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North America space robotics market to accrue hefty proceeds by 2025

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Global space robotics market is estimated to procure commendable returns in the ensuing years, primarily owing to the increasing investments and efforts dedicated toward space research and exploration in countries such as the United States, India, and Russia. Space robotics is significant in the development of machines that are capable of expanding the human capacities in space by facilitating abilities beyond human limitations in extreme space environments.

China space robotics market, by application, 2019 & 2025 (USD Million)
China space robotics market, by application, 2019 & 2025 (USD Million)

Space explorations have always attracted the interests of several private companies. Case in point, Boeing has built the Saturn V rocket, the 363-foot booster rocket capable of lifting the entire apparatus to the edge of space. In the last few years, the space exploration arena has witnessed the emergence of multiple competitors such as Blue Origin, SpaceX, Virgin Galactic, and more. The introduction of new technologies by key players, would positively influence space robotics industry trends over the forecast period.

A perfect example is the partnership between Tokyo’s ispace and Elon Musk’s SpaceX to send a series of robots to the moon. The Lunar Lander will orbit the moon in this mission that’s scheduled in mid-2020. A rise in the integration of robotics technology for future space missions will substantially drive space robotics market outlook in the future.

Although government funding to organizations like NASA is facing a slump, the space industry is slowly moving to the private sector, with Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin signing more contracts. SpaceX is reportedly gearing up to launch its eighteenth contracted CRS mission to the International Space Station through its Cargo Dragon spacecraft. The mission will also use the Space Station’s robotic arm Canadarm 2 to extract IDA-3 from the Dragon’s trunk. Increasing collaborations between established space stations and emerging private firms will present space robotics companies with major growth prospects in the ensuing years.

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Increasing investments in space programs will also have significance in driving demand for space robots in the coming years. Recently, SpaceX was awarded a $50.3 million contract by NASA to launch its X-Ray Polarimetry Explorer mission. Major funding toward potential space missions will provide a huge scope for space robotics engineering, thereby augmenting space robotics industry share in the future.

A farfetched but plausible idea that has begun surfacing the international space industry is the possibility of space travel for recreational purposes. With numerous firms embarking on a quest to launch spaceflights for civilians, space travel is starting to seem less like a dream. Possibilities of recreational space travel could present a major opportunity for space robotics companies, thus augmenting the space robotics market share in the future.

In terms of segmental growth, the robotic arms segment is slated to witness immense demand over the coming years. Robotic arms have proved to be one of the most reliable machines in space missions. Recently, NASA’s Jet Propulsion Laboratory finished installing a 2.1-meter-long robot arm on the Mars 2020 rover. The new arm has been designed to perform much more complex activities. Increasing penetration of robotic arms for advanced space mission will result in segmental growth for the global space robotics industry.

The North America space robotics market is currently a highly profitable growth ground owing to the presence of substantially funded organizations like NASA and the Canadian Space Agency. The region is also witnessing several ongoing and upcoming space missions that are anticipated to generate considerable demand for space robots, further strengthening the region’s space robotics industry size.

The Asia Pacific market is also likely to emerge as a strong contender due to increasing implementation of major space projects. For example, the Indian Space Research Organization’s second moon mission Chandrayaan 2 is the nation’s first attempt at robotic space explorations. Increasing adoption of space robotics engineering for upcoming space programs and explorations would primarily contribute to expanding Asia Pacific space robotics market size.

The numerous benefits depicted by these technologies will accelerate the adoption of space robots in the coming years. Products like space probes are capable of exploring areas that are beyond human accessibility. Moreover, space robots can also withstand extreme temperatures and perform programmed tasks for longer durations. These advantages will play a major role in further accelerating the adoption of space robotics.

According to a research report by Global Market Insights, Inc., space robotics market is estimated to surpass $3.5 billion by 2025.

Author NameKrithika Krishnan

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4 technology-oriented trends impacting smart elevator market share

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The global smart elevator market share is on the rise lately owing to the product’s growing adoption in emerging markets like India and China, coupled with growth in the construction and infra sectors worldwide. Smart elevators are estimated to make big strides in the global elevator market owing to the new wave of technology and advancements that are transforming the global landscape.

UK smart elevator market, by application, 2018 & 2025 (USD Million)
UK smart elevator market, by application, 2018 & 2025 (USD Million)

Enumerated below is an insightful summary of the top technological trends which are likely to offer impetus to smart elevators industry share.

1) Internet-connected elevators

The future of elevators is connectivity, which is expected to play a huge role in product demand over the coming years. With several smart elevator manufacturers already considering its implementation, it won’t take long for internet-connected smart elevators to become common. A smart elevator company that is currently exploring this possibility is Otis Elevators. The company has initiated development of smart elevators that are capable of communicating with passengers, service staff, building managers, and others for enhancing performance and passenger experience.

Otis is also looking to develop technologies that can enable passengers to summon elevators through their phone. The implementation of connectivity and smart features is a major ongoing trend which is estimated to overcome problems concerned with efficiency, repair schedules, as well as waiting and traveling time. The burgeoning demand for the integration of such technologies within residential and commercial spaces will pump up smart elevator market share in the ensuing years.

2) IoT driven elevators technology

Technologies like IoT are reshaping the surroundings and helping countless businesses perform better. Smart elevators companies have also started recognizing the potential of these disruptive technologies and are beginning to embrace them. A smart elevator market analysis reveals that IoT seems to have majorly influenced the industry dynamics lately. Case in point, smart elevator company Schindler recently entered a partnership with Spanish telecom giant Telefónica to enhance its cloud-based digital offerings with Telefónica’s IoT connectivity services.

Such provisions will offer greater convenience, interactivity, and personalized services to smart elevator passengers. Also, the extraordinary pace at which high-rise buildings are mushrooming across the globe offers numerous growth opportunities to the technology providers in the IoT domain. The surging adoption of IoT in smart construction and connected buildings will fuel the smart elevator market share over the forthcoming years.

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3) Multi-directional elevators

With rapid urbanization, the population in cities will continue to rise, generating a high demand for residential establishments, which can be sufficed by building more high-rise and economical buildings. While the conventional elevator technology obstructs this possibility, the implementation of rope-free and multidirectional elevators seems a viable option.

German elevators giant Thyssenkrupp’s latest innovation Multi is a ropeless multidirectional elevator, which can move up and down a shaft as well as move horizontally. The technology is estimated to bring considerable change to the elevator industry owing to its numerous benefits including more space, less wait time, and fewer restrictions due to elevator shaft height. Successful implementation of this technology could offer new opportunities for the smart elevators industry in the future.

4) Maintenance using augmented reality

Regular servicing and maintenance of a residential or commercial elevator system can fix small problems before they get big enough and end up costing a fortune. The elevator technology is evolving rapidly, triggering the next level of technically advanced maintenance technology. An ideal example in this context is of ThyssenKrupp which has equipped repair engineers with HoloLens, Microsoft’s augmented reality technology.

HoloLens allows repair engineers to effectively communicate with coworkers back in office, by sharing schematics through the display, for accelerating servicing and repair. Such a technology will create a massive shift in the smart elevators industry, giving builders the confidence to invest in technologically advanced elevators that are compatible with such services and facilitate seamless functioning of a building.

The smart elevators market analysis based on the aforementioned trends sheds light on the possibility that this industry will embrace modernizations owing to constant innovation in information technology and other tech sectors. Numerous other trends in the world of technology and elevators overtly indicate a lucrative phase for the business space.

Furthermore, the construction of technically advanced structures and green buildings would spark a technological revolution, thereby boosting the smart elevator market share in the future. According to a smart elevator industry analysis by Global Market Insights, Inc., this market is anticipated to be worth more than $25 billion by 2025.

Author Name :Krithika Krishnan

How have the dynamics of restaurant POS terminals market transformed with the launch of next-gen systems by popular industry stalwarts?

