Jan. 13, 2017— A study conducted by Reportlinker indicates that the automotive repair and maintenance services industry will reportedly be valued at $441.3 billion by year end and is projected to expand to exceed $750 billion in the coming decade.
In particular, the automobile dealership service provider segment is projected to remain dominant through 2026.
Factors that will impact the industry globally will include:
- Increase in the average age of vehicles
- Poor quality of road infrastructure in the developing countries of Asia Pacific, excluding Japan (APEJ)
- Increase in vehicle parc in regions such as North America, Western Europe, and APEJ
- Declining oil and gas prices and the increase of average miles driven
Two trends that will govern the global automotive repair and maintenance services market is remote diagnostics and locally owned shops partnering with fleet operators to gain more maintenance contracts.
The North American automotive repair and maintenance services market is estimated to account for more than 25 percent of the market share in the global automotive repair and maintenance services market by 2016 end. North America and Western Europe are estimated to collectively account for about 50 percent of the total market share of the global automotive repair and maintenance services market by the end of 2016.
Some of the leading players identified in the global automotive repair and maintenance services industry include: Jiffy Lubes International Inc., Driven Brands Inc., Asbury Automotive Group Inc., Sumitomo Corporation, Belron International Ltd., Monro Muffler Brake Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Co., Ashland Automotive Inc., and Carmax Autocare Center.