Automotive Repair market is showing promising growth due to in numerous demand while replacing filters, engine oil, brake oil etc. APEJ region is set to boost their production in the upcoming years.
DUBAI, UAE / ACCESSWIRE / September 29, 2020 / The automotive repair and maintenance services market is likely to surpass US$ 530 billion through the forecast period. Manufacturers and key players are regularly focussing on expanding sales opportunities in the market which will in turn widen value and revenue, thereby, paving a path for opportunities. Tough competition between players and price structure can act as key restraints in the market.
"Advancement in technology and increasing average age of vehicles is promoting the market. Increasing replacement rate of automotive parts plays a key role in shaping the market scenario. The escalating need for repairing or fixing technical complexities is likely to drive the market growth in near future," says the FMI Analyst.
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Automotive Repair and Maintenance Market - Key Highlights
- This market is likely to create an incremental opportunity of value surpassing US$ 530 billion.
- The global market is expected to grow at a rapid pace with automotive dealership holding a considerable portion in the market.
- APEJ region excluding Japan and North America expected to hold 55% of market share.
- The market is expected to expand at a CAGR of 6% through the forecast period.
Automotive Repair and Maintenance Market - Driving Factors
- Increased average life of vehicles, advanced technology and improved fuel economy has helped the market in expanding globally.
- High demand of anti-lock braking systems and implementation of improved environment regulation system is driving the market to a great extent.
- Availability of services at a lower cost and increasing number of independent repair shops is paving tracks for market expansion.
- Continuous demand for filter replacement, oil filters, brake oil or performing scheduled servicing has led to a steady growth of this market.
Automotive Repair and Maintenance Market - Key Restraints
- Online availability of automotive repair parts at a lesser price in e-retail stores is posing a serious threat to the market.
- B2B and B2C models targeting DIY customers can act as a challenge for stakeholders.
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Expected Impact on Market by Coronavirus Outbreak
Strict lockdown and social distancing has definitely affected this market because people were stuck in their homes and 2-wheelers or 4 wheelers were not seen for at least 5 months straight. This market will revive soon due to easy restrictions now .Key producers and players are likely to improve their strategies by working on innovation for marking a better footprint in the market.
Competitive Landscape
Companies are planning to take up unique strategies to expand their market by widening service portfolio. For an instance. Key players are expanding their market presence among the peers by working on technological developments. Prominent players are planning to merge with repair centres too.
Key participant are also working on expanding online platform to maintain the level of competition throughout and boost their revenue system.
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More on the report
This report presents an analysis on the basis of segments including service and parts (break, engine oil, tires, batteries, cabin filters, air filters etc.) service providers (tire shops, speciality shops, automobile dealerships etc.) vehicle (passenger cars, LCV's, HCV's) and region (North America, Europe, Latin America etc.)
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Report: https://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market-102017
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SOURCE: Future Market Insights