Periodic maintenance plays an important role in maintaining safety of the vehicle. Several parts of the vehicle, such as engines, brakes, batteries, and filters, cannot be visually inspected and hence, specific automotive repair services play an important role. Periodic oil change, brake repair, air conditioning service, and wheel alignment keeps the vehicle in good working condition.
Increase in awareness regarding vehicle maintenance and vehicle safety is projected to drive the demand for automotive repair and maintenance services during the forecast period. Availability of several independent auto service and maintenance providers is likely to boost the automotive repair and maintenance service market during the forecast period. Moreover, availability of service flexibility, cost competitiveness, and reliable maintenance services are key factors that are anticipated to further propel the market in the near future. Furthermore, increase in on-road vehicles across the globe is anticipated to boost the automotive repair and maintenance services market during the forecast period.
The global automotive repair and maintenance services market can be segmented based on services and parts, service providers, vehicle type, and region. Based on services and parts, the automotive repair and maintenance services market can be segregated into engine oil, gear oil, tires, and others. Engine oil performs an important role in the smooth functioning of the transmission system and enhances engine performance, which directly affects the fuel-efficiency of the vehicle. Brake oil is another important sub segment which is anticipated to expand rapidly during the forecast period owing to its importance in the vehicle. For better fuel efficiency different types of filters such as air filter, cabin filter, oil filter and others perform important operation.
In terms of service providers, the automotive repair and maintenance services market can be bifurcated into automotive dealership, franchise general repairs, locally owned repair shops/body shops, and others. The automobile dealership segment is likely to hold a major share of the automotive repair and maintenance services market during the forecast period. Presence of several locally owned repair shops is also rising at a significant pace owing increase in preference of consumers toward locally owned shop.
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Based on vehicle type, the automotive repair and maintenance services market can be segregated into passenger vehicle and commercial vehicle. The passenger vehicle segment holds a major share of the market. This trend is likely to continue during the forecast period.
In terms of region, the automotive repair and maintenance services market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is likely to lead the global market, owing to the presence of numerous automotive hubs in the region. Furthermore, large consumption of passenger vehicle across Asia Pacific and rising production of passenger vehicles across the region are anticipated to drive the automotive repair and maintenance service market during the forecast period. Currently, North America also holds a notable share of the automotive repair and maintenance services market. It is likely to maintain its share of the global market during the forecast period.
Key players operating in the automotive repair and maintenance services market include Arnold Clark Automobiles Limited, Asbury Automotive Group, Inc., Driven Brands, Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Company, and Jiffy Lube International, Inc.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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