Automotive MRO Market – Overview
Several automotive manufacturing companies are outsourcing their maintenance, repair, and operations (MRO) in order to improve quality and reduce costs. Considerable amount is spent by companies every year to comply with stringent and precise requirements defined by the automotive authorities in order to provide safety for passengers. Mostly, MRO services are preferred due to lack of in-house expertise for specific applications. By reducing labor cost most of the companies are preferring MRO services to enhance operational activities.
Demand for automotive MRO services is likely to increase during the forecast period owing to digital technologies that drive the production in a newly established production plant, also manufacturing plant of the company is outside its country they are preferring MRO services for better coordination, and pressure on automotive manufacturer to reduce product cost MRO is an attractive opportunity. It has been observed that automotive manufacturers lose significant amount of money, annually, due to downtime. Owing to which OEMs are outsourcing the MRO services this, in turn, is projected to boost the automotive MRO market at a significant growth rate during the forecast period.
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Automotive MRO Market – Segmentation
The automotive MRO market can be segmented based on service, model, and region. Based on service, the automotive MRO market can be segregated into product-based, services-based, and a combination of both. The service-based segment is likely to expand during the forecast period due to its advantages such as reducing downtime, managing predictive maintenance, and incorporating new technology. Consequently, the service-based segment is likely to dominate the automotive MRO market during the forecast period.
Based on model, the automotive MRO market can be classified into supply, inventory, and logistics model in which model deals with only the supply of inventory for MRO. The supply, inventory and logistics model is gaining popularity among manufacturers owing to cost saving by not having a dedicated team and due to smart inventory. Inventory and manpower model in which they cover the services which is offer by supply, inventory, and logistics model along with their own team. Hybrid model is used where different components are customized for the plant.
Based on region, the automotive MRO market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. MRO service providers are mostly established in North America and Europe. North America is likely to dominate the automotive MRO market, and it is expected to maintain its dominance during the forecast period. MRO service concepts are more mature in North America as compared to other regions. The automotive industry in North America is more cost sensitive and competitive, and aggressive pricing strategies are implemented by OEMs in order to gain and retain business. Therefore, the demand for automotive MRO is likely to rise during the forecast period.
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Automotive MRO Market – Key Players
Key players operating in the global automotive MRO market include ICRON TECHNOLOGIES, PSMI Corporation, NM & E Co., Ltd., Performance Consulting Associates, and Fraunhofer-Gesellschaft. These companies provide support to automotive manufacturers and have different MRO teams for integrated services.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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