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Automotive MRO Market Segmented By Product Based, Services Based, Product & Services Based Type in Automotive and Maintenance Application
Automotive MRO stands for automotive maintenance, repairs and operations and is used to perform task in car repair shop. The task performed by automotive MRO includes inspection, repair and maintenance of motor vehicles. Various automotive manufacturing companies outsource their MRO for improving quality and reducing cost.
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According to latest research, Automotive MRO market is estimated to reach around 900 Bn in 2031 with a expected CAGR of 6%. Demand is increasing for automotive MRO owing to the digital technologies adoption in production plant and manufacturers are preferring MRO services for reducing pressure on automotive manufacturer.
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Get a Customized VersionMany leading players are focusing on increasing their global presence across the globe. Owing to this they are strategically focusing on expanding their presence by opening a new dealership. Revenue generated from the automotive dealership is anticipated to increase, this can be attributed to the increasing complexity in the vehicle parts, which will ramp up the demand for automotive MRO services.
Automotive dealership owners are focusing on equipping themselves with the latest technology such as remote vehicle diagnostics system to gain a competitive edge in the market. Moreover, many dealers in the market have also concentrated on the online channel for increasing the customer's interaction and increasing their customer interaction and maintain supremacy in the market.
With an increase in the sales of passenger cars across the globe, the vehicle fleet size is anticipated to increase. This will increase the demand for automotive MRO in the future. Moreover, with the advancement in technology and increasing focus of manufacturers on improving the quality, the average age of vehicles has increased considerably. This will further drive the automotive MRO growth over the coming years.
Increase in the sales of used passenger cars will further increase the demand for MRO and promote the growth of the said market. Since 2015, the Euro Emission Standards has been applied to all the vehicles of the EU. This has led to an increase in the demand for electric and hybrid vehicles in the region.
Development in such future vehicle technologies is shaping the nature of service and maintenance required for these vehicles. Introduction of electric will further increase the demand for improved maintenance and servicing solution and will further create demand for automotive MRO market over the assessment period.
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As most of the small locally owned repair shops don’t offer the complete category of MRO services, they can use a competitive strategy and specialize on any particular service or offer various other services. Additionally, the small local shop owners can engage themselves in the partnership or standardized contracts with the leasing firms and fleet operators to provide automotive MRO services at lower prices.
According to the consumer’s perspective, the authorize dealership shops are considerably more overpriced than the small independent local shops. There is a need for authorized dealers to offer attractive prices to the customers.
New vehicle owners mostly prefer authorized dealer’s shop due to warranty protection they get, thus owners that have used their cars less than four years prefer authorized dealership shops. These dealers are trying to move forward in the used vehicle segment along new vehicle segment.
The offers and services include extended warranties and services for the new car, but the automobile dealership owners need to focus on the customer that have old cars, offering them the services packages for a lifetime and with low price.
Some of the leading Automotive MRO providers include
Key players are adopting various organic and inorganic strategies for enhancing the customer base globally. Also, players are also investing millions of dollars into product R&D to fulfill the demands of their customers. Furthermore, many players focus on acquisitions strategies and acquire SMEs present in this market.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
