Banner Vehicles July 2019

A quick Overview of the Workshop and Parts Market

Vehicles have become more complex and include any number of sophisticated computers, electronic equipment, clever audio systems and are even connected to the internet. These vehicles are absolutely essential to the majority of the working or mobile population in most countries around the world.

They frequently become a point of pride for the owner more than just a way of moving from A to B. All types of vehicles require both regular and emergency services, replacement parts, paint, cleaning, audio, electrical system installations and a whole lot more.

WorkshopThe automotive workshop and parts market provides service and parts, and largely flourishes during economic certainty or uncertainty. When people aren’t buying new vehicles, they are keeping their older vehicles longer.

The average age of vehicles in the United States is high at around 11.5 years and has been climbing steadily over the last several years, the average age of vehicles in New Zealand is even higher at 14 plus years.

Even new vehicles require regular service but as they age they require more care and they break down more frequently. Service workshops and parts suppliers both benefit. With a return to economic stability after the economic down turn of a few years ago, new car sales have increased and workshop servicing, repairs and parts sales have remained strong.

It was estimated that the US automotive service and parts market was worth around US$273 billion in 2017, which was an increase of almost US$35 billion since 2013.

One main reason for this growth would have been the large and growing fleet of vehicles and their high average age. Older vehicles need more care and an aging and older national fleet is great news for the repair and service workshops and parts suppliers.

What are the opportunities?

The automotive industry is a huge, diverse set of manufacturing and service businesses that bring cars, trucks and all kinds of vehicles to the market, keep them in working order, paint, clean, repair and even recycle them when it’s time.

There are many interesting business opportunities in the automotive world, it’s generally after the vehicles are sold that things get interesting for those in the repair workshops and the part supply businesses.

It’s certainly an interesting industry to be involved with and one that can be highly recommended to anyone looking for a great and fulfilling career.

June 2020

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