The global General franchise Repair & Maintenance Service Market is estimated to reach USD 908.95 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing need for passenger’s safety. Increase in awareness related to vehicle maintenance and safety is expected to drive the market. Increased road safety awareness among the general population, the average maintenance and repair expenses by an individual are anticipated to drive the market. Moreover, an increase in sales of used cars in many regions, especially in emerging economies; technological advancements pertaining to vehicle safety, are also fuelling market growth. Furthermore, cost effectiveness, availability of service flexibility and reliable maintenance services are also propelling the market growth globally. Based on statistics, increase in average age of vehicle due to technological advancements and the average miles driven per vehicle are also significant factors stimulating market demand.
North America region is projected to grow at a CAGR of 5.8% during the forecast period with the largest share of 32.50% in 2018. The improving countries are the primary consumers of vehicles in this region. The General franchise repair & maintenance service market in the Asia Pacific has been expanding owing to the rise in technological advances in the area.
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Safety of Passengers: Ensuring the safety of passengers is a crucial driver in the General franchise repair and maintenance market. As vehicles become more technologically advanced, there is a need to keep them in optimal condition to ensure the safety systems are functioning properly. This includes regular inspections, repairs, and maintenance of crucial components like brakes, tires, suspension, and safety features.
Increase in Average Age of Vehicles: Technological advancements in the General franchise industry have improved the durability and longevity of vehicles. As a result, the average age of vehicles on the road has increased. Older vehicles typically require more frequent repairs and maintenance to keep them running smoothly. This leads to a rise in the demand for General franchise repair services.
Increase in Average Driven Miles per Vehicle: With an increase in the average distance driven by vehicles, wear and tear on various components also increase. Regular maintenance, part replacements, and repairs become necessary to maintain the performance and reliability of the vehicle. This, in turn, drives the demand for General franchise repair and maintenance services.
Road Safety Awareness: There has been a significant increase in road safety awareness among people. This has led to a greater emphasis on vehicle maintenance to ensure roadworthiness and minimize the risk of accidents. As individuals become more conscious about the importance of regular maintenance, they are likely to spend more on repair and maintenance expenses.
Increase in Sales of Used Cars: The sales of used cars have been rising in many regions. When people purchase used vehicles, they often need to invest in repairs and maintenance to bring them up to their desired standards. This trend contributes to the overall demand for General franchise repair and maintenance services.
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Global General franchise Repair & Maintenance Service market segmentation:
Parts Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
Service Type Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
Application Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
Technology Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
Service provider Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
Regional Outlook:
Further key findings from the report suggest
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