3%+ growth for Authorized Car Service Center Market to 2024

MarketStudyReport.com Adds New Authorized Car Service Center Market 2018 – 2024 research report providing information and data By Auto Body, By Services, By Vehicle Age, By Region, Industry Analysis, Growth Potential, Competitive Market Share & Forecast spreading across 200 Pages with table and figures in it.

Selbyville, Delaware – January 30, 2019 /MarketersMedia/ —

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.

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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.

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.

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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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.

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.

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

For More Details on this report At: https://www.marketstudyreport.com/reports/authorized-car-service-center-market

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Name: Arun Hegde
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Organization: Market Study Report
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Source URL: https://marketersmedia.com/3-growth-for-authorized-car-service-center-market-to-2024/477262

Source: MarketersMedia

Release ID: 477262