LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive repair and maintenance services market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
The rise in demand for electric vehicles is one of the major trends being witnessed in the global automotive repair and maintenance services market 2018-2022. EVs are vehicles that can be recharged from an external source of electricity, such as the electricity stored in the rechargeable battery packs drives or wall sockets. Since these vehicles work on electricity, they help in reducing harmful air pollution, leading to better quality of air and reducing health problems caused due to air pollution. Also, if renewable energy is used to recharge the EV, it will lead to a reduction of greenhouse gases. This is because the EV will be recharged from the electricity generated from the solar plant instead of the power grid. Therefore, EVs help in reducing the harmful impact on the environment. Hence, they are finding increased adoption among customers.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to the growth of the global automotive repair and maintenance services market is the need to ensure the safety of passengers:
Global automotive repair and maintenance services market: Need to ensure the safety of passengers
The owner of a vehicle must always ensure that the vehicle is roadworthy and safe. A well-maintained vehicle reduces the possibility of crashes and delays due to unscheduled downtime. A driver may drive carefully, but he/she is not safe until the vehicle is in good condition. Vehicles not serviced regularly are more prone to meet accidents because of neglection of service of several components.
According to a senior analyst at Technavio for research on automotive components, “Poor maintenance of the vehicle can contribute to fatalities and accidents on roads. Thus, customers will need repair and maintenance services for their vehicle on a regular basis. This will lead to the growth of the global automotive repair and maintenance services market during the forecast period.”
Global automotive repair and maintenance services market: Segmentation analysis
The global automotive repair and maintenance services market research report provide market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC led the market in 2017 with a market share of nearly 46%. This region is expected to dominate the market through 2022, with an increase in its market share.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
