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Authorized Car Service Center Market 2024 Global Key Players BMW, 3M, Bosch, Renault, Volkswagen, Hyundai, Honda.

09-24-2018 12:24 PM CET | Tourism, Cars, Traffic

Press release from: Global Market Insights

Authorized Car Service Center Market

Authorized Car Service Center Market

Authorized Car Service Center Market to cross USD 247 billion by 2024; according to a new research report by Global Market Insights, Inc. Presence of multiple passenger car service centers focusing on customer service, efficiency, and productivity is likely to boost the authorized car service center market demand. Affordable annual maintenance plans along with extended warranties will further enhance the industry size over the forecast timeframe. Numerous multi-brand service centers are commencing in tier 2 & 3 cities, favoring the authorized car service center business growth.

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Asia Pacific authorized car service center market size will exhibit more than 3% CAGR between 2018 and 2024 owing to rapid urbanization and rising disposable income across its countries. Increasing demand for personal mobility and proliferating number of accidents will positively influencing the regional authorized car service center market share.

Organized multi-brand service providers will exhibit a CAGR of over 2.5% during the forecast timeframe. This growth can be attributed to the affordable labor costs, customized extended warranties, quality spare parts, and transparent spare parts pricing. Vehicles post warranty period prefer organized multi-brand car service centers owing to the affordable servicing plans, occasional offers, and discounts further boosting the segment penetration.

The body segment of the authorized car service center industry will hold a maximum revenue share with over 25% by 2024. Rising accidents on roadways due to increasing congestion is contributing to the segment dominance. Increasing costs of body refurbs and spare parts for reinstating the car to original condition is playing a key role in enhancing the authorized car service center industry size.

The lack of transparency associated with service charges and higher spare part replacement costs are the major challenges faced by the service providers. Old car owners usually do not prefer to adopt authorized service centers for their car servicing owing to high labor costs. Moreover, few authorized car service centers have bad reputation owing to their higher maintenance costs, negatively affecting the authorized car service center market size. However, industry participants are working on introducing annual maintenance plans that will provide customers with improved security against prohibitive costs.

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Increasing number of licensed passenger car garages engaged in offering enhanced customer services is primarily spurring the industry demand. Reasonably priced annual car maintenance plans accompanied with extended warranties is likely to proliferate the industry size. Auto OEMs either function through their own distribution channels or operate via self-owned service centers for trading of auto parts and services across several countries. Various new multi-brand service centers are starting up in urban cities, inducing growth potential for industry over the forecast period.ssss

Industry players include Mahindra First Choice, MyTVS, Mobil1, Castrol, Carz Care, Carnation Auto, 3M, and Bosch. Industry participants are emphasizing on strategic partnerships and joint ventures with automobile manufacturers to enhance their market share. For instance, in 2016, Nissan formed a strategic alliance with MyTVS to offer convenient servicing alternatives for Datsun and Nissan customers in India.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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