Automotive Repair and Maintenance Market to Grow
August 9, 2019—Future Market Insights (FMI) analysts forecast the global automotive repair and maintenance services market to grow at an annual rate of approximately 5.3 percent in 2019, reaching $515 billion in revenue, reports Consulting Industry News.
While the global automotive repair and maintenance services market remains fairly fragmented, key players—including AAMCO Transmissions Inc., Asbury Automotive, Driven Brands, Inc., Sumitomo Corporation, and Goodyear Tire & Rubber Company—are expected to lead the logistical and technological advancements.
According to FMI’s study, the growth of global automotive repair and maintenance services market can be attributed to an increase in average age of vehicles, poor road infrastructure in the emerging markets of Asia Pacific (Excluding Japan) leading to the premature damage of products, expanding electric and hybrid vehicle production in U.S and Europe, and the rising importance of regular servicing.
According to the study, broader trends such as small, locally owned repair shops partnering with insurance firms, leasing firms, and fleet owners, and increased adoption of remote vehicle diagnostic systems will continue to fuel demand for automotive repair and maintenance services.