According to study, “Automotive Repair and Maintenance Global Market Report 2019” the key companies operating in the global automotive repair and maintenance market are Arnold Clark Automobiles Limited, Ashland Automotive, Inc, Asbury Automotive Group, Inc, Carmax Autocare Center, Belron International Ltd., Driven Brands, Goodyear Tire & Rubber Company, Pendragon Vehicle Management, Rust-Oleum, Monro Muffler Brake, Lookers Group, Firestone Complete Auto Care, OTC Tools, GearWrench, Pro-Lift, Schumacher, Jiffy Lubes International, Chemical Guys, Sumitomo Corp., Midas, Meineke Car Care Center, Safelite Group.
Automotive repair and maintenance refer to diagnose & fix problems with a vehicle’s brakes, engine, body or electrical components. Maintenance is regular service for extending the life of vehicle while auto repair is required when a part or fluid is not performing & needs to be fixed. Some equipment such as screwdrivers, lathes, hammers, welding equipment & power tools to repair engines, belts & steering systems and brake parts are used for repairing & maintenance of vehicles.
Based on vehicle type, global automotive repair and maintenance market is segmented into heavy commercial vehicle, light commercial vehicle and passenger cars. Based on services and parts, market is segmented into oils, batteries, tires, oil filter, lights, spark plugs, wiper blades, air filter and others. Battery services consist of automotive batteries replacement. Tire services include repair of flat tires, misalignment of tires, tire pressure monitoring, and replacement of tires. Based on technology, market is segmented into aluminum, microcomputers, wireless and others. Based on special equipment for engine repair, market is segmented into line boring machine, hydraulic press, valve refacer machine, crankshaft grinding machine, cylinder honing & boring machine, cam shift grinding machine and connecting rod rebabbitting jig. In addition, based on end-users, market is segmented into automotive dealership, locally owned repair shops or body shops, franchise general repairs and others.
The automotive repair and maintenance market is driven by increase in number of vehicles, followed by rise in need for improved passenger safety in vehicles, rise in adoption of advanced technologies such as IoT, rapid urbanization, increase in investments in the automotive industry, increase in disposable income of people, and increase in average age of vehicles. However, the market may be impacted by several factors such as high manufacturing and operational costs. Moreover, remote diagnostics and growing demand for electric vehicles across the globe are few major trends of market. Remote diagnostics enables real-time monitoring of vehicle parameters to evaluate the performance against benchmarks.
Based on geography, the Asia-Pacific region holds major market share in automotive repair and maintenance market, followed by Western European region owing to poor quality of road infrastructure in the developing countries excluding Japan and presence of numerous automotive hubs in the region. North American region is expected to witness higher growth rate due to increase in awareness about vehicle maintenance & vehicle safety over the forecast period. Moreover, increase in availability of several independent auto service & maintenance providers is probable to enhance the market in upcoming years.
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Ankur Gupta, Head Marketing & Communications