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 ofauto-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.
Key Segments Covered in India Multi Brand Car Service Market:-
By Type of Vehicle
By Vehicle Age
Periodic Maintenance Service
Mechanical and Electrical 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
Suspension and Braking
Consumables and Miscellaneous
Key Target Audience:-
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
3M Car Care
Bosch Car Service
Spare Parts Aggregators/ Online Marketplaces:-
For More Information on the research report, refer to below link:-
Indonesia Used Car Market Outlook to 2025 – By Market Structure (Organized & Unorganized), By Type of Car (MPVs, Hatchbacks, SUVs & Others), By Brand (Toyota, Honda, Daihatsu, Suzuki & Others), By Vehicle Age, By Mileage, By Customer Age and By Region (DKI Jakarta, East Java, West & Central Java, North Sumatera & Others)
Ankur Gupta, Head Marketing & Communications