Selbyville, Del., Jan. 10, 2023 (GLOBE NEWSWIRE) —
The authorized auto service center market is expected to register a valuation of USD 350 billion by 2032, according to a new research report by Global Market Insights Inc. Passenger car ownership is growing at a robust pace each year, given the considerable increase in average disposable income. Several regions are also experiencing strong growth in their total GDP, which has led to a further improvement in passenger car sales.
Automakers are also setting up manufacturing facilities in developing economies due to the low cost of production and the availability of affordable skilled and unskilled labor. This has created an enabling environment for the establishment and expansion of authorized auto service centers to help customers gain easier access to timely auto service.
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The OEM Authorized Repairers segment accounted for 9% of the Authorized Auto Service Centers market share in 2022 due to the availability of highly skilled OEM certified technicians and tools required for auto service. The workshops also offer extended warranty schemes along with annual maintenance packages, which will support the expansion of the industry.
The brake service segment is anticipated to see a growth rate of over 5% through 2032. The incidence of automobile accidents and resulting fatalities is increasing worldwide. According to the US National Highway Traffic Safety Administration (NHTSA), an estimated 42,915 people across the country were killed in traffic accidents in 2021, an increase of 10.5% from 2020 Since such accidents can be caused by inefficient braking systems, the demand for efficient braking solutions is likely to increase. Replacing brake pads and fluids at regular intervals is essential to improve overall vehicle performance and efficiency. Authorized auto service centers can play a vital role in installing high-quality braking systems, which will strengthen the outlook for the industry.
In terms of vehicle age, the vehicle segment under 3 years old had more than 16.5% share of the authorized auto service center market in 2022. Customers who own vehicles that are less than three years old prefer have their cars repaired, maintained and serviced by OEM certified providers. automobile service centers, due to a greater range of benefits compared to other multi-brand centers. Therefore, advantages such as the availability of highly-skilled labor, warranty replacements, and the right tools to service vehicles are expected to accelerate business expansion.
Automobile Authorized Service Center Market in Latin America it is projected to reach almost 3.5% CAGR through 2032. This growth is attributed to the expansion of the automotive industry and the availability of domestically manufactured parts. Developing economies, including Brazil and Argentina, have witnessed a strong increase in vehicle sales, further increasing the demand for repair and maintenance services in the region.
The main players operating in the market for authorized automobile service centers are Toyota, Volkswagen, Suzuki Motor Corporation, Robert Bosch GmbH and many others. Many of these companies are focusing on launching novel services as a viable strategy to drive growth in the global marketplace.
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Partial index (ToC) of the report:
Chapter 3 Authorized Auto Service Center Market Outlook
3.2 Impact of the COVID-19 outbreak
3.3 Analysis of the impact of the Russia-Ukraine war
3.4 Technological evolution
3.5 Authorized Auto Service Centers Industry Ecosystem Analysis
3.6 Technology and innovation landscape
3.7 Patent analysis
3.8 Investment portfolio
3.9 Industry news
3.10 Regulatory landscape
3.11 Industry Impact Forces
3.11.1 Drivers of growth
22.214.171.124 High rate of motorization
126.96.36.199 Strict government regulations for fuel economy and carbon emissions
188.8.131.52 Growth in the passenger car industry and after-sales services
184.108.40.206 Increase in the fleet of old cars and reduction in spending on road infrastructure
220.127.116.11 Proliferation of the automotive industry and increased demand for high-end automobiles
3.11.2 Industry hazards and challenges
18.104.22.168 Growth of unauthorized automobile service centers
22.214.171.124 Increased use of electric vehicles
3.12 Analysis of growth potential
3.13 Porter’s analysis
3.14 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting services provider, offering syndicated and custom research reports along with growth consulting services. Our industry research and business intelligence reports provide clients with detailed insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.