The global General franchise Repair & Maintenance Service Market is estimated to reach USD 908.95 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing need for passenger’s safety. Increase in awareness related to vehicle maintenance and safety is expected to drive the market. Increased road safety awareness among the general population, the average maintenance and repair expenses by an individual are anticipated to drive the market. Moreover, an increase in sales of used cars in many regions, especially in emerging economies; technological advancements pertaining to vehicle safety, are also fuelling market growth. Furthermore, cost effectiveness, availability of service flexibility and reliable maintenance services are also propelling the market growth globally. Based on statistics, increase in average age of vehicle due to technological advancements and the average miles driven per vehicle are also significant factors stimulating market demand.
North America region is projected to grow at a CAGR of 5.8% during the forecast period with the largest share of 32.50% in 2018. The improving countries are the primary consumers of vehicles in this region. The General franchise repair & maintenance service market in the Asia Pacific has been expanding owing to the rise in technological advances in the area.
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Safety of Passengers: Ensuring the safety of passengers is a crucial driver in the General franchise repair and maintenance market. As vehicles become more technologically advanced, there is a need to keep them in optimal condition to ensure the safety systems are functioning properly. This includes regular inspections, repairs, and maintenance of crucial components like brakes, tires, suspension, and safety features.
Increase in Average Age of Vehicles: Technological advancements in the General franchise industry have improved the durability and longevity of vehicles. As a result, the average age of vehicles on the road has increased. Older vehicles typically require more frequent repairs and maintenance to keep them running smoothly. This leads to a rise in the demand for General franchise repair services.
Increase in Average Driven Miles per Vehicle: With an increase in the average distance driven by vehicles, wear and tear on various components also increase. Regular maintenance, part replacements, and repairs become necessary to maintain the performance and reliability of the vehicle. This, in turn, drives the demand for General franchise repair and maintenance services.
Road Safety Awareness: There has been a significant increase in road safety awareness among people. This has led to a greater emphasis on vehicle maintenance to ensure roadworthiness and minimize the risk of accidents. As individuals become more conscious about the importance of regular maintenance, they are likely to spend more on repair and maintenance expenses.
Increase in Sales of Used Cars: The sales of used cars have been rising in many regions. When people purchase used vehicles, they often need to invest in repairs and maintenance to bring them up to their desired standards. This trend contributes to the overall demand for General franchise repair and maintenance services.
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Global General franchise Repair & Maintenance Service market segmentation:
Parts Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Tires
- Wear and tear parts
- Collision body
- Batteries
- Others
Service Type Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Car Maintenance Services
- Car Repair Service
Application Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Passenger vehicle
- Commercial vehicle
- Mechanical
Technology Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Microcomputers
- Aluminum
- Wireless
- Others
Service provider Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- General franchise dealerships
- General franchise repairs
- Specialty shops
- Locally owned repair Shops
- Others
Regional Outlook:
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Italy
o U.K.
o Rest of EU
· Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of APAC
· Latin America
o Brazil
o Argentina
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o South Africa
o U.A.E
o Rest of MEA
Further key findings from the report suggest
· In the General franchise Repair & Maintenance service Market, the tire segment accounts for the largest share of 33.48% in 2018 due to the growing extensive use of vehicles for other daily purposes.
· Tire services include tire pressure monitoring, replacement of tires, repair of flat tires and misalignment of tires. Battery services cover replacement of General franchise batteries. Wear and tear parts include brake wheel end, shock absorbers, driveline, engine, and suspension. Collision body includes crash parts, coating and painting, refinishing and repair materials.
· In terms of service providers, the General franchise repair and maintenance services market is segmented as an General franchise dealership, locally owned repair shops, general franchise repairs, and others. The General franchise dealership segment is estimated to drive the growth of the market. Presence of various locally owned repair shops is also growing at a significant rate due to the increase in inclination of consumers toward the locally owned shops.
· Based on service type, the car maintenance service type is valued at USD 299.88 billion in 2018 and is estimated to reach USD 478.08 billion by 2028 at a CAGR of 5.8% during the forecast period.
· Some of the trending possibilities in the General franchise repair and maintenance services market are an inclination towards the adoption of remote vehicle diagnostics system and collaboration & partnership between small locally owned repair shops & fleet and leasing firms.
· APAC is considered to be the second largest market for General franchise repair and service market with revenue of USD 140.39 billion in 2018 and is estimated to reach USD 218.78 billion by 2028 at a CAGR of 5.5%, due to the presence of several General franchise hubs in the region. Moreover, large consumption of passenger vehicle across Asia Pacific is also driving the growth.
· Europe is estimated to grow at a CAGR 4.4%, during the forecast period.
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