Authorized Car Service Center Market to grow at over 3% CAGR from 2018 to 2024

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Authorized Car Service Center Market By
Application, Growth Potential Forecast, 2018
2024
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Key Insights from Authorized Car Service Center
Market

• 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.
• 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.
• The lack of transparency associated with service
  charges and higher spare part replacement costs
  are the major challenges faced by the service
  providers. Old car owners usually do not prefer
  to adopt authorized service centers for their car
  servicing owing to high labor costs.

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Continued...

• 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.
• 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.

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U.S. Authorized Car Service Center Market, By
Autobody Shop, 2017 2024, (USD Million)

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Major Companies in Automotive Collision Repair
Market

• 3M
• Bosch
• Carnation Auto
• Carz Care
• Castrol
• Mahindra First Choice Services
• Mobil1
• MyTVS

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Industry Coverage

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Regional Insights in Automotive Collision Repair
Market

• 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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