U.S. automotive repair & maintenance service revenues to rise 2.2 percent annually in ‘nominal dollars’ to 2023
CLEVELAND, May 15, 2019 /PRNewswire/ — Revenues generated by U.S. automotive repair and maintenance service establishments are forecast to rise 2.2% annually in nominal dollars through 2023, according to Automotive Repair & Maintenance Services: United States, a report recently released by Freedonia Focus Reports.
Providers will benefit from a variety of factors, including expansion in the light vehicle park, an increase in miles driven, growing consumer preference for larger vehicles (such as SUVs and light trucks, which are more expensive to repair), increasing technology loadings, and more customers shifting from do-it-yourself (DIY) repairs to do-it-for-me (DIFM) repairs.
However, competition among establishment segments – as well as more reliable cars entering the US motor vehicle pool – will constrain revenue growth.
More information about the report is available at: https://www.freedoniafocusreports.com/Automotive-Repair-Maintenance-Services-United-States-FF95018/?progid=91541
General repair establishment revenues are projected remaining the largest discrete segment. Advances will be supported by expansion in disposable personal income levels and the light vehicle park.
In addition, rising average age of vehicles will lead to additional breakdowns, increasing repair revenues. However, a decline in new car sales beginning in 2017 will limit repair expenditures over the latter part of the forecast period.
These and other key insights are featured in Automotive Repair & Maintenance Services: United States. This report forecasts to 2023 US automotive repair and maintenance revenues and employer establishments in nominal US dollars. Total demand is segmented by establishment in terms of:
- general repair
- body, paint, and interior
- car wash and detail
- oil change and lubrication
- other services, such as brake, diagnostic, and electrical
To illustrate historical trends, total demand, the various segments, and number of employer establishments by segment are provided in annual series from 2008 to 2018.
Data encompasses automotive repair and maintenance service revenues generated by employer and nonemployer establishments. Revenues include the value of parts and labor, but exclude parts sold at retail without the provision of a service. The value of repairs covered by warranty is included. Revenues generated by establishments that specialize in the service of motorcycles are excluded from the scope of this report.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.Set featured image