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The unprecedented growth pace of the global restaurant POS terminals market is rather evident from the recent instance of Jamba Juice joining hands with Paytronix Systems, Inc. The popular smoothie and juice brand inspiring healthy living worldwide, through this partnership, aims to deploy Paytronix’s POS platform and increase sales and gift card redemptions within all touch points. A highly reputed restaurant POS terminals industry contender, Paytronix, with this agreement, plans to enable Jamba’s gift card sales across numerous distribution channels and POS platforms, inclusive of online ordering, third-party channel sales, Jamba Juice mobile apps, website sales, and stand-alone terminals, not only improving productivity for Jamba but also substantially strengthening its stance across the global industry.

China restaurant POS terminals market, by application, 2017 & 2024 (USD Million)

A business vertical of commendable repute, thriving extensively on shifting consumer preferences, restaurant POS terminals market as on today stands as one of the most fast-paced, lucrative industry spheres there is. Aided by the global shift toward digitalization and the accelerated adoption of advanced payment systems worldwide, driven by massive technological propagation, the commercialization potential of restaurant POS terminals market has only surged in the last few years. The robust proliferation of next-generation technologies has created an innovation-centric scenario in the competitive spectrum of restaurant POS terminals market, leading to prominent industry magnates tapping high-grade software to develop solutions to be incorporated in payment terminals. Endorsed by fierce competition and powered by the widespread requirement of specific, task-centric systems, restaurant POS terminals market participants have been going the whole hog to come up with a portfolio of innovative, proprietary solutions. A gist of some of the major companies that have been grabbing attention in this regards has been elucidated below:

TouchBistro

A highly reputed firm partaking in restaurant POS terminals market share, TouchBistro boasts of an enviable product portfolio and is frequently involved in M&As and product development strategies to consolidate its standing in the industry. Last year in March, the company launched TouchBistro Payments, powered by a Chase company – WePay. Through a highly strategic partnership, both these companies plan to offer two major time-efficient innovations demanded by most restaurant owners – an integrated mobile payment device and instant payment processing.

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TouchBistro’s efforts to maintain its standing in restaurant POS terminals industry is also quite vivid from the firm’s plan to diversify its offering and reach in the UK in 2017. The year saw the company extended its integration with Square to the restaurants in UK. Post the extension, all the restaurants in the UK using the TouchBistro iPad mPOS solution had been able to process payments seamlessly using Square.

Verifone

In the first quarter of 2018, Verifone forged a partnership with Paysafe, a global provider of payment solutions, in a bid to deliver quick services for restaurants across the United States. Reportedly, through this contract, Paysafe became the first firm to adopt the Verifone Connect to be used on its Carbon and Engage devices deployed by restaurants. The partnership was touted to pave the way for the easy acceptance of digital wallets, loyalty programs with smartphones, and near field communication payments in restaurants so that customers would be able to pay online or outside of businesses and even at the table, and drastically transform restaurant POS terminals market trends.

Shifting a tad bit away from its usual strategy and product offering, Verifone, in October last year, declared the launch of Navigator – the first-of-a-kind payment feature equipped with a fully integrated touchscreen, for earning certification for usability and accessibility by the Royal National Institute of Blind People. The goal behind the said launch was to ease payment transactions for the visually impaired, employed in restaurants or someplace else, in an era where payment devices continue to navigate toward touchscreens.

Toast

One of the most popular magnates of the global restaurant POS terminals market, Toast boasts of highly commendable public profile as far as payment solutions are concerned and has been touted to be one of fastest-growing restaurant management platforms in the U.S. A couple of years back, the company joined hands with SpeedETab, the leading company in mobile payments, analytics solutions, and native mobile ordering for merchants, to empower restaurant owners with an enterprise-level order ahead technology which works seamlessly with Toast.

2018 was an exceptionally profitable year for the restaurant POS terminals market contender, as Toast, in the second quarter, made it to the headlines with the launch of the Toast Go™ – a fully integrated POS handheld system custom-built for restaurants. The solution combined software, hardware, and payments together to exclusively cater to restaurants that can use Toast Go in conjunction with Toast KDS to improve table turn time and deliver exceptional guest experience. Merely a few months ahead, the restaurant POS terminals industry firm announced GoParrot, Rooam, and Avero as the key application partners in the Toast Partner Ecosystem to provide restaurants seamless access to technology partners in order to enhance operations, increase their revenue, and improve customer interaction. Equipped with a vision to empower the restaurant community, Toast, in the years to come, will emerge as one of the strongest contenders of the restaurant POS terminals industry.

