Multi brand car service industry revenue stood at INR ~ Cr in FY’2020 and noted a CAGR of 36.4% throughout FY’15-FY’20. Multi brand car service centers are mainstream chosen by the users with out-of-warranty cars. Car insurance companies also extremely prefer multi-brand centers as they deliver the OEM-quality repairs at a cost way less than official dealerships.
Lesser cost of multi brand service centers & obtainability of quality spares from reputed suppliers is important to the growth of multi brand car service centers around India. The market is observing emergence of Tech Enabled Auto Servicing startups to combine the huge unorganized ‘garage’ sector of service. Automotive slowdown & the COVID-19 pandemic brought a continued downward trend in new passenger car sales during FY’21.
Report Analysis and Market Players
According to the report analysis, ‘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’ states that the competition structure in India Multi Brand Car Service is scrappy in nature. The multi brand car service companies were witnessed to compete on the basis of Regional Presence, Workshop Network, Service Lead Time, Price and Customer Service. Mahindra First Choice Service, My TVS, 3M Car Care, Go Mechanic, Pitstop, Carz, Bosch Car Service, Boodmo, Partsbigboss, AutoKartz, Spareshub, and Mechkartz are the key companies which presently operating in the India Multi-Brand Car Service market more proficiently for keep maintaining the governing position, registering the great value of market share, obtaining the competitive edge, generating the highest percentage of revenue, and leading the highest market growth by analysing the strategies and policies of government as well as contenders, increasing the features and benefits of multi brand car services, spreading the awareness connected to the applications and advantages of multi brand car services, implementing the policies of profit making and strategies of expansion, improving the qualitative and quantitative measures of such, decreasing the associated prices of such, and delivering the better customer satisfaction.
By Type of Vehicle (Hatchback, SUV, Sedan, Luxury, Electric Cars): The Hatchback vehicle sector was witnessed to register the multi brand car service market followed by SUV, Sedan, Luxury & Electric cars in FY’20. Greater demand for Hatchback in the India market leading to greater service requirement for Hatchback.
By Vehicle Age (4-10 Years, >10 Years, Vehicles aged between 4-10 registered the multi brand car service market in India as these vehicles demand servicing more frequently as associated to other categories.
By Region (Southern, Northern, Western & Eastern Region): People in Southern Region are conservative in nature owing to pocket limitations and prefer multi-brands over expensive authorized OEM service leading to greater share in the market.
By Service (Periodic Maintenance Service, Mechanical and Electrