Any industry is governed by its market trends, spending capabilities of consumers and the kind of profits its professionals make by providing services. The automotive repair industry is no different.
It is market trends and industry forecasts influence budding professionals to take up technical courses mastering the skills in automotive repair. If you are one such automotive enthusiast, know that this industry holds tremendous potential. With a promising Annual growth rate of 1.4% and a market valuation of about $69 billion, you can certainly expect an upward market trajectory for in your automotive repair profession. Here are some trends and signs in the automotive market that support this growth.
Higher Disposable Income
As the income of car owners increase, so does their disposable income at hand. This in turn allows them to spend higher amounts on car maintenance, upkeep and even modification. Those consumers that would earlier try do-it-yourself automotive repair are now willing to spend to have the job done for them by automotive repair experts. Leveraging this trend and providing services at affordable costs can lead to capturing the market effectively.
Advent of Hybrid & Electrical Cars
There is a demand for new talent and technicians who understand the mechanics of hybrid cars. The nuances of automotive repair and maintenance in hybrid and electric cars is different from the conventional fuel cars. This gives immense scope for growth for the industry and also leaves a large part of the industry open to new experts and professionals.
Longer Average Lifespan of Automotives
With newer manufacturing technologies, fuel efficiency and modern designs, the lifespan of most automotives has increased significantly. With this increased lifespan, there is a higher demand for repair and maintenance of these cars, as opposed to newer cars where repairs are at its minimal. Leveraging the longer lifespan of automotives to boost the repairs market is certainly on the cards.
Market Trend of Using Instead of Owning
There has been an increased change of behaviour of automotive users of simply using cars and not owning them. Take the case of various car rentals springing up, newer taxi hire apps and car leases like never before. This trend increases automotive repairs in two ways. Firstly, there are more cars to be serviced as more such businesses spring up. Secondly. As compared to owned cars, hire cars will have more repair requirements due to the various drivers and users operating on it causing increased wear and tear.
There is an insistence on auto emissions and fuels efficiencies like never before in order to combat environmental hazards like pollution and wastage. These legal requirements increase the demand for repairs and maintenance in terms of constantly checking and servicing automotives to ensure they are compliant to environmental standards.
Keeping these trends in mind, it is certain that a professional automotive repair and maintenance course is going to be a tremendous career boost to automotive repair novices or enthusiasts.