Global Automotive Repair & Maintenance Industry
The automotive repair and maintenance industry is a part of the automotive service sector.
The global automotive repair and maintenance industry encompasses services that keep vehicle features and systems running smoothly. Vehicles are made more reliable by repair and maintenance services, prolonging their lifespan and enhancing vehicle performance.
Despite a slump in the global automotive repair and maintenance market in 2008 and 2009 caused by the economic crisis, Global Industry Analysts predicts industry recovery will bring strong growth over coming years.
The world market for car washing services is expected to generate revenue of more than $27 billion by 2017, according to research from Global Industry Analysts. Market growth will be fuelled by economic recovery, climbing rates of new car sales and rising levels of disposable income. Growth in the car wash industry is closely linked to levels of automobile sales, which left the car wash industry particularly vulnerable during the economic crisis as the auto industry suffered from declining sales. Other factors that influence market growth include unexplored emerging markets, technological innovation and the implementation of strict environmental standards.
Though the rising cost of living has put a dent in the oil change services market, franchising and outsourcing by firms and households have fostered growth and made industry players more competitive. In the next few years, the industry will be shaped by various other factors like technological advances, the introduction of a new type of motor oil on the market and the rising use of synthetic oils. Customer care and quality service will provide the main grounds on which companies compete.
Regional Market Share
The Asia-Pacific fast fit industry is forecast to exceed $5 billion in 2010, having maintained almost 3% yearly growth over the four preceding years, reports MarketLine. Fast fit outlets are involved in parts servicing and replacement, with fixed-menu pricing and service while you wait, which does not requiring pre-booking. In terms of outlet volume, the industry recorded yearly growth in excess of 1% over the same four-year period to reach close to 8,000 outlets in 2010. Market growth is expected to accelerate at a yearly rate of more than 6% between 2010 and 2015, bringing the market to almost $7 billion in 2015.
China’sfast fit automotive repair market generated almost $725 million in 2010. Between 2006 and 2010, the market recorded annual growth of almost 29%. The volume of outlets exceeded 2,500 in 2010, having witnessed 1.5% annual growth over the four-year period ending 2010. MarketLine predicts market performance will slow to an annual rate of less than 25% over the five-year period ending 2015. At this rate of growth, the market could generate revenue of more than $2 billion by the close of 2015.
In the US, the fast fit sector had a value of almost $6 billion in 2010, according to figures from MarketLine. The US fast fit sector maintained less than 1% yearly growth between 2006 and 2010. Outlet volume recorded almost 4.5% growth each year over the same period, reaching almost 3,000 outlets in 2010. Industry growth is set to accelerate at 3% each year through 2015, at which time it will be worth almost $7 billion.