Automotive Repair And Maintenance Market Business Growth Opportunities 2023
Posted by vamshi1 on August 20th, 2020
The Business Research Company published its Automotive Repair And Maintenance Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Automotive Repair And Maintenance market. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.
The report covers the automotive repair and maintenance market’s segments-
Subsegments covered: General Automotive Repair; Automotive Exhaust System Repair; Automotive Transmission Repair; Other Automotive Mechanical and Electrical Repair and Maintenance; Automotive Body, Paint, and Interior Repair and Maintenance; Automotive Glass Replacement Shops; Automotive Oil Change and Lubrication Shops; Car Washes; All Other Automotive Repair and Maintenance.
Automotive Repair And Maintenance Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market. The chapter also covers markets which have been positively affected by the pandemic.
The global automotive repair and maintenance market is expected to decline from 3.5 billion in 2019 to 1.7 billion in 2020 at a compound annual growth rate of -0.3%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a rate of 7% from 2021 and reach 8.6 billion in 2023.
Companies involved in the automotive repair and maintenance are increasingly IoT technology to enhance repairs, restorations and maintenance of automobiles and improve their efficiency. Repair and maintenance companies use IoT to enable sensors inside vehicles to connect to manufacturers in order to get real-time status of car components. This helps to identify potential part failures before they occur. IoT also helps the customers to set-up a repair work request at the shop from a far distance integrated with payment through smartphone.
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