Auto Repair Industry Revenue Expected to Increase in 2014
February 24, 2014—Total revenue for the U.S. automotive service and repair industry is forecast to increase 2.1 percent in 2014 and continue to improve year-over-year through 2019, according to a report released by industry and market research firm IBISWorld.
After a slowdown in 2009 due to the recession, the industry has started to rebound. Industry revenue increased at an estimated average annual rate of 3.2 percent over five years through 2014, when the industry is expected to reach $59.5 billion in total revenue.
According to Kerry Coughlin, IBISWorld industry analyst, external competition has had a varying impact on the industry over those five years. Coughlin said the restructuring of OEMs led to a decline in the number of dealerships, forcing consumers to choose different service providers. In addition, the drop in disposable income resulted in consumers choosing to maintain their own vehicles.
For more information, visit IBISWorld’s Auto Mechanics in the U.S. industry report page.