Authorized Car Service Center Market to Record Robust Compound Annual Growth Rate During the Forecast Period

With numerous car service centers offering affordable, lucrative maintenance plans cropping up across the globe, authorized car service center market is forecast to achieve lucrative gains in the ensuing years. To cater to the exponentially increasing base of passenger cars, automotive OEMs are commencing multiple service centers in various countries, especially in 2 & 3 tier cities, which is likely to boost market volume. Global authorized car service center market share is poised to exceed USD 247 billion by 2024. 
Emission levels escalating to a significant high has prompted concerned authorities to take necessary steps to curb the same. Enactment of various strict regulations which mandate servicing of vehicles at regular intervals is further intensifying industry trends. Moreover, servicing of automobiles has become imperative to keep in step with recent engineering advances of the industry. In this regard, organized multi-brand service providers have gained substantial traction.
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Consumers have a higher propensity towards such service centers as they render quality services at affordable servicing plans along with occasional discounts, extended warranties, and transparent spare parts pricing. It has become the general norm for vehicles post warranty period to resort to organized multi-brand car service centers, which is fueling market trends. Authorized car service center business share from organized multi-brand service providers is likely to register a CAGR of over 2.5% over 2018-2024.
How will proliferating demand for body car service drive authorized car service center industry outlook?
With respect to service, authorized car service center market share from body services is estimated to contribute to almost 27.5% to global revenue share by 2024. The body of vehicles is inescapably subject to the risks of scratches, dents, and other potential damages, thereby fueling requirement for services to reinstate the vehicle body to original contribution. Additionally, the situation is further aggravated by the highly congested state of roads in urban areas. Moreover, consumer demands for body parts customization and paint modification such as vinyl stickers, and black roofs further spur the segmental growth.
How will proliferation of vehicles more than 3 years impact authorized car service center business trends?
Vehicles over the age of three years invariably require frequent maintenance and repair activities for smooth functioning. With substantial rise in car ownership in recent years, there has been an increase in number of vehicles over three years age, which is inducing high authorized car service center market growth.  Moreover, strict government regulations pertaining to pollution levels require old vehicles to change or modify car certain parts, which is further supporting authorized car service industry size. The market share from passenger cars more than three years is likely to achieve gains at a CAGR of more than 3% over 2018-2024.
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What is fueling authorized car service center market trends in Asia Pacific?
Speaking of regional contribution, Asia Pacific authorized car service center industry is slated to establish itself as a prominent authorized car service center growth avenue. The region is in the midst of rapid urban sprawl, which coupled with rising car ownership in the region has propelled authorized car service center market demand. Road infrastructure development within the region, rise in number of vehicles in operation and subsequent rise in number of road accidents have further contributed to market volume. As per estimates, Asia Pacific authorized car service center industry is likely to achieve gains at a CAGR of 3.8% over 2018-2024. 
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