Industry Analysis & Industry Trends
The recession led to a drop in disposable income, causing many consumers to turn to auto parts retailers and fix their vehicles on their own. As the economy has improved since the recession, consumers have returned to mechanics rather than auto parts retailers, resulting in moderate industry growth. In the five years to 2019, the industry is set to recover slowly as personal disposable income levels grow, enabling consumers to visit mechanics more often, boosting industry revenue... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Auto Mechanics industry is in the mature stage of its life cycle. Industry value added (IVA), a measure of an industry's contribution to the economy, is expected to grow at an annualized rate of 1.6% over the 10 years to 2019. Comparatively, US GDP is anticipated to grow at an annualized rate of 2.5% over the same period. While IVA growth slower than GDP growth typically indicates an industry in the decline stage of its life cycle, other factors suggest that this industry is mature.
The demand for auto mechanic services varies depending patterns in motor vehicle use and levels of disposable income. When national automobile use and the average age of US vehicles increase, the stock of cars and trucks in need of repair increases as well, raising demand for industry services... purchase to read more