Authorized Car Service Center Market to hit $247 bn by 2024 Top Key Companies are Bosch USA, 3M, American Honda Motor, Hyundai Motor, Groupe Renault, Volkswagen AG, BMW Group, Toyota Motor

Authorized Car Service Center Market for 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.

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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.

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

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

Authorized Car Service Center Market, By Service

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

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Organized multi-brand car service center segment is likely to show a significant growth rate of over 2.5% from 2018 to 2024. This growth can be credited to low labor cost as compared to OEM service centers. Transparent pricing estimates, quality spare parts, warranties, occasional offers, and discounts will further boost this service penetration.

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.

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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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.

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