|10-12-2018 11:56 AM CET - Logistics & Transport||
Worldwide Authorized Car Service Center Market By Services 2018-2024 | Bosch, 3M, Mahindra First Choice Services, Castrol, MyTVS, Mobil1, Carz Care, Carnation Auto, Honda, Hyundai, Renaul, Volkswagen, BMW
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The gradual expansion of the overall authorized car service center market can be aptly credited to the robust growth in the number of passenger car sales across the globe that demand a spate of maintenance and repairs, leading to the increased requirement of authorized workshops and OEMs. According to OICA, the total number of car and commercial vehicle production surpassed 97,302,500 in the year 2017, with a substantial number concentrated around the Asia Pacific. Indeed, OICA reports that the vehicle production in China exceeded 29,015,400 in the same year, while India and Japan recorded vehicle production statistics over 4,782,800 and 9,693,700 respectively. With the rise in vehicle production across the globe, the demand for certified workstations for effective maintenance services is bound to escalate in the years to come, which would indeed have a transformational impact on the commercialization matrix of authorized car service center market.
Global Authorized Car Service Center market report added by MarketstudyReport.com is one of the most comprehensive research studies on Authorized Car Service Center offering 249 data tables, 10 figures, covering 15 companies and regional outlook for 19 countries on segments covered in this report.
Meticulously analyzed in terms of pivotal industry segments, Global Authorized Car Service Center market report effectively covers the scope of this space in terms By Auto Body Workshops, By Services, By Vehicle Age and the prominent contributors. Additionally, the report also outlines intricate details regarding the lucrative opportunities that industry contenders can expect in conjunction with the potential threats that have been envisioned for this business sphere in the forthcoming years.
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The report extensively bifurcates the various contenders of Global Authorized Car Service Center market. Prominent contributors such as Bosch, 3M, Mahindra First Choice Services, Castrol, MyTVS, Mobil1, Carz Care, Carnation Auto, Honda, Hyundai, Renaul, Volkswagen, BMW, Toyota, Maruti Suzuki have been scrutinized in terms of their financials, strengths, weaknesses, potential threats in the market, and future opportunities.
Asia Pacific authorized car service center market 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.
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.
Passenger cars with more than three years of age will pose a growth rate of around 3% over the study timeframe. This growth can be credited to the requirement of frequent servicing due to wear and tear of the vehicle components owing to its age. Stringent rules related to high pollution from old vehicles requires owners to modify or change parts, further escalating the segment share.
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Stringent regulations associated with constant monitoring of pollution levels from automobiles by authorities such as Central Pollution Control Board (CPCB) is boosting the business revenue. This encourages continuous servicing and maintenance of old vehicles further driving the authorized car service center market.
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.
Enhancing service support to improve customer trust level towards licensed automobile service stations will boost the authorized car service center industry share over the projected time span. Industry participants are actively focusing on R&D activities to enhance maintenance procedure and reduce costs. However, the lack of transparency of the spare parts and servicing charges may hamper the authorized car service center market share.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Authorized Car Service Center Industry Insights
Chapter 4. Authorized Car Service Center Market, By Autobody Workshop
Chapter 5. Authorized Car Service Center Market, By Services
Chapter 6. Authorized Car Service Center Market, By Vehicle Age
Chapter 7. Authorized Car Service Center Market, By Region
Chapter 8. Company Profiles
Outer Scope of this Report Having recognized the potential in the auto after-sales services market and the improving relations between car manufacturers and service providers, leading companies have been working to introduce new workstations as a part of after-sales service and bring about enhancements in their maintenance services portfolio. Automotive giant Ford for example has opened an expanded Regional European Business Service Center for EMEA in Budapest. With the new service center, Ford plans to recruit more employees, in addition to the already existing 500 at the center. The company aims to push the number to 600 by the end of 2019, making Ford the largest U.S.-based automotive employer in Hungary.
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