Periodic maintenance plays an important role in maintaining safety of the vehicle. Several parts of the vehicle, such as engines, brakes, batteries, and filters, cannot be visually inspected and hence, specific automotive repair services play an important role. Periodic oil change, brake repair, air conditioning service, and wheel alignment keeps the vehicle in good working condition.
Increase in awareness regarding vehicle maintenance and vehicle safety is projected to drive the demand for automotive repair and maintenance services during the forecast period. Availability of several independent auto service and maintenance providers is likely to boost the automotive repair and maintenance service market during the forecast period. Moreover, availability of service flexibility, cost competitiveness, and reliable maintenance services are key factors that are anticipated to further propel the market in the near future. Furthermore, increase in on-road vehicles across the globe is anticipated to boost the automotive repair and maintenance services market during the forecast period.
The global automotive repair and maintenance services market can be segmented based on services and parts, service providers, vehicle type, and region. Based on services and parts, the automotive repair and maintenance services market can be segregated into engine oil, gear oil, tires, and others. Engine oil performs an important role in the smooth functioning of the transmission system and enhances engine performance, which directly affects the fuel-efficiency of the vehicle. Brake oil is another important sub segment which is anticipated to expand rapidly during the forecast period owing to its importance in the vehicle. For better fuel efficiency different types of filters such as air filter, cabin filter, oil filter and others perform important operation.
In terms of service providers, the automotive repair and maintenance services market can be bifurcated into automotive dealership, franchise general repairs, locally owned repair shops/body shops, and others. The automobile dealership segment is likely to hold a major share of the automotive repair and maintenance services market during the forecast period. Presence of several locally owned repair shops is also rising at a significant pace owing increase in preference of consumers toward locally owned shop.
Based on vehicle type, the automotive repair and maintenance services market can be segregated into passenger vehicle and commercial vehicle. The passenger vehicle segment holds a major share of the market. This trend is likely to continue during the forecast period.
In terms of region, the automotive repair and maintenance services market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is likely to lead the global market, owing to the presence of numerous automotive hubs in the region. Furthermore, large consumption of passenger vehicle across Asia Pacific and rising production of passenger vehicles across the region are anticipated to drive the automotive repair and maintenance service market during the forecast period. Currently, North America also holds a notable share of the automotive repair and maintenance services market. It is likely to maintain its share of the global market during the forecast period.
Key players operating in the automotive repair and maintenance services market include Arnold Clark Automobiles Limited, Asbury Automotive Group, Inc., Driven Brands, Inc., Firestone Complete Auto Care, Goodyear Tire & Rubber Company, and Jiffy Lube International, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.