Ashland Automotive, Inc., Driven Brands, Inc., Carmax Autocare Center, Sumitomo Corporation, Monro Muffler Brake, Inc., Belron Intern
Market Insight- Global Automotive Repair and Maintenance Services Market
The automotive aftermarket includes maintenance and repair of different services and parts namely gear oil, engine oil, brake oil, etc. Furthermore, wear and tear parts maintenance is comprised of suspension, engine, shock absorbers, brake wheel end, and driveline, while exhaust components include exhaust manifold, tailpipe, mufflers, and catalytic converter. The tire services include tire pressure monitoring, misalignment of tires repair of flat tires, replacement of tires, etc. Similarly, battery services include, replacement of automotive batteries. Various services providers offer automotive repair and maintenance services including automobile dealership, OEM, etc. Moreover, the specialty shops are independently owned shops that are specialized to provide a particular service for suspension services, collision repair, services for exhaust and mufflers.
The global automotive repair and maintenance services market was valued US$ 515,594.7 Mn in 2019 and expected to reach US$ 805,836.9Mn by 2027.
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Market Dynamics- Drivers
1. Significant increase in the average age of vehicles is expected to drive growth of the global automotive repair and maintenance services market during the forecast period
Advancements in material and technology used for automotive manufacturing has increased the average operational age of vehicles. According to Coherent Market Insights’ analysis, the number of vehicles with over 12 years of age is expected to increase by 15% over the next five years. According to the same source, the number of vehicles that are 16-24 years old increased 1.3X in 2015 as compared to that in 2000. Moreover, the reliability of the vehicles has been significantly increased in the recent past. As average operational age of a vehicle is increasing, significant number of repair and maintenance is expected to boost thereby driving the market growth. According to the U.S. Department of Transportation, the average age of passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015.
Key players in the global automotive repair and maintenance services market are Firestone Complete Auto Care, Ashland Automotive, Inc., Driven Brands, Inc., Carmax Autocare Center, Sumitomo Corporation, Monro Muffler Brake, Inc., Belron International Ltd., Goodyear Tire & Rubber Co., and Jiffy Lube International Inc.
2. Increasing concern over vehicle safety is expected to propel the global automotive repair and maintenance services market growth over the forecast period
Increasing number of road accidents caused due to breakdown of automotive components has resulted in increased awareness among general public regarding timely maintenance and repair of the vehicle. Moreover, the service life of automotive components is highly dependent on utilization, as components have threshold lifespan. Constantly changing driving conditions warrant timely repair, maintenance, and replacement automotive parts. According to Coherent Market Insights’ analysis, the global automotive aftermarket is projected to be valued at US$ 1.2 Bn by 2020, expanding at a CAGR of 3.9% over 2016–2020. Thus, these factors are expected to support the market growth in the near future.
Europe region dominated the global automotive repair and maintenance services market in 2019, accounting for 27.5% share in terms of value, followed by North America, Asia Pacific, Latin America and Middle East and respectively.
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1. Local shop owners can capitalize on untapped potential by providing a full range of services
Majority of shop owners do not offer a complete range of repair and maintenance services. However, they can follow a competitive strategy of specializing in any particular service or increase the number of services they are providing. Furthermore, local shop owners can collaborate with fleet operators and leasing firms to provide repair and maintenance services at discounted prices.
2. Authorized dealership owners can provide maintenance services at lucrative price
Majority of customers believe that authorized dealerships shops offer maintenance and repair services at significantly higher cost as compared to local shop owners. Thus, authorized shop owners need to offer services at lucrative prices to customers, in order to expand their consumer base. The authorized dealer shops are mostly preferred by the new vehicle owners as they enjoy warranty protection, thus authorized dealers are preferred for cars younger than 4 years. However, they need to focus on customer base with old cars by offering them service packages for lifetime with lower prices.
1. Mergers and acquisitions among major market players are major trend
Key players in the market are focused on various strategic activities such as mergers and acquisitions, in order to enhance their market presence. For instance, in 2016, Driven Brands, Inc., an aftermarket service provider acquired Lube Stop, a U.S.-based provider of the oil change, battery replacement and fluid exchange for the automotive aftermarket. Furthermore, in 2016, Asbury Automotive Group Inc., a U.S. based automotive retailer, acquired Ford Authorized Dealership store in Florida, U.S.
2. Growing adoption of remove vehicle diagnostics systems
Remote vehicle diagnostics systems enable real-time monitoring of vehicle parameters to assess its performance against benchmarks. Remote diagnostics system has gained significant traction in commercial and utility vehicles, owing to technological advancements in vehicles and increasing focus on vehicle safety and connected cars. Moreover, authorized dealers are laying emphasis on utilizing their capabilities and providing advanced services such as remote diagnosis to earn competitive advantage in the market.
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In global automotive repair and maintenance services market, by Service provider, the Automobile Dealerships, sub-segment dominated the global market in 2019, accounting for 27.0% share in terms of value, followed by Franchise General Repairs, Locally owned repair shops, Others, Specialty shops and Tire shops respectively.
• Global Automotive Repair And Maintenance Services Market, By Services and Parts:
◦ Engine Oil
◦ Gear Oil
◦ Brake Oil
◦ Wear and Tear Parts
◦ Air Filter
◦ Cabin Filter
◦ Oil Filter
◦ Wiper Blades
◦ Collision Body
◦ Starters and Alternators
◦ Exhaust Components
◦ Spark Plugs
• Global Automotive Repair And Maintenance Services Market, By Service Provider:
◦ Automobile Dealerships
◦ Franchise General Repairs
◦ Specialty Shops
◦ Locally owned repair shops
◦ Tire Shops
• Global Automotive Repair And Maintenance Services Market, By Vehicle Type:
◦ Passenger Cars
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