Categories: Market Research

Global Authorized Car Service Center Market Analysis 2024 – Estimated Market Size And Key Drivers

The Authorized Car Service Center by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Authorized Car Service Center, The authorized car service center market size has grown strongly in recent years. It will grow from $220.62 billion in 2023 to $235.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to rising vehicle ownership rates, growing complexity of automobiles, warranty and service package offerings, compliance with manufacturer standards, increased focus on vehicle safety..

The authorized car service center market size is expected to see strong growth in the next few years. It will grow to $299.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing fleet of electric vehicles, advancements in automotive technologies, expansion of car subscription services, focus on environmental sustainability, integration of digital service platforms.. Major trends in the forecast period include emphasis on sustainability practices, introduction of subscription-based services, training and skill development, efforts in brand loyalty programs, integration of augmented reality (ar) in service procedures..

The rapid growth of the automobile industry is expected to boost the growth of the authorized car service center market going forward. The automobile industry refers to businesses engaged in the manufacture, distribution, retail, and upkeep of automobiles. In order to assure that the vehicles obtain authentic OEM (Original Equipment Manufacturer) parts and genuine services, vehicles are serviced at an authorized service center after purchase. Hence, the rapid growth of the automobile industry will require a number of authorized service center to provide genuine and better services which will boost the authorized car service center market. For instance, according to a report published by MarkLines Co., Ltd., a Japan-based automotive information platform, in 2021, automotive sales in the U.S. reached 15,079,182 units in 2021, and further, the sales of trucks and SUVs increased by 5.3%. Therefore, the rapid growth of the automobile industry is driving the growth of the authorized car service center market.

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The authorized car service center market covered in this report is segmented –

1) By Auto Body Workshop: OEM Authorized Workshops, Organized Multi-Brand Service Providers

2) By Service: Engine, Transmission, Brakes, Suspension, Electrical, Body, Tire, Belts And Accessories

3) By Vehicle Age: Less Than Three Years, More Than Three Years

Technological advancement is the key trend gaining popularity in the authorized car service center market. Major companies operating in the authorized car service center market are focusing on developing new technologies. For instance, in March 2022, Volvo Car Corporation, a Sweden-based manufacturer of luxury vehicles, launched UVeye an automated vehicle inspection technology. The unique feature of this technology is its high-speed, camera-based systems that scan tires, underbody components, and car exteriors for flaws, missing parts, and other safety-related issues. The automated vehicle inspection procedure is quicker than manual inspections and takes only a few seconds to complete.

The authorized car service center market report table of contents includes: