Positive Outlook on the Automotive Repair Industry
The US auto repair market has experienced solid growth with annual revenue up nearly 30% in recent years. Similarly, the global automotive repair and maintenance services industry is forecast to grow at a double-digit compound annual rate between 2015 and 2025, according to Future Market Insights, driven by increasing vehicle production and growing demand from emerging markets.
As we enter into 2017, consumers will continue to spend consistently on the maintenance and repair of their vehicles. Although new car sales continue to be strong as consumers become more comfortable financially, plenty of consumers are considering to hold on to their existing cars, as evidenced by the fact that the average car on the road is now over 10 years old. More and more drivers do not mind holding on to their cars longer because cars are better built. By the same token, for auto repair owners, more maintenance is required which means increased demand for industry services and more business for them. According to an HIS Automotive publication, the number of vehicles that are older than 12 years is expected to rise by 15% over the next few years. Likewise, another fact indicated by this publication shows a trend toward large franchise auto repair businesses, which have smaller shops rolling up into them. That is a good opportunity for profitable business on the service/seller-side.
If you are considering to become part of the auto repair industry through a franchise model or if you are interested to capitalize on the growth of your business, please contact us at firstname.lastname@example.org or by calling 1 (855) AFLG-320 in order to provide you with unique insights and expertise related to market entry and network expansion.