A new report added to the repository of Market Research Reports Search Engine “Automotive Repair and Maintenance Services Market: Tires Services and Parts Segment to Lead in Terms of Market Share Through 2027: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)” is a comprehensive repository of information, providing market share, size, and forecast.
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An introduction to the global automotive repair and maintenance services market
The automotive aftermarket includes the maintenance and repair of various services and parts such as changing the engine oil, gear oil, brake oil, etc. Tire services include repair of flat tires, tire pressure monitoring, misalignment of tires, and replacement of tires. Battery services include automotive batteries replacement. Wear and tear parts include shock absorbers, brake wheel end, engine, driveline, and suspension. Collision body includes coating and painting, crash parts, refinishing, and repair materials. Starters and alternators include armature, field coil, brushes, end shield, and solenoid. Lighting includes automotive lighting and aftermarket services. Exhaust components include mufflers, exhaust manifold, catalytic convertor, and tail pipe. Spark plugs include spark plug- hot and cold, glow plug- metal, and ceramic.
Automotive repairs and maintenance services is definitely a booming business at the global level. According to our research, the global automotive repair and maintenance services market is anticipated to be valued at US$ 479.3 Bn by 2017 end and is projected to expand at a CAGR of 5.8% over the forecast period, to exceed US$ 840.9 Bn in the coming decade.
Increasing average age of vehicles likely to increase the demand of automotive repair and maintenance services over the forecast period
There are several factors that are likely to impact the global automotive repair and maintenance services market. Increase in the average age of vehicles has led to a rise in demand for repair and maintenance services. The poor quality of road infrastructure in the developing countries of Asia Pacific Excluding Japan (APEJ) is expected to drive the market for automotive repair and maintenance services in this region. The increase in vehicle parc in regions such as North America, Western Europe, and APEJ has also led to a growth in automotive aftermarket services. With the declining oil and gas prices, the average miles driven has increased. This is closely associated with the wear and tear of parts thus requiring maintenance.
One of the major trends likely to govern the global automotive repair and maintenance services market is remote diagnostics. This enables real-time monitoring of vehicle parameters to assess its performance against benchmarks. Another trend observed in the global automotive repair and maintenance services market is that the small locally owned shops are pairing up with fleet operators to gain more maintenance contracts. Having said this, an increase in repairs and maintenance services costs and a careless attitude on the part of vehicle owners towards structured maintenance and services may pose challenges to the growth of this market in the near future.
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Increasing annual mileage per vehicle is estimated to contribute significantly to the growth of the Tires Services and Parts segment
The tires Services and Parts segment accounted for a major market share in terms of value in 2016 and is expected to expand at a significant CAGR over the forecast period (2017-2027). Along with another segment in the services and parts category, the tires segment is likely to represent more than two-third share in the total incremental opportunity created over the next 10 years. Our research indicates that the tires segment will reach a market valuation exceeding US$ 360 Bn by the end of the forecast period.
Market analysis on the basis of region
The North America automotive repair and maintenance services market is estimated to account for more than 27% of the market share in the global automotive repair and maintenance services market by 2017 end. The automotive repair and maintenance services market in Asia Pacific is expected to expand at a relatively high CAGR over the forecast period. North America and Western Europe are estimated to collectively account for about 50% of the total market share of the global automotive repair and maintenance services market by the end of 2017.
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