The Auto Repair Business In 2022
If you’re looking to start a business in 2022, you should look into auto service. But what does the auto repair business look like in 2022?
How Did The Auto Repair Business Do In 2021?
In business terms, the year 2021 was characterized by how businesses coped with and bounced back from—or didn’t—the Covid-19 pandemic. The auto repair business stands out in this respect, not because it bounced back from the pandemic so well, but because it was never really harmed in the first place. For many people, driving is essential, so if your car needs repairing, your car needs repairing. Furthermore, Americans were as likely as ever to go on road trips during the pandemic.
It’s too early to have many hard numbers on auto repair in 2021, but we do have some figures that tell a story. According to Zippia, in 2021 the total value of the car and automobile manufacturing market in the United States is $82.6 billion, which is clearly an enormous number. According to IHS Markit, the average age of a car on U.S. roads was 12.1 years in 2021, up from 11.9 years in 2020. This is a record high according to numerous outlets.
How Will The Auto Repair Business Fair In 2022?
According to Precedence Research, the value of the global automotive aftermarket is $721.2 billion. It is expected to rise to a value of $950.1 billion by 2027 with a registered compound annual growth rate of 4.61%. The automotive aftermarket concerns all transactions involving vehicles after their initial sale, so these figures don’t even include new vehicle purchases. These numbers are largely made up by auto repair transactions.
The record average age of American vehicles is key here. Americans are driving their vehicles for longer. Some are doing this because they want to save money, others are trying to reduce their environmental footprint by buying fewer new items, and some vehicles just last longer than they did 20 years ago. But they need help lasting that long. Older vehicles need more service and repair than newer ones do. This has led to a significant increase in business for auto repair franchises.
Contact Tuffy Tire & Auto Service In 2022.
If you’re interested in owning your own business, you owe it to yourself to contact Tuffy Tire & Auto Service. The auto repair industry is both one of the safest and one of the most profitable industries to be involved in. At Tuffy, we work with our franchise partners to help them build a strong financial future for themselves and their families. To learn more, please get in touch with us via our website or call (800) 228 – 8339.Back