The highly appreciable efforts of prominent companies to bring advanced solutions to the mainstream has quite irrefutably, expedited the commercialization potential of the overall restaurant POS terminals market. Not to mention, the industry trends have also undergone a major transformation with the exceedingly rising number of food outlets across the globe. Say for instance, the National Restaurant Association claims that the U.S. houses more than 1 million restaurant locations. Majorly driven by the robust proliferation of technology in payment solutions and the escalating proportion of restaurants across the globe, the overall restaurant POS terminals industry size has been estimated to be pegged at a commendable USD 25 billion by 2024.

Author NameSaipriya Iyer

Virtual private network market to procure substantial returns from commercial applications, robust demand for cybersecurity threat protection to stimulate the industry growth over 2018-2024

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The rising occurrence of a host of advanced, complex cybersecurity threats has helped impel the global virtual private network (VPN) market, given that these threats stand to jeopardize the integrity, privacy and data of businesses. With globalization becoming widely commonplace, and businesses striving to expand their sphere of influence to operate on an international level, the need for organizations to connect their business units together has also risen in proportion. These factors, over the last decade, have made the internet the preferred platform for companies and individuals to conduct their business. However, the vulnerability characterizing the internet has rendered it extremely inadequate in terms of security, a flaw that cybercriminals typically exploit to commit frauds & thefts.

U.S. VPN Market Revenue, By Component, 2017 & 2024

U.S. VPN Market Revenue, By Component, 2017 & 2024

In a manner of speaking, the VPN technology facilitates a cost-effective and safe solution to the issue of safeguarding company networks. The growing prominence of wireless devices across different organizations & businesses would thus drive the growth of VPN market as improving internet speeds coupled with falling prices are catapulting the rate of adoption of a plethora of wireless & mobile devices. Given that such devices are commonly used across organizations to access several applications present on private company networks from remote locations, the VPN technology has consolidated itself as an extremely crucial business component, thereby driving VPN market trends.

Unveiling global virtual private network market trends from commercial applications:

The commercial sector is one of the most prominent application segments of the global VPN market. Comprising end-use domains such as the BFSI, healthcare, manufacturing, government and IT & telecommunication sectors, VPN market size from commercial applications is expected to grow at an impressive CAGR of about 15% over 2018-2024. This growth can be primarily attributed to the surging practice of digital recordkeeping and the adoption of cloud technology in these sectors that is completely changing the way customers access their information, rendering VPN technology as the backbone of these businesses.

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While, organizations in these domains usually utilize a VPN of their own, a majority of them opt for commercial VPN services provided by private companies. According to Surveillance Self-Defense, an independent non-profit organization, a commercial VPN is a privately offered service that provides organizations a secure channel to relay their data over the service provider’s own network. These services, if hosted in a foreign nation, while protecting users’ data from cyber threats, also protect the information from local governments and allow the information to bypass national censorships.

Unveiling global virtual private network market growth via rising adoption of remote access connectivity:

Remote access connectivity has been touted to be one of the most deployed models in VPN market. The increasing need of organizations to find a secure as well as affordable way to relay secure company data from their private network to employees working at a remote offsite location is a primary factor driving the growth of the remote access-based VPN market. As opposed to site-to-site VPN, which allows a large-scale business to connect a cluster of its offices in several fixed geographical locations with each other, the ability of the remote access topology to connect individual hosts to their respective organization’s private networks makes it an ideal match for small & medium-sized enterprises (SMEs).

Incidentally, the topology also allows employees from large organizations working through site-to-site VPN to connect to the company’s network remotely and be able to perform their work from a remote location over home networks or public Wi-Fi networks without worrying about the security of company data. Aided by the convenience and reliability provided by this model, the remote access connectivity-based VPN market size is projected to register a CAGR of approximately 17% over 2018-2024.

Attributed to the rising need for facilitating proper secured channels for the exchange of data over an increasingly connected world, the global virtual private network is expected to successfully thrive in the overall technology space in the forthcoming years. According to a report by Global Market Insights Inc., driven by the increasing rate of VPN adoption in myriad businesses, the overall virtual private network market valuation is anticipated to surpass $54 billion by 2024.

