How India Multi Brand Car Service Market Is Positioned?
Indian automobile industry stands as one
of the largest across the globe, leading to huge automotive servicing and
repair industry. Multi brand car service industry revenue stood at INR ~ Cr in FY’2020
and recorded a CAGR of 36.4% during FY’15-FY’20. Multi brand car service
centers are majorly preferred by the users with out-of-warranty cars. Car
insurance companies also highly prefer multi-brand centers as they provide
OEM-quality repairs at a cost way less than authorized dealerships.
Lower cost of multi brand service
centers & availability of quality spares from reputed suppliers is leading
to the growth of multi brand car service centers in India. The market is
witnessing emergence of auto-tech servicing startups to consolidate the huge
unorganized Service market, comprising of standalone garages. Automotive
slowdown & the COVID-19 pandemic brought a sustained downward trend in new
passenger car sales in FY’21.
Value added services such as real time
service status and door step car delivery is expected to gain high traction in
future. Growth in the EV ecosystem in the country is expected to create new
opportunities for multi-brand car Service Market. The competition structure in
India Multi Brand Car Service is fragmented in nature with presence of 35+
companies in the market offering car servicing, car detailing, intensive care treatment,
car wash and other services. Major companies in the multi brand car service
market include Mahindra First Choice Service, My TVS, 3M Car Care, Go Mechanic,
Pitstop, Carz and Bosch. Companies competing on the basis of Regional Presence,
Workshop Network, Price and others.
By Type of Vehicle (Hatchback, SUV,
Sedan, Luxury, Electric Cars)
The
Hatchback vehicle segment was observed to dominate the multi brand car service
market followed by SUV, Sedan, Luxury & Electric cars in FY’20. Higher
demand for Hatchback in is contributing to higher service requirements for in this
segment.
By Vehicle Age (4-10 Years, >10
Years, <4 Years)
Vehicles
aged between 4-10 dominated the multi brand car service market in India as
these vehicles require servicing more frequently as compared to other
categories.
By Region (Southern, Northern, Western
& Eastern Region)
People
in Southern Region of India are more price-sensitive and prefer multi-brands
over expensive authorized OEM service, which has contributed to relatively
higher share of Multibrand Car Service Segment in this region.
By Service (Periodic Maintenance
Service, Mechanical and Electrical Repair, Collision Repair & Car Detailing
and Car Care)
Periodic
Maintenance Service segment was observed to dominate the multi brand car
service market in India in FY’20. Annual frequency of car service in India is ~2
on average.
How India Spare Parts Aftermarket
Industry is Positioned
Passenger
Cars Spare Parts Aftermarket Industry revenue
stood at INR ~ Cr in FY’20 and recorded a CAGR of 13.7% during FY’15-FY’20. Increase
in spending capacity, changing consumer habits and rise in demand of organized
sector has led to expansion online aftermarket industry in India. Major B2B
spare parts e-marketplaces in India are SparesHub.com, Boodmo, MeriCAR.com. Delhi,
Gujarat, Madhya Pradesh, Maharashtra and Tamil Nadu are the major spare part
manufacturing clusters in India. Multi Brand Car Service Companies source spare
parts from OEMs as well as reputed suppliers selling quality substitutes for
original spare parts.
India Spare Parts Aftermarket Industry
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)
Drive
transmission, Steering, Electricals and Electronic Components is dominating the
demand for spare parts in India followed by Electricals and Electronic
Components and others.
India Multi Brand Car Service Market
Future Outlook and Projections
Value added services such as real time Service Status updates and door step car delivery after service is expected to gain high traction in future. Growth in the EV ecosystem in the country is expected to create new opportunities for multi-brand car servicing. Over the forecast period FY’2020-FY’2025F, the India multi brand car service market Revenue is further anticipated to increase to INR ~ Cr by the year FY’2025F, thus showcasing a CAGR of 11.9%.
Key Segments
Covered in India Multi Brand Car Service Market:-
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:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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