How Much Revenue is There in the Auto Service Industry?
If you’re thinking about becoming a franchisee, you are about to make a great decision. Franchising is a great route for entrepreneurial, hardworking business people to gain autonomy, independence, and increase their income. But you want to buy into an industry that is healthy. There’s no sense in buying a franchise from a video store chain. No, you want to be part of an industry that has a lot of revenue that you can access. And, ideally, growing revenue. So how much revenue is there in the auto service industry?
The Auto Service Industry
The auto service industry is a great industry for you to invest your time and money into. First off, like mentioned in the intro, it’s not a dying industry. You’d be hard pressed to make money by buying a travel agency franchise or a beeper distributor. But the auto service industry has a steady stream of potential customers. Why? Well, not to put too fine a point on it, but have you ever been in a traffic jam?
There are a LOT of automobiles on the road today. And they all need to be serviced, they all need to be repaired, and they all need to be maintained. And the clear majority of drivers trust professional mechanics and technicians to carry out that service and those repairs. So, it stands to reason that the auto service industry is still going strong. But do the revenue numbers bear that out?
Auto Service Industry Revenue
64 billion dollars. That was the total revenue generated by the auto repair industry in the United States in 2017 as estimated by Ibis world in a recently published report. That is a very healthy number. It suggests there is more than enough revenue cake in the auto service industry for you to get yourself a slice.
Auto Service Industry Revenue 2020
But so much of business, economics, and investment is about the future. Sure, the revenue may have been great in 2017, but you can’t get any of that money if you don’t buy an auto service franchise today. You must look to the future. So, what do the trends indicate for the future of auto service industry numbers?
Well, according to a report published by V12Data, “The global automotive aftermarket industry is expected to reach $722.8 billion by 2020”. Now that is a considerable number. Sure, that is the global number, and not just the projected auto service industry revenue for 2020 just in the U.S.A. (or in whichever locality you live), but you must agree it’s a more than healthy number and bodes well for any American market. With such a substantial number for projected revenue in 2020, you really want to get into the auto service industry now if you can. Wasting time could mean wasting money.
If you would like learn more about auto service industry revenue, or anything else, or if you would like to get started on the process of buying your very own auto service center franchise, please do not hesitate to contact us today. We would be happy to answer any question you may have and get you started on your journey.Back