Authorized Car Service Center Market Revenue to Hit USD $300 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Nov. 25, 2019 /PRNewswire/ -- According to latest report "Authorized Car Service Center Market by Auto Body Workshops (OEM Authorized Workshops, Organized Multi-brand Service Providers), Service (Engine, Transmission, Brakes, Suspension, Electrical, Tires, Body, Belts & Accessories), Vehicle Age (Less than 3 years, More than 3 years), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2025," by Global Market Insights, Inc., the market valuation of authorized car service centers will cross $300 billion by 2025. The rise in the sale of passenger vehicles and favorable government initiatives to support the development of the automobile industry are augmenting the market's growth.
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Some major findings of the authorized car service center market report include:
-- Huge investments by automakers in the expansion of their manufacturing
facilities are accelerating the demand for car service facilities
-- The development of next-generation vehicles equipped with complex
electronic and mechanical systems is contributing to the growth of the
organized OEM workshops market
-- The car body services segment dominates the overall services market
share due to frequent repairs associated with dents and scratches
-- Stringent regulations by the European government to improve fuel economy
have also pressurized vehicle owners to opt for scheduled preventive
maintenance services
-- The rapid growth of unorganized local garages is hampering the growth of
authorized single brand and multi-brand workshops, due to the low-cost
and quick services provided by unorganized independent garages
-- mall workshops need to professionalize themselves to respond effectively
to increasing vehicle complexity
-- The Eastern European authorized car service center market will also
witness higher growth due to the growing vehicle population in countries
including Romania, Poland, Czech Republic, Croatia, and Hungary
The organized multi-brand service provider segment will observe the fastest growth rate over the forecast timeline, due to high-quality repairs provided by service providers for various automobile brands at a low cost. Leading multi-brand service companies including Bosch, Mahindra, and TVS Automobile Solutions are focusing on the expansion of their service outlets and providing valuable packages to fleet operators. For instance, in January 2017, Bosch opened a new CoCo Bosch Car service center in Bengaluru (India) to deliver state-of-the-art equipment, such as wheel aligner, nitrogen tire inflator, tire changer, and headlight aligner for multi-brand cars.
The engine service segment will hold a market share of above 12% by 2025, as it exhibits the ability to withstand significant degrees of temperature and pressure. Moreover, engines are equipped with turbochargers that require appropriate maintenance for facilitating enhanced exhaust gas flow for improving engine performance, facilitating the market's growth.
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The vehicles aged more than three years will hold a major share of the authorized car service center market in 2025, due to the periodic maintenance of such vehicles for proper operation and compliance to stringent regulatory norms. Old vehicles require scheduled and preventive maintenance to preserve their resale value and avoid sudden failures, which is expected to increase the demand for OEM-authorized, as well as independent, garages over the forecast timespan.
The Asia-Pacific authorized car service center market is expected to register the fastest growth over the forecast timeline, due to the increasing vehicle sales in countries including India, China, and Australia, driving the demand for car repair and maintenance services. For instance, according to the 2017 data by the Australian Automotive Aftermarket Association (AAAA), the country had the highest car ownership in the region, with 764 cars per 1,000 people. Another factor contributing to market growth is the highest traffic density and car congestion, which leads to wear and tear of vehicle components, resulting in a rise in the frequency of repair services.
Companies present in the authorized car service center market are entering into strategic partnerships and focusing on offering complete vehicle maintenance packages at attractive prices to differentiate their offerings. For instance, in October 2018, Toyota Motor Corporation, along with Grab, signed a deal for ride-hailing fleet maintenance. The company offers comprehensive maintenance packages, along with the provision of light-warranty void for its vehicles, contributing significantly to the increase in its market share.
Browse key industry insights spread across 281 pages with 373 market data tables and 36 figures and charts from the report, "Authorized Car Service Center Market Size 2019-2025," in detail, along with the table of contents at
https://www.gminsights.com/industry-analysis/authorized-car-service-center-market
Table of Contents (ToC) of the report:
Chapter 3 Authorized Car Service Center Market Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape, 2014 - 2025
3.4 Industry ecosystem analysis
3.4.1 Component suppliers
3.4.2 Service providers
3.4.3 Profit margin analysis
3.4.4 End-users
3.4.5 Vendor matrix
3.5 Pricing trends by region
3.5.1 North America
3.5.2 Europe
3.5.3 Asia-Pacific
3.5.4 Latin America
3.5.5 MEA
3.5.6 Cost structure analysis
3.6 Qualitative analysis of unauthorized car service centers market
3.7 Technology Landscape
3.7.1 On-Board Diagnostics (OBD)
3.7.2 Vehicle Service Management System
3.8 Regulatory landscape
3.8.1 NA
3.8.2 EU
3.8.3 APAC
3.8.4 LATAM
3.8.5 MEA
3.9 Key decision-making parameters for car servicing
3.9.1 Need recognition
3.9.2 Information search
3.9.3 Evaluation of alternatives
3.9.4 Post-service behavior
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfall and challenges
3.11 Innovation & sustainability
3.11.1 Remote Vehicle Updating Services
3.11.2 3D Printing
3.11.3 Augmented Reality (AR)
3.12 Growth potential analysis, 2018
3.13 Porter's analysis
3.14 Competitive landscape
3.14.1 Top players overview, 2018
3.14.2 Key stakeholders
3.14.3 Strategic dashboard
3.15 PESTLE analysis
Browse Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/authorized-car-service-center-market
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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By 2025, Authorized Car Service Center Market to hit US $300 billion in revenue globally: GMI
The Eastern European authorized car service center market will witness high growth due to the growing vehicle population in countries including Romania, Poland, Czech Republic, Croatia, and Hungary
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Infographic: Authorized Car Service Center Market 2019-2025 Report
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