Author NameAkshay Kedari

Global Wi-Fi hotspot market revenue to surpass USD 23 billion by 2024, growing adoption in cafes to offer substantial a boost to the industry growth

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The global Wi-Fi hotspot market has expanded at an unparalleled pace lately owing to the rapid adoption of smartphones and other Wi Fi-enabled smart devices. It was reported that the number of smartphone users has crossed the 2 billion mark and with new, more advanced products being offered consistently the smartphone market will observe remarkable growth. The number people using portable devices like laptops and tablets have increased, encouraging commercial and private sectors to install hotspots across various infrastructure, boosting the Wi-Fi hotspot industry revenue. As most of the public services have become available online throughout the world, governments are undertaking initiatives to develop the Wi-Fi hotspot market in their respective regions.

U.S. Wi-Fi Hotspot Market Revenue, By Component, 2017 & 2024, (USD Million)
 U.S. Wi-Fi Hotspot Market Revenue, By Component, 2017 & 2024, (USD Million)

U.S. has been at the forefront of innovations and is one of the key nations attempting to promote and develop smart cities. The country already has a vast network of hotspots at transport facilities, hospitals, restaurants and cafes, as well as at schools and residential buildings, proving to be a significant Wi-Fi hotspot industry hub. Europe, consisting of many developed nations, has also witnessed a tremendous growth in the use of Wi-Fi hotspots and is looking to propagate its services like eGovernance, eTourism and eHealth by giving seamless internet services. Recently, the European Union (EU) secured funds for launching free Wi-Fi hotspots at public places and will allocate EUR 120 million (around USD 136.96 million) to local governments across Europe over the coming three years.

Providing a major propulsion to the Wi-Fi hotspot industry, EU has called for applications from local authorities and will grand vouchers to about 2,800 municipalities for installing public hotspots. Even India, which is one of the fastest growing technology consumers in the world, is embracing the notion of offering easy access to the internet. In October this year the Bharat Wi-Fi project was announced which would involve installing nearly 1 million hotspots in the country by the end of 2019. Other developing nations can also be expected to pursue similar strategies to bolster their technology infrastructure and access to information, proliferating the Wi-Fi hotspot market.

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In terms of the application scope of the Wi-Fi hotspot industry, cafes have contributed substantially to the adoption of Wi-Fi for enabling customers enjoy free or subscribed internet connections with ease. Having a considerably good quality Wi-Fi connection has found to be a strong customer attraction and retention strategy, driving global brands and local cafes towards the Wi-Fi hotspot industry. Starbucks, a prominent coffee shop chain, offers free Wi-Fi to its customers by registering their information and getting authorization details on their smartphone. It also has one click, unlimited Wi-Fi services at all company-owned stores in Canada and with a worldwide presence, the brand represents the enormous prospects existing for the Wi-Fi hotspot market.

The overall potential of the cafes segment can be understood by studying the expansion strategies of key brands, as it indicates the projected need or demand for their services. Starbucks operates around 28,720 outlets spread in 77 markets globally and does seem like halting its growth anytime soon. It is planning to open 100 cafes in Japan, which is quite advanced in technology implementation, bringing the brand’s total outlets to 1,700 in the country. Costa Coffee, a well-known name throughout U.K. and Europe, also offers Wi-Fi services to customers through a collaboration with O2 and is gradually expanding.

Elaborating further on the massive opportunities existing for the Wi-Fi hotspot market, Dunkin Donuts has over 9,100 cafes in the U.S. and has recently expressed its intentions to add nearly 1,000 new locations in the country. Dunkin Donuts customers utilize the internet services for browsing, using social networks, gaming and watching videos, all the while consuming their favorite donuts and coffee. The incredible size of the coffee market is demonstrated by the fact that almost 63% Americans drink coffee every day and a considerable number of this population consumes products from cafes.

It must be noted that most of the cafes belonging to global brands or local players offer other food items as well, such as sandwiches, pizzas and bakery items, invariably creating a wide range of customer base. With increasing population, rising consumer spending and growing affordability of required hardware, the café segment will experience a notable rate of Wi-Fi hotspot implementation. Comprising of key industry participants like Alcatel-Lucent, Aruba Networks, Cisco Systems, Ipass, Motorola Solutions, Nokia Networks and Ericsson, the Wi-Fi hotspot market is anticipated to register more than USD 23 billion in revenue by 2024.

Author NamePankaj Singh

Enumerating the role of 3D printing in automotive market: How the technology is changing the face of automobile manufacturing & prototyping

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Additive manufacturing technologies over the past years have made a strong case in product innovation and 3D printing in automotive market, in particular, has significantly transformed the potential ways in which products are designed, manufactured, and distributed. The additive manufacturing techniques have also opened doors for lighter, cleaner, and more safe products with comparatively lower cost and shorter lead time. Quite overtly, these physiognomies have paved a lucrative way for the commercialization matrix of automotive 3D printing market, which has already chronicled its name in the coveted billion-dollar fraternity in 2017. According to a report by Global Market Insights, Inc., the global 3D printing in automotive market was estimated at over USD 1.4 billion in 2017, while registering annual sales of 3D printers over 110 thousand units.

U.S. 3D Printing in Automotive Market Revenue, By Component
U.S. 3D Printing in Automotive Market Revenue, By Component

Given the proliferating 3D printers sale in the automotive sector, it has been identified that accelerating production is the highest priority the auto companies are relying on 3D printing for, climbing from 29% in 2017 to 39% in 2018. Auto manufacturers are increasingly relying on 3D printing to streamline and expand their possibilities of mass customization, build-to-order product strategies, and in increasing the production flexibility and sales.

The role of 3D printing in driving competitiveness

According to a report by Forbes, over 93% of companies in 2018 are using 3D printing and are gaining competitive advantages such as reduced time-to-market and flexible shorter production runs for potential customers. The technological advancements in 3D metal materials have further led this business sphere to depict a profound growth. Estimates claim that over 36% of the companies are using metal material for 3D printing in 2018, a considerably upswing from 28% in 2017. The data signifies the greater adoption of 3D printers for production operations, which in turn is propelling automotive 3D printing market growth.

While there is no doubt that additive manufacturing has taken the automotive industry by storm, it would to interesting to take note of some industry magnates who are leveraging the technical trajectory of AM in driving their revenue growth. Enumerated below are few recent instances that shed light on the increasing adoption of 3D printing in automotive industry.

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Volkswagen is using 3D printing for mass production

Automotive industry behemoth Volkswagen has recently announced that it will be using the latest 3D printing technology for manufacturing different auto parts. The company will be using the technology with the HP Metal Jet process that is expected to simplify and speed up the metallic 3D printing. According to reports, a Volkswagen vehicle is manufactured from around 6000 to 8000 different parts and 3D printing has helped immensely in mass production of these parts.

Volkswagen with HP and GKN, is further planning to take the technology to next level that could be able to produce individualized design parts including gear knobs, tailgate lettering, and special keys with personalized lettering without a great deal of effort. Significantly reducing the time required for manufacturing parts and assisting in production of mass quantities, the automotive 3D printing market demand is expected to thrive several notches up in the ensuing years.

Nanosteel unveils Formetrix, aids commercialization of metal 3D printing

An advanced materials company, Nanosteel has recently unveiled that it has launched an enterprise focusing chiefly on materials for additive manufacturing. The new corporation, dubbed as the Formetrix, is expected to further the commercialization of 3D printing metals and as well offer on-demand production services. It has been reported that Nanosteel will be supporting two areas – steel powders and sheet steel for automotive lightweighting for 3D printing. This has grabbed the attention of several automotive 3D printing industry players for investment & development of their metal auto parts. Besides the automotive 3D printing industry, the company will be playing a key role in additive manufacturing components of the oil & gas, construction, and heavy machinery markets.

Audi accelerates automotive design with Stratasys 3D printing

This German auto maker has recently announced that it has adopted the Stratasys’ J750 full-color and multi-material 3D printer for accelerating the design verification process and reducing the time required for prototyping. Leveraging the additive manufacturing technology, Audi claims that it has accomplished prototyping lead time cuts by as much as 50% for some parts. According to reliable reports, prototyping & tooling application accounted for 60% of automotive 3D printing industry share in 2017, and Audi’s adoption of Stratasys 3D printing bears testimony to the rapid expansion of this segment.

With increasing number of big-name manufacturers embracing 3D printing in automotive industry, it wouldn’t be wrong to say that this technology has come a long way and has the power to influence the direction in which auto design sector will head in future. Considering the sheer size of the global automotive industry, 3D printing is all set to be a game-changer in shaping automotive design and manufacturing trends. Soon to become an integral part, 3D printing in automotive market is poised to further unlock tremendous innovation potential and gather a remuneration portfolio exceeding USD 8 billion by 2024.

Author NameOjaswita Kutepatil

Authorized car service center market to witness rapid progressions in India, global industry valuation to exceed USD 247 billion by 2024

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The growth prospect of authorized car service center market seems to be more pronounced in recent times, given the increasing passenger vehicle density on road and their subsequent maintenance requirement. According to estimates, nearly 945 million passenger vehicles and 330 million commercial cars were operational globally in 2015. This, by extension also outline the humongous revenue generated by the car service business (maintenance and repair) in recent years. Since licensed automobile workshops provide improved service support at competitive rates with enhanced customer experience, authorized car service center industry is furthermore gaining a substantial traction in the automotive fraternity. Testament of the fact is the 200-billion-dollar valuation pegged by the market in 2017. Incidentally, this has also prompted automotive market players to expand their service center networks, in a bid to leverage the potential of authorized car service center market.

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

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

Maruti Suzuki, India’s biggest car manufacturer, has recently made its way to the headlines with its plan of establishing 5000 service centers by 2020. As per the reports, the company is planning to expand its service networks by almost 56% by 2020. For the records, out of these 5000 service centers, 3000 workshops would be operating under the dealership.

For the uninitiated, the carmaker presently boasts of 2000 dealerships spread across 1667 cities in addition to 3200 workshops in India. Maruti Suzuki’s portfolio also include 250 additional premium dealerships dubbed as Nexa outlets. If reports are to be relied on, in the coming three years, the company is planning to open 1800 service centers and 1000 sales network, which as per estimates, is deemed to be more than the present combined sales and service networks of three leading automakers in India- Fiat, Nissan, and Renault. Maruti Suzuki’s initiative not just clearly depicts the fierce competitive scenario in authorized car service center industry, but also the increasing ratio of multi brand service centers in tier-II and tier III cities.

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The competitive spectrum of authorized car service center market comprises some renowned brands including Carnation Auto, Castrol, 3M, Mobil1, MyTVS, and Carz Care. Strategic collaborations and joint ventures are two of the tried-and tested tactics adopted by these players to sustain in the competitive landscape. Nissan’s strategic tie-up with India’s largest car service networks, MyTVS in 2016 is an apt precedence validating the same. Through this venture Nissan opened eight NASP (Nissan Authorized Service Points) in Tamil Nadu to improve car service access for Nissan and Datsun customers. The deal, in all likelihood, strengthened Nissan’s stance in India authorized car service center industry.  In fact, with India as a major nerve center, APAC authorized car service center market is forecast to witness 4% CAGR over 2018-2024.

It is prudent to mention that a strict regulatory framework toward carbon emission abatement across emerging economies has left an inexorable impact on authorized car service center market outlook. Recently, the Maharashtra Pollution Control Board has issued a notice against a dealership and car service center for violating the environmental norms. Following a complaint with regards to unscientific disposal of waste water, the board had officially conducted an on-spot inspection and found that the ETP (effluent treatment plant) of the workshop was not operational. These kind of pitfalls in unlicensed service centers have in a way provided a lucrative growth avenue to authorized car service center market.  Presence of advanced machineries in tandem with skilled technicians has further stimulated the market outlook. Primarily grounding on three major rationales- appropriate business model, cost-effective services, and decent attitude of the service advisors, authorized car service center market is slated to witness a slew of opportunities in the coming years. In terms of commercialization, the fraternity is forecast to surpass USD 247 billion by 2024.

Author NameSatarupa De