India Multi-Brand Car Service Market Outlook to 2025
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” provides a comprehensive analysis of multi brand car service market in India.
The report focuses on the multi brand car service market size, India multi brand car service market segmentation by Type of Vehicle (Hatchback, SUV, Sedan, Luxury, Electric Cars), by Type of Vehicle Age (4-10 Years, >10 Years, <4 Years), By Region (Southern, Northern, Western & Eastern Region), By Service (Periodic Maintenance Service, Mechanical and Electrical Repair, Collision Repair & Car Detailing and Car Care). The report also covers the Regional Multi-Brand Service Center Hotspots, Operating Model of Multi-Brand Car Servicing Players, Partnership Model for Multi-Brand Car Service, Technology Model for a Multi-Brand Car Service Centre, M&A Activity in the Multi-Brand Car Service Space, Decision Making Parameters for Selecting a Service Centre, Porters Five Forces Analysis, Challenges faced by Multi Brand Car Service Companies, Cross-Comparison of Major Multi-Brand Car Service Companies, Pricing Comparison of Major Multi-Brand Car Service Companies, Company Profiles of Major Companies, India spare parts aftermarket size, Cross Comparison of Major Spare Parts Aggregators/ Online Marketplaces, Unorganized Car Service in India Overview, Challenges Faced by Independent Garages, Opportunity Areas in Unorganized Garage Segment, Case Study. The report concludes with future market projections on the basis of overall multi brand car service revenue and analyst recommendations highlighting the major opportunities and Success Strategies.
India Multi Brand Car Service Market
Multi brand car service industry revenue stood at INR ~ Cr in FY’2020 and recorded a CAGR of 36.4% during FY’15-FY’20. Multi brand car service centers are majorly preferred by the users with out-of-warranty cars. Car insurance companies also highly prefer multi-brand centers as they provide OEM-quality repairs at a cost way less than authorized dealerships.
Lower cost of multi brand service centers & Availability of quality spares from reputed suppliers is leading to the growth of multi brand car service centers in India. The market is witnessing emergence of Tech Enabled Auto Servicing startups to consolidate the huge unorganized ‘garage’ segment of service. Automotive slowdown & the COVID-19 pandemic brought a sustained downward trend in new passenger car sales in FY’21.
India Multi Brand Car Service Market Segmentation
By Type of Vehicle (Hatchback, SUV, Sedan, Luxury, Electric Cars): The Hatchback vehicle segment was observed to dominate the multi brand car service market followed by SUV, Sedan, Luxury & Electric cars in FY’20. Higher demand for Hatchback in the India market leading to higher service requirement for Hatchback.
By Vehicle Age (4-10 Years, >10 Years, <4 Years): Vehicles aged between 4-10 dominated the multi brand car service market in India as these vehicles require servicing more frequently as compared to other categories.
By Region (Southern, Northern, Western & Eastern Region): People in Southern Region are conservative in nature due to pocket constraints and prefer multi-brands over expensive authorized OEM service leading to higher share in the market.
By Service (Periodic Maintenance Service, Mechanical and Electrical Repair, Collision Repair & Car Detailing and Car Care): Periodic Maintenance Service segment was observed to dominate the multi brand car service market in India in FY’20. Annual frequency of car service in India is 2 years.
India Spare Parts After Market
Passenger Cars Spare Parts Aftermarket Industry revenue stood at INR ~ Cr in FY’20 and recorded a CAGR of 13.7% during FY’15-FY’20. Increase in spending capacity, changing consumer habits, rise in demand of organized sector has led to expansion online aftermarket industry in India.
India Spare Parts After Market Segmentation
By Type of Spare Parts (Drive transmission and Steering, Electricals and Electronic Components, Engine components, Suspension and Braking, Consumables and Miscellaneous, Cooling Systems & Rubber Components: Drive transmission, Steering, Electricals and Electronic Components dominating the demand for spare parts in India followed by Electricals and Electronic Components and others.
Comparative Landscape in India Multi Brand Car Service Market
The competition structure in India Multi Brand Car Service is fragmented in nature. The multi brand car service companies were observed to compete on the basis of Regional Presence, Workshop Network, Service Lead Time, Price and Customer Service.
India Multi Brand Car Service Market Future Outlook and Projections
Value added services such as real time service status and door step car delivery is expected to gain high traction in future. Growth in the EV ecosystem in the country is expected to create new opportunities for multi-brand car servicing. Over the forecast period FY’2020-FY’2025F, the India multi brand car service market Revenue is further anticipated to increase to INR ~ Cr by the year FY’2025F, thus showcasing a CAGR of 11.9%.