Belts & Accessories
Burgeoning demand for vehicle repair services in APAC to promote authorized car service center market expansion over 2019-2025
Surging passenger vehicle demand and consistent regulatory efforts to facilitate progress in the auto industry will fuel authorized car service center market trends. Major investments by auto manufacturers to broaden their manufacturing scope are driving demand for car servicing facilities.
Global authorized car service center industry from the organized multi-brand service provider workshop segment is expected to grow at the fastest pace over the predicted timeline given the superior vehicle repair services for myriad auto brands offered by key industry players at economical price points.
Major multi-brand service companies such as Mahindra, Bosch, TVS Automobile Solutions and more are shifting focus towards expanding their service departments and offering lucrative servicing packages to car fleet operators.
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To cite an example, Bosch inaugurated their new CoCo Bosch car service outlet in Bengaluru, in January 2017, equipped with top of the line servicing equipment including tire changers, nitrogen tire inflators, headlight aligners and wheel aligners, all designed to cater to a vast array of vehicle brands.
According to estimates from authentic reports, the global authorized car service center market size is projected to surpass $300 billion by 2025.
Owing to the robust demand for car repairs associated with scratches and dents in the current scenario, the car body services application segment is set to take a leading position in the overall authorized car service center industry share.
The engine service sector, on the other hand, is anticipated to account for more than 12% of the overall industry share by 2025, as a result of strong resistance in high pressure and high temperature applications. Furthermore, turbochargers fitted on engines require adequate maintenance in order to ensure efficient engine performance by regulating and enhancing exhaust gas flow, which is likely to support segmental market growth.
Due to the need for periodic upkeep of such vehicles for proper functioning and compliance with strict regulatory standards, vehicles aged over 3 years are poised to hold a significant share of the overall authorized car service center market in 2025.
Routine and preventive servicing is paramount in older vehicles in order to maintain their resale value and prevent unexpected breakdowns. This is a key factor leading to higher demand for authorized OEMs as well as independent garages over the forecast spell.
Meanwhile, the evolution of next-generation automobiles with sophisticated mechanical and electrical systems is expected to contribute heavily to the growth of the organized OEM workshops segment.
Given the increasing vehicle sales in emerging nations like China, India and Australia, the APAC authorized car service center market is projected to show the highest growth rate over the estimated timeframe, accelerating demand for auto repair and servicing facilities. For example, as per the Australian Automotive Aftermarket Association’s (AAAA) 2017 data, the country recorded the highest car ownership levels in the region, with nearly 764 cars per 1,000 individuals. Another significant contributor to authorized car service center market expansion is the high traffic density and automobile congestion culminating in the degradation of car parts, leading to an increase in repair service demand.
The European government’s rigorous measures to enhance the fuel economy have also compelled car owners to invest in regular preventive vehicle maintenance services. Moreover, as a result of the growing vehicle population in countries including the Czech Republic, Poland, Romania, Hungary and Croatia, the Eastern Europe authorized car service center industry is also expected to witness prolific gains.
Author Name : Satarupa De
This entry was posted in Automotive & Transportation and tagged Authorized Car Service Center Market, Authorized Car Service Center Market Report, Authorized Car Service Center Market Size, Authorized Car Service Center Market Trends, Auto Body Workshops, Belts & Accessories, Body, Brakes, Electrical, Engine, OEM Authorized Workshops, Organized Multi-brand Service Providers, Services, Suspension, Tires, Transmission, Vehicle Age.