Gurugram, India, May 03, 2021 (GLOBE NEWSWIRE) --
- 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, and 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.
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
Key Topics Covered in the Report
- India Car Servicing Market Overview
- India Multi-Brand Car Servicing Market Analysis
- India Spare Parts Aftermarket Industry
- Operating Model Ecosystem of Multi-Brand Car Servicing Players
- Operating Model of Multi-Brand Car Servicing Players
- Franchisee Requirements for Operating a Multi-Brand Car Service Center
- Partnership Model for Multi-Brand Car Service
- Technology Model for a Multi-Brand Car Service Centre
- Cross-Comparison of Major Multi-Brand Car Service Companies
- Company Profiles of Major Companies
- Cross Comparison of Major Spare Parts Aggregators/ Online Marketplaces
- India Unorganized Car Service Market
- Future Landscape of Multi-Brand Car Service in India
- India Multibrand car service market
- India car service market
- India after sales service market
- India OEM after sales service market
- Local Car service in India
- Car Repair in India
- Local Garages in India
- New cars sold in India
- Used cars sold in India
- Passenger car parcs in India
- Passenger Vehicle sales in India
- Pre Warranty cars in India
- Hatchback car repair in India
- Sedan car service in India
- SUV car service in India
- Drive transmission and Steering India
- Electricals and Electronic Components India
- Engine components India
- Suspension and Braking India
- Consumables and Miscellaneous India
- Cooling Systems India
- Rubber Components India
- Operating Model of Multi-Brand Car Service India
- Partnership Model for Multi-Brand Car Service India
- M&A Activity in the Multi-Brand Car Service India
- Porters Five Forces for Car Servicing in India
- Challenges faced by Multi Brand Car Service Companies
- Car service pricing in India
- OEM Car service price in India
- Car Spare parts ecosystem in India
- Competition of Car service market in India
- Competition of Car spare parts in India
- Multi brand car service future in India
- Car Spare parts future in India
- Mahindra First Choice Service
For More Information, Refer to this link
Related Reports
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249