US Automotive Repair & Maintenance Service Revenues to Rise 2.2 Percent Annually
Revenues generated by US automotive repair and maintenance service establishments are forecast to rise 2.2 percent 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.