Increases in Fuel Prices Significantly Impacts Growth of Automotive Repair and Maintenance Services Market
The
automotive repair and maintenance services market is expected to expand significantly
in the near future. Mechanical services are likely to remain the largest sector
while electronic services are expected to grow the fastest. New heavy-duty
vehicle dealers are expected to lead gains while independent repair shops,
specialized mechanics and general automotive service companies will maintain their
share of the market. The top performing providers will share the lion's share
of market revenues with the top performing service providers. The gap between
the two in terms of growth will widen further as traditional dealers find it
difficult to survive the economic downturn. As the industry continues to
reinvent itself, several factors are likely to impact the service sector.
Economic
Factors: The automotive
repair and maintenance services market employs a large number of
skilled workers. These works for the majority of the firms that provide
services for automobiles. The high inflation rate, increasing commodity prices
and increasing labor costs are some of the factors limiting demand for
automotive repair services.
Increases
in Fuel Prices: The higher the cost of gasoline, the higher the demand for auto
repair services. The automotive repair and maintenance services market is affected
by increase in fuel prices as consumers focus on improving the performance of
engines and cutting down on the fuel consumption of vehicles. The rising cost
of insurances and maintenance for passenger vehicles is another factor
influencing the cost of automotive repair services. The size of vehicles and
their fuel weight also affect the cost of repairing and maintaining vehicles.
An
important trend observed in the automotive repair and maintenance services
market is that customers become more demanding of automotive repair services as
time goes by. Customers are now demanding better quality of work at lower
prices. This is due to the rising unemployment rate and growing inflation rate
among other factors. Another important factor influencing the market growth and
maintenance costs of vehicles is the size of the market. There are three types
of markets: medium, small and large. The size of a market affects the number of
service centers available for the maintenance of that particular vehicle. As
the market size increases, the number of service centers and the type of
dealership experience also increases.
Durability
of Cars and Trucks: The longevity of cars and trucks is affected by several
factors including the material used in the body structure of the vehicle. The
automotive dealerships also face stiff competition from other service and
repair centers. Since the dealerships have limited space for storage of
vehicles, they tend to use the most affordable means to enhance the life of
their vehicles. Thus, the durability of cars and trucks significantly impacts
the automotive repair and maintenance services market.
Some
players in the automotive repair and maintenance services market provide
specialized automotive service programs such as body rust removal, brake repair
and auto detailing. Other service providers offer a wide range of maintenance
and repairing services such as brake fluid replacement, transmission fluid
replacement, fuel system replacement, tire rotation, spark plug renewal, and
many more. Auto dealers, on the other hand, focus on general maintenance and
repairing of vehicles.
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