Authorized Car Service Center Market 2018 Revenue, Trends & Companies – (Toyota, BMW, Volkswagen, Groupe Renault, Hyundai Motor America, Honda, Castrol, 3M, Bosch USA)

Authorized Car Service Center Market size is estimated to surpass USD 247 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.

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In terms of service, body segment from authorized car service center industry is expected to account for approximately 27.5% of the revenue share by 2024. The rising traffic in urban areas leads to substantial risk of small dents and scratches, resulting in minor refurbs for reinstating the vehicle to the original condition offering growth potential to the authorized car service center market share. Customized body parts and paints modification options, such as black roofs, vinyl stickers, and others, will also play a key role in the segment growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Bosch
2. 3M
3. Mahindra First Choice Services
4. Castrol
5. MyTVS
6. Mobil1
7. Carz Care
8. Carnation Auto
9. Honda
10. Hyundai
11. Renault
12. Volkswagen
13. BMW
14. Toyota
15. Maruti Suzuki

Authorized Car Service Center Market, By Service

• Engine
• Transmission
• Brakes
• Suspension
• Electrical
• Body
• Others (tires, accessories, belts)

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The passenger cars with vehicle age of over three years will pose a CAGR of more than 3% over the forecast time span. Wear & tear of parts due to the vehicle age and frequent maintenance requirements are driving the authorized car service center market growth. Government regulations regarding the pollution levels from old vehicles will make the owners of such vehicles to modify parts and service their vehicles at regular intervals, contributing toward the industry’s revenue share.

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.

Asia Pacific authorized car service center market will exhibit 3.8% CAGR during the study period. Road infrastructure development in countries, such as India, China, and others, and increasing accidents due to the more number of vehicles running on-road will pave growth opportunities for the industry across the region. The increasing demand for vehicles and the emphasis on personal mobility will play a vital role in improving the industry size.

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3M, Bosch, Carnation Auto, Carz Care, Castrol, Mahindra First Choice Services, Mobil1, and MyTVS are among the prominent multi-brand participants in authorized car service center market. Partnerships and joint ventures are among the well-known strategies adopted by the competitors to enhance their industry share. For instance, in June 2016, in India, Nissan entered into a strategic partnership with MyTVS to open Nissan Authorized Service Points (NASP) to provide convenient service options for Datsun and Nissan customers.

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.

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This release was published on openPR.