New York, June 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the launch of the “Global Authorized Car Service Center Market Report 2023” report – https://www.reportlinker.com/p06464174 /?utm_source=GNW
Ltd., Hyundai Motor Company, The Lansdowne Motor Company, Renault Group and Automovil.
The global authorized car service center market is expected to grow from USD 210.57 billion in 2022 to USD 226 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The war between Russia and Ukraine disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on several countries, an increase in commodity prices and supply chain disruptions, causing inflation in goods and services and affecting many markets around the world. The authorized car service center market is expected to reach USD 284.77 billion by 2027 at a CAGR of 5.9%.
The licensed car service center market includes revenue earned by entities for wheel alignment, wiper replacement, engine and cabin air filter replacement, brake fluid change , the replacement of spark plugs and other related services. Market value includes the value of related products sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to final consumers are included.
An authorized automobile service center refers to any service facility or shop designated as an authorized service center by the automobile manufacturer, an authorized dealer, or the company. It is used to perform routine maintenance such as tire rotations, oil and filter changes, and various inspections.
North America was the largest region in the Authorized Car Service Centers market in 2022. The regions covered in the Authorized Car Service Centers report are Asia-Pacific, Western Europe, Eastern Europe, America North, South America, the Middle East and Africa.
The main types of authorized car service center body shops are OEM authorized workshops and multi-brand organized service providers. OEM Authorized Workshop refers to a service center that has obtained OEM certification to use only factory-approved parts.
OEM approved workshops offer services that use the proper tools to install parts and only factory approved methods. The different services offered are related to engine, transmission, brakes, suspension, electrical, bodywork, tires, and belts and accessories for various vehicles less than three years old and more than three years old.
The rapid growth of the automobile industry is expected to drive the growth of the authorized automobile service center market in the future. The automotive industry refers to companies engaged in the manufacturing, distribution, retailing and maintenance of automobiles.
To ensure vehicles get genuine OEM (Original Equipment Manufacturer) parts and genuine service, vehicles are serviced by an authorized service center after purchase. Therefore, the rapid growth of the automobile industry will require a number of authorized service centers to provide genuine service. and better services that will drive the authorized car service center market.
For example, according to a report published by MarkLines Co., Ltd., a Japan-based automotive information platform, in 2021 US auto sales reached 15,079,182 units in 2021, an increase up 3.4% from 2020, plus truck and SUV sales rose 5.3%. Hence, the rapid growth of the automobile industry is driving the growth of the authorized automobile service centers market.
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 the development of new technologies.
For example, in March 2022 Volvo Car Corporation, a luxury vehicle manufacturer based in Sweden, launched UVeye, an automated vehicle inspection technology. The unique feature of this technology is its systems based on high-speed cameras that scan tires, components under the body. , and car exteriors for defects, missing parts, and other safety-related issues.
The automatic vehicle inspection procedure is faster than manual inspections and takes only a few seconds to complete.
In February 2023, Performance Plus Quick Oil Change, a US-based oil change and car wash company, acquired Sparkle Car Care Centers for an undisclosed amount. This acquisition is expected to deepen and strengthen Performance Plus’ position as an industry leader.
A perfect synergy has been achieved between two leading car care companies with the acquisition of Performance Plus from Sparkle Car Care Centers. Sparkle Car Care Centers is a US based company known for quality car washes and quick and efficient oil changes.
The countries included in the Authorized Car Service Center market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and geography through sales, grants or donations in currency terms (in USD unless otherwise specified ).
Revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are generated. It does not include resale revenue along the supply chain, either further along the supply chain or as part of other products.
Authorized Automotive Service Center market research report is one of a series of new reports that provides market statistics for Authorized Automotive Service Center, including global market size of the industry of authorized car service center, regional shares, competitors with authorized car service center market share, authorized detailed. Automotive Service Center market segments, market trends and opportunities, and any other data you need to thrive in the Authorized Automotive Service Center industry. This Authorized Automotive Service Center market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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