Press release
Global Authorized Car Service Center Market Comprehensive Study: Forecasted Market Size And Growth Rate | 3M Company, Volkswagen Aktiengesellschaft, Toyota Motor Corporation, Bayerische Motoren Werke AG
Authorized Car Service Center Market Characteristics
The Business Research Company offers in-depth market insights through Authorized Car Service Center Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The authorized car service center market size has grown strongly in recent years. It will grow from $220.62 billion in 2023 to $235.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to rising vehicle ownership rates, growing complexity of automobiles, warranty and service package offerings, compliance with manufacturer standards, increased focus on vehicle safety..
The authorized car service center market size is expected to see strong growth in the next few years. It will grow to $299.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing fleet of electric vehicles, advancements in automotive technologies, expansion of car subscription services, focus on environmental sustainability, integration of digital service platforms.. Major trends in the forecast period include emphasis on sustainability practices, introduction of subscription-based services, training and skill development, efforts in brand loyalty programs, integration of augmented reality (ar) in service procedures..
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Market Segmentation:
The authorized car service center market covered in this report is segmented -
1) By Auto Body Workshop: OEM Authorized Workshops, Organized Multi-Brand Service Providers
2) By Service: Engine, Transmission, Brakes, Suspension, Electrical, Body, Tire, Belts And Accessories
3) By Vehicle Age: Less Than Three Years, More Than Three Years
Major Driver - The Surge In Automobile Industry Propels Growth Of Authorized Car Service Centers
The rapid growth of the automobile industry is expected to boost the growth of the authorized car service center market going forward. The automobile industry refers to businesses engaged in the manufacture, distribution, retail, and upkeep of automobiles. In order to assure that the vehicles obtain authentic OEM (Original Equipment Manufacturer) parts and genuine services, vehicles are serviced at an authorized service center after purchase. Hence, the rapid growth of the automobile industry will require a number of authorized service center to provide genuine and better services which will boost the authorized car service center market. For instance, according to a report published by MarkLines Co., Ltd., a Japan-based automotive information platform, in 2021, automotive sales in the U.S. reached 15,079,182 units in 2021, and further, the sales of trucks and SUVs increased by 5.3%. Therefore, the rapid growth of the automobile industry is driving the growth of the authorized car service center market.
Competitive Landscape:
Major companies operating in the authorized car service center market report are 3M Company, Volkswagen Aktiengesellschaft, Toyota Motor Corporation, Bayerische Motoren Werke AG, Suzuki Motor Corporation, Robert Bosch GmbH, Castrol Limited, Honda Motor Co. Ltd., Hyundai Motor Company, Carmozo Mobility Pvt. Ltd., Carxpert Services Pvt. Ltd., Carnation Auto India Pvt. Ltd., The Lansdowne Motor Company Limited, Renault Group, Automovill Technologies Private Limited, Mahindra First Choice Services Limited, TVS Automobile Solutions Private Limited, ExxonMobil Corporation, Carz Limited, Lansdowne Automobile, Meineke Car Care Centers LLC, Tilden international Inc., Groupe Renault, Mobil1 Car Care, Maruti Suzuki India Limited, Mercedes-Benz, Michelin SCA., Nissan Motor Co. Ltd., Porsche AG, Skoda Auto, Volvo Cars, Yokohama Rubber Co. Ltd. .
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Top Trend - Technological Advancements Propel Growth In Authorized Car Service Centers
Technological advancement is the key trend gaining popularity in the authorized car service center market. Major companies operating in the authorized car service center market are focusing on developing new technologies. For instance, in March 2022, Volvo Car Corporation, a Sweden-based manufacturer of luxury vehicles, launched UVeye an automated vehicle inspection technology. The unique feature of this technology is its high-speed, camera-based systems that scan tires, underbody components, and car exteriors for flaws, missing parts, and other safety-related issues. The automated vehicle inspection procedure is quicker than manual inspections and takes only a few seconds to complete.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Authorized Car Service Center Market Characteristics
3. Authorized Car Service Center Market Trends And Strategies
4. Authorized Car Service Center Market - Macro Economic Scenario
5. Authorized Car Service Center Market Size And Growth
…..
27. Authorized Car Service Center Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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