The Vehicle maintenance is a service delivered after the purchase of vehicle and set within uncommon interval durations or after the vehicle travels certain remoteness specified by the corporate. As automobile vehicle demands the maintenance for smooth operation, robustness and cost optimization.
According to the report analysis, ‘Global Maintenance Vehicle Market to reach USD 14.56 billion by 2027’ states that the effective augment in the populace inclines the requirement for both commercial as well as private vehicles across the globe. For Instance, as per Financial Times, China has witnessed top notch sales across both commercial and passenger vehicles, in almost 2 years during 2020 with an augment of almost 4.4% throughout April since July 2020. Furthermore, the supportive government norms to encourage vehicle maintenance is also projected to generate the lucrative growth aspects for the market. As Maintenance of the vehicle is significant as per government norms in several countries across the world.
In Journal 'Risk and Insurance' by BAIR, S.; HUANG, R. J.; WANG, K. C. during 2012 it has been stated that protection norms, accidents and road protection are directly related to vehicle maintenance. Owing to COVID-19 Pandemic, worldwide automobile industry has witnessed worst quarter since 2008 worldwide financial crisis, both the supply and demand have been exaggerated drastically leading to disturb Global Maintenance Vehicle Market as well. With the end of lockdown, the augment in maintenance vehicle market is to be witnessed. However, shortage of awareness with affection to vehicle maintenance and vehicle protection impedes the growth of the market over the review period of 2020-2027.
Although, the worldwide Maintenance Vehicle Market is valued nearly USD 9.60billion in 2019 and is projected to increase with a healthy growth rate of more than 5.36 % over the review period of 2020-2027. In addition, the regional analysis of worldwide Maintenance Vehicle market is measured for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the increasing geriatric populace and potential to own vehicles. Whereas, the Asia-Pacific is also predicted to exhibit greatest growth rate / CAGR over the review period of 2020-2027. Aspects such as increasing disposable income and augment in potential population would generate the lucrative growth prospects for the Maintenance Vehicle market around Asia-Pacific region.
Furthermore, the effective augment in awareness regarding vehicle maintenance and vehicle protection is projected to propel the requirement for automotive repair and maintenance services throughout the forecast duration. Availability of different independent auto service and maintenance vendors is probable to boost the maintenance vehicle market throughout the forecast period. Moreover, obtainability of service flexibility, cost competitiveness, and dependable maintenance services are foremost factors that are projected to further influence the market during the near future. Furthermore, augment in on-road vehicles around the globe is projected to boost the maintenance vehicle services market throughout the forecast duration. Therefore, in the near years, it is anticipated that the market of maintenance vehicle will increase around the globe more effectively over the inflowing years.
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Global Maintenance Vehicle Market
Ankur Gupta, Head Marketing & Communications