United States Automotive Service Market Growth, Opportunity, Business Trend, and Future Outlook 2021-2026| Firestone Complete Auto Care, Jiffy Lube

Latest research on United States Automotive Service Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the United States Automotive Service market. This report included a special section on the Impact of COVID19. Also, United States Automotive Service Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the United States Automotive Service industry.

United States Automotive Service market is growing at a CAGR of 3.95% during the forecast period (2021-2026).

The United States Automotive Service market is highly competitive and consists of a number of major players. Top Companies like Firestone Complete Auto Care, Jiffy Lube, Meineke, Midas, Monro Muffler Brake, Safelite Group, Walmart, Sears Auto, Pep Boys

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Scope of the Report

- As vehicles are becoming more advanced and efficient, most of them are now seeing more miles before they are discarded or scrapped. In 2019, more than 33 million vehicles in the United States were older than 14 years. As a result, these vehicles need regular servicing and probably replacements due to their age. Most owners prefer to go to local garages and workshops to get the job done on their vehicles, as this would be economical.

- The United States also dominates the North American automotive service market by occupying a share of more than 60% in 2017. This is primarily due to a continuous rise in the number of vehicles on the road, along with the presence of major automotive service players in the country.

- The increasing availability of automotive parts on e-commerce platforms is one of the major aftermarket trends in the United States. Over the past few years, the sale of parts through these platforms has been on-par, if not higher than the traditional brick and mortar shop sales. E-commerce websites provide customers with a platform to research and compare parts, thereby enabling them to make an informed choice.

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Key Market Trends

Increase in Sales of Electric Vehicles is a Restraint

The Market for electric vehicles is increasing year-on-year, impacting the operations of the automotive industry. The annual sales of plug-in electric vehicles crossed the 400 thousand mark in 2019, gathering more than 1% of the overall vehicle sales share. The transformation of the automotive industry has its impact on the automakers, tire manufacturers, aftermarkets, and supply chain of the industry itself. Manufacturers of the parts and components of the IC engine vehicles are also expanding into the electric vehicle domain as electric vehicles become ubiquitous.

The RandD activities of automakers and tier manufacturers would increase as they have to support both the IC powertrain segment and the electric vehicle segment during the initial stages, which may hinder the Market for automotive services.

Increasing Commercial Vehicle Sales Driving Market

Though the sale of passenger cars has been declining in the country since 2018, commercial vehicles continued to record a year-on-year increase in sales since the post-recession period. They even breached the 12 million mark in 2018. The shifting consumer preference in the United States to pick-up trucks that can transport both cargo and passengers is one of the reasons behind the growth.

Commercial vehicles like medium and heavy-duty trucks tend to cover more miles on average than passenger cars. Hence, they often require servicing. Even their part and component maintenance and replacement cycle is more frequent due to high distances travelled in a relatively short period.

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: United States Automotive Service Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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