Automotive slowdown & the COVID-19 pandemic brought a sustained downward trend in new passenger car sales in FY’21.
The Spare parts after-market is anticipated to grow with a
CAGR of 8.2% and the multi brand car service market with a CAGR of 11.9% during
the forecast period FY’20-FY’25.
Surging Number of Post Warranty Cars in India: India automotive industry in witnessing a surge in the number
of post warranty cars, which is leading to higher demand generation for multi
brands car service companies in India. ~65% of the post warranty cars visit the
multi brand service centers in India whereas, only 35% post warranty users head
back to the authorized service centers. Multi brand service centers cost 40%
less as compared to the authorized car service center which is the major reason
for consumers to shift to the multi brand service center during the post
warranty period. The number of post warranty cars is anticipated to witness a
CAGR of 3% during the forecast period FY’20-FY’25.
Rising
adoption of Technology by Multi Brand Service Center in India: India car service market is
witnessing the emergence of auto-tech servicing startups, leading to the
consolidation of the huge unorganized car repair garage segment of service. The
use of state-of-the-art technology has been a vital resource for multi-brand
networks to stay ahead of the curve. Companies have started offering app-based
tracking, live updates, personalized communication on the customer side, spare
parts ordering and tech-enabled reporting on the garage side attracting large
number of consumers. Surging adoption of technology by these companies is
allowing for a more hassle-free deployment of services.
Strong Used Car Sales growth: India is witnessing a healthy growth
in the used car sales, which is signaling the rising average age of car,
therefore impetus for car service market. Shifting focus of consumers from
purchasing new vehicles towards maintaining old ones is leading to a rise in
the on road used cars, which is leading to the surge in demand for multi brand
car servicing. The Indian used cars market is anticipated to witness a CAGR of
5% in terms of number of used cars sold during the forecast period FY’20-FY’25.
The
report titled “India
Multi-Brand Car Service Market Outlook to 2025: Door Step Car Servicing, Real
Time Service Status to Drive the Penetration of Multi Brand Car Service in
India” by Ken Research suggested that the multi brand market is
further expected to grow in the near future as the companies would provide
value added services such as providing real time service status. The market is
expected to register a positive CAGR of 11.9% in terms of revenue during the
forecast period of FY’20-FY’25.
By Type of Vehicle
Hatchback
SUV
Sedan
Luxury
Electric
Cars
By Vehicle Age
4-10 Years
>10 Years
<4 Years
By Region
Southern
Region
Northern
Region
Western
Region
Eastern
Region
By Service
Periodic
Maintenance Service
Mechanical
and Electrical Repair
Collision
Repair
Car
Detailing and Car Care
India Spare Parts After Market Segmentation:-
By Type of Spare Parts
Drive
transmission and Steering
Electricals
and Electronic Components
Engine
components
Suspension
and Braking
Consumables
and Miscellaneous
Cooling
Systems
Rubber
Components
Key Target Audience:-
Automotive
companies
OEM Car
Service companies
Multi
brand Car Service companies
Automotive
Spare Parts Companies
Time Period Captured in the Report:-
Historical Period: FY’15-FY’20
Forecast Period: FY’20-FY’25
Multibrand Car Dealers/Service Providers:-
Mahindra
First Choice Service
My TVS
3M Car
Care
Go
Mechanic
Pitstop
Carz
Bosch Car
Service
Spare Parts Aggregators/ Online Marketplaces:-
Boodmo
Partsbigboss
AutoKartz
Spareshub
Mechkartz
For More
Information on the research report, refer to below link:-
India
Multi-Brand Car Service Market
Related Reports:-
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