Global Authorized Car Service Center Market Size By Auto Body Workshop, By Services, By Vehicle Age, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Authorized Car Service Center Market Size By Auto Body Workshop, By Services, By Vehicle Age, By Geographic Scope And Forecast
Authorized Car Service Center Market Size And Forecast
Authorized Car Service Center Market size was valued at USD 243.68 Billion in 2024 and is projected to reach USD 372.83 Billion by 2031, growing at a CAGR of 5.46% from 2024 to 2031.
Global Authorized Car Service Center Market Drivers
The market drivers for the Authorized Car Service Center Market can be influenced by various factors. These may include
Growth in Vehicle Ownership The demand for auto maintenance and repair services rises in tandem with the number of vehicles on the road. This is especially true in emerging markets where more people own cars due to rising earnings.
Increasing Vehicle Complexity Contemporary cars are outfitted with sophisticated electronics, sophisticated systems, and cutting-edge technology. Because of this intricacy, many car owners choose to use authorised service centres for maintenance and repairs because they often require specialised knowledge and equipment.
Requirements for Warranty and Insurance In order for repairs and maintenance to be covered under many auto warranties and insurance plans, they must be completed at approved service locations. Customers are drawn to these centres by this requirement, despite the fact that they could cost more than standalone garages.
Brand Loyalty and Trust Because of the genuine replacement parts, manufacturer standards, and experts’ perceived expertise, some car owners favour authorised service centres. A major factor luring people to these centres is brand loyalty.
Technological Developments New developments in automotive technology, such electric and hybrid cars, call for specific tools and training to maintain. Authorised service centres draw clients looking for knowledge in these fields since they frequently implement these technologies first.
Regulatory Compliance Authorised service centres are more likely to have the specialised tools and knowledge that are needed to comply with emissions regulations and standards. Customers may become anxious about meeting regulations or environmental requirements as a result of this.
Assurance of Quality Because authorised service centres are affiliated with respectable car brands, people tend to believe that they provide higher-quality services. Customers may seek for dependable and consistent service as a result of this notion.
Value-added Services A lot of accredited repair facilities provide extra services like roadside assistance, warranty extensions, and customer support. These can improve client satisfaction and encourage return visits.
Urbanisation and Shifting Lifestyles These two factors contribute to a rise in the need for convenient services. Authorised service centres provide convenience in terms of location and service availability. They are frequently found in urban areas or close to residential hubs.
Digitalization and Convenience By utilising digital platforms for customer communication, appointment scheduling, and service tracking, authorised service centres can increase convenience and draw in tech-savvy clients.
Global Authorized Car Service Center Market Restraints
Several factors can act as restraints or challenges for the Authorized Car Service Center Market. These may include
High Initial Investment Establishing an authorised car servicing centre involves a significant upfront cost for trained staff, technology, infrastructure, and equipment. This can be a deterrent for small firms and new competitors.
Regulatory Compliance For approved service centres, observing the strict rules and regulations set forth by the government regarding safety, emissions, and waste disposal increases operational expenses and complexity.
Competition from Independent Garages By charging less for comparable services than authorised service centres, independent garages are able to draw consumers who are price conscious away from the latter.
Changing Customer Preferences The need for services provided by authorised repair centres may decline if consumers become less reliant on third-party service providers or become more inclined to perform their own car maintenance (DIY).
Technological Disruptions In order to stay up with the rapidly changing automotive industry, major investments in retraining personnel and updating equipment may be necessary. Examples of these developments include electric and self-driving vehicles.
Supply Chain Interruptions Reliance on a convoluted supply chain for replacement parts and components may result in service delivery delays and disruptions that affect client loyalty and satisfaction.
Challenges with Brand Loyalty Authorised service centres may have trouble keeping consumers who value convenience, affordability, or high quality of service over brand loyalty, despite the advantages of brand familiarity and trust.
Economic Factors Recessions and downturns in the economy can cause consumers to spend less on non-essential services like auto maintenance, which can have an impact on authorised repair centres’ earnings.
Environmental Concerns Increasingly stringent rules pertaining to fuel economy and emissions may call for expensive expenditures in environmentally friendly practices and technologies, driving up operating costs for authorised repair centres.
Global Authorized Car Service Center MarketSegmentation Analysis
The Global Authorized Car Service Center Market is segmented based on Auto Body Workshop, Services, Vehicle Age, And Geography.
Authorized Car Service Center Market, By Auto Body Workshop
• OEM Authorized Workshops• Organized Multi-Brand Service Providers
Based on Auto Body Workshop, The market is bifurcated into OEM Authorized Workshops and Organized Multi-Brand Service Providers. The organized multi-brand service providers segment accounted for the largest market share due to high-quality repair services providers of various brands at a low cost including companies such as Mahindra, MyTvs and rising demand in the automobile industry to provide repair and maintenance services.
Authorized Car Service Center Market, By Services
• Engine• Transmission• Brakes• Others
Based on Services, The market is bifurcated into Engine, Transmission, Brakes, and Others. The engine segment dominated the highest market share due to improving engine performance which are equipped with turbochargers that requires appropriate maintenance for felicitating enhanced exhaust gas flow.
Authorized Car Service Center Market, By Vehicle Age
• Less Than Three Years• More Than Three Years
Based on Vehicle Age, The market is bifurcated into Less Than Three Years and More Than Three Years. The Less Than Three Years segment dominated the highest market share due to periodic maintenance of such vehicles for proper operations and compliance to stringent regulatory norms. Old vehicle requires scheduled and preventive maintenance to preserve their resale value.
Authorized Car Service Center Market, By Geography
• North America• Europe• Asia Pacific• Rest of the world
On the basis of Regional Analysis, The Global Authorized Car Service Center Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America held the largest revenue share and is expected to maintain the lead throughout the forecast period owing to increasing the sale of passenger cars due to the presence of leading domestic and global car manufacturers such as Tesla, Ford Hyundai, Honda and Nissan.
Key Players
The major players in the Authorized Car Service Center Market are
Toyota
Volkswagen
Suzuki
Bosch
3M
Renault
Honda
Mahindra First Choice Services
MyTVS
Mobil13M
BMW
Carmozo
Carnation
Castrol
Hyundai Motor Company
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
3M, BMW, Carmozo, Carnation, Castrol, Honda Motor Co, Hyundai Motor Company.
SEGMENTS COVERED
By Auto Body Workshop, By Services, By Vehicle Age, and By Geography
CUSTOMIZATION SCOPE
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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