Automotive Repair and Maintenance Services Market Is Projected to Expand at a CAGR of 5.6% over the Forecast Period 2016-2026
Future Market Insights has announced the addition of the “Automotive Repair and Maintenance Services Market :Global Industry Analysis Opportunity Assessment 2016-2026 ” report to their offering.
Valley Cottage, NY -- (SBWire) -- 06/22/2018 --According to a new report published by Future Market Insights titled "Automotive Repair and Maintenance Services Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026", the global automotive repair and maintenance services market is estimated to reach a market valuation of US$ 441.3 Bn by 2016 end, witnessing a 5.6% CAGR between 2016 and 2026. Automobile dealership owners will continue to hold dominant share in the global automotive repair and maintenance services market accounting for over 25% share of the total market by the end of 2016.
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Demand for automotive repair and maintenance services is driven by the increase in vehicle age. With the improvements in material and technology used for automotive manufacturing, the mean 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 rise exponentially. Also, a reduction in gas and oil prices has led to an increase in the total miles driven by vehicle owners and this being related to vehicle parts wear and tear, there is a growing need for vehicle maintenance and repairs – this is another factor driving the growth of the global automotive repair and maintenance services market.
Future Market Insights' report on the global automotive repair and maintenance services market offers useful insights on market performance of the various segments of the global automotive repair and maintenance services market. Some of the highlights of our research reveal the following vital points:
Demand for various services and parts in the automotive aftermarket such as tires, engine oil, and wear and tear parts will continue to gain traction in the coming years
The tires segment is forecast to register a CAGR of 7.9% during 2016 – 2026
The wear and tear parts and engine oil services and parts segments are expected to represent 14.1% and 8.6% shares of the total incremental opportunity in the coming decade
The automobile dealerships service provider segment is anticipated to be valued in excess of US$ 100 Bn by this year end, witnessing a CAGR of 4% during the forecasted period
The passenger cars vehicle type segment was the maximum value generating segment in terms of vehicle type in 2015 and is projected to gain significant market share over the forecast period. This segment is anticipated to gain 200 BPS between 2016 and 2026 due to higher sales of passenger cars in the coming years
North America is the largest market for automotive repair and maintenance services accounting for over 26% market share in terms of revenue in the global automotive repair and maintenance services market by the end of 2016. The APEJ automotive repair and maintenance services market is projected to hold significant market share in terms of value in the global automotive repair and maintenance services market over the forecast period, exhibiting a CAGR of 8.6% over the forecast period. This is attributed to increasing vehicle parc in this region and an under developed road infrastructure in many countries of APEJ.
The global automotive repair and maintenance services market report analyses the business performance including short-term and long-term strategies, service offerings, and other developments of a few of the top market players operating in the global automotive repair and maintenance services market. The companies profiled in the report are Asbury Automotive Group Inc., Jiffy Lubes International Inc., Monro Muffler Brake Inc., Driven Brands Inc., and Belron International Ltd. Mergers and acquisitions seems to be the most preferred strategy adopted by several market players to expand their global presence and increase market share.
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