The automotive aftermarket includes maintenance and repair of different services and parts namely gear oil, engine oil, brake oil, etc. Furthermore, wear and tear parts maintenance is comprised of suspension, engine, shock absorbers, brake wheel end, and driveline, while exhaust components include exhaust manifold, tailpipe, mufflers, and catalytic converter. The tire services include tire pressure monitoring, misalignment of tires repair of flat tires, replacement of tires, etc. Similarly, battery services include, replacement of automotive batteries. Various services providers offer automotive repair and maintenance services including automobile dealership, OEM, etc. Moreover, the specialty shops are independently owned shops that are specialized to provide a particular service for suspension services, collision repair, services for exhaust and mufflers.
The global automotive repair and maintenance services market was valued US$ 515,594.7 Mn in 2019 and expected to reach US$ 805,836.9Mn by 2027.
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Advancements in material and technology used for automotive manufacturing has increased the average operational age of vehicles. According to Coherent Market Insights’ analysis, the number of vehicles with over 12 years of age is expected to increase by 15% over the next five years. According to the same source, the number of vehicles that are 16-24 years old increased 1.3X in 2015 as compared to that in 2000. Moreover, the reliability of the vehicles has been significantly increased in the recent past. As average operational age of a vehicle is increasing, significant number of repair and maintenance is expected to boost thereby driving the market growth. According to the U.S. Department of Transportation, the average age of passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015.
Increasing number of road accidents caused due to breakdown of automotive components has resulted in increased awareness among general public regarding timely maintenance and repair of the vehicle. Moreover, the service life of automotive components is highly dependent on utilization, as components have threshold lifespan. Constantly changing driving conditions warrant timely repair, maintenance, and replacement automotive parts. According to Coherent Market Insights’ analysis, the global automotive aftermarket is projected to be valued at US$ 1.2 Bn by 2020, expanding at a CAGR of 3.9% over 2016–2020. Thus, these factors are expected to support the market growth in the near future.
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Key companies covered in the global automotive repair and maintenance services market includes Firestone Complete Auto Care, Ashland Automotive, Inc., Driven Brands, Inc., Carmax Autocare Center, Sumitomo Corporation, Monro Muffler Brake, Inc., Belron International Ltd., Goodyear Tire & Rubber Co., and Jiffy Lube International Inc.
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