Research Automotive Repair and Maintenance Services Market | Page 4

Automotive Repair and Maintenance Services Market
Global Automotive Repair and Maintenance Services Market Anticipated to Reach a Market Valuation
In Excess of US$ 750 Bn by the End of 2026
According to a new report published by Future Market Insights titled “Automotive Repair and
Maintenance Services Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026”, the
global automotive repair and maintenance services market is estimated to reach a market valuation of
US$ 441.3 Bn by 2016 end, witnessing a 5.6% CAGR between 2016 and 2026. Automobile dealership
owners will continue to hold dominant share in the global automotive repair and maintenance services
market accounting for over 25% share of the total market by the end of 2016.
Demand for automotive repair and maintenance services is driven by the increase in vehicle age. With
the improvements in material and technology used for automotive manufacturing, the mean age of
passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015. With the rising vehicle
sales in the U.S. and Western Europe, the demand for automotive repair and maintenance services is
expected to rise exponentially. Also, a reduction in gas and oil prices has led to an increase in the total
miles driven by vehicle owners and this being related to vehicle parts wear and tear, there is a growing
need for vehicle maintenance and repairs – this is another factor driving the growth of the global
automotive repair and maintenance services market.
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