Authorized Car Service Center Market to value USD 350 Billion by 2032: Global Market Insights Inc.
Global Market Insights Inc.Major authorized car service center market participants include Toyota, Volkswagen, Suzuki Motor Corporation, Robert Bosch GmbH, among others.Selbyville, Delaware, Jan. 10,…
Major authorized car service center market participants include Toyota, Volkswagen, Suzuki Motor Corporation, Robert Bosch GmbH, among others.
Selbyville, Delaware, Jan. 10, 2023 (GLOBE NEWSWIRE) --
The authorized car service center market is expected to record a valuation of USD 350 billion by 2032, according to a new research report by Global Market Insights Inc. Ownership of passenger cars is growing at a robust pace every year, given the sizeable increase in average disposable incomes. Several regions are also experiencing strong growth in their total GDP, which has led to a further improvement in the sales of passenger vehicles.
Carmakers are also establishing manufacturing facilities in developing economies owing to low production cost and the availability of affordable skilled & unskilled labor. This has created a conducive environment for the establishment and expansion of authorized car service centers to help customers get an easier access to timely car servicing.
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The OEM authorized workshops segment accounted for 9% of the authorized car service center market share in 2022 on account of the availability of highly skilled OEM-certified technicians and tools required for car servicing. The workshops also offer extended warranty schemes along with annual maintenance packages, which will support industry expansion.
The brakes service segment is predicted to observe more than 5% growth rate through 2032. The incidence of car accidents and resultant fatalities is rising across the world. According to the U.S. National Highway Traffic Safety Administration (NHTSA), an estimated 42,915 people in the country died from road accidents in 2021, indicating a 10.5% rise from 2020. Since such accidents can stem from inefficient braking systems, the demand for efficient braking solutions is likely to rise. Replacement of brake pads and fluids at regular intervals are essential to improve the vehicle's overall efficiency and performance. Authorized car service centers can a vital role in the installation of high-quality braking systems, which will strengthen the industry outlook.
In terms of vehicle age, less than 3 years vehicles segment held over 16.5% share of authorized car service center market in 2022. Customers owning vehicles that are under three years old prefer to get their automobiles repaired, maintained, and serviced from OEM-certified car service centers, due to a wider range of benefits as compared with other multi-brand centers. Advantages such as the availability of highly skilled labor, replacements under warranty, and suitable tools for carrying out vehicle servicing are thus expected to accelerate business expansion.
Latin America authorized car service center market is projected to attain nearly 3.5% CAGR through 2032. This growth is attributed to the expanding automotive industry and availability of domestically manufactured spare parts. Developing economies, including Brazil and Argentina, have witnessed a strong hike in vehicle sales, further augmenting the demand for repair & maintenance services in the region.
Leading players operating in authorized car service center market are Toyota, Volkswagen, Suzuki Motor Corporation, Robert Bosch GmbH, and many others. Many of these companies are focusing on the launch of novel services as a viable strategy to drive growth in the global market.
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Partial Table of Contents (ToC) of the report: Chapter 3 Authorized Car Service Center Market Insights3.1 Introduction3.2 Impact of COVID-19 outbreak3.3 Impact analysis of Russia-Ukraine war3.4 Technological evolution3.5 Authorized car service center industry ecosystem analysis3.6 Technology & innovation landscape3.7 Patent analysis3.8 Investment portfolio3.9 Industry news3.10 Regulatory landscape3.11 Industry impact forces3.11.1 Growth drivers126.96.36.199 High motorization rate188.8.131.52 Stringent government regulations for fuel economy and carbon emission184.108.40.206 Growth in passenger cars and aftersales service industry220.127.116.11 Increasing old car fleet and reduced road infrastructure spending18.104.22.168 Proliferating automobile industry and increasing demand for high-end cars3.11.2 Industry pitfalls & challenges22.214.171.124 Growing unauthorized car service centers126.96.36.199 Rising use of electric vehicles3.12 Growth potential analysis3.13 Porter's analysis3.14 PESTEL analysis
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About Global Market Insights Inc.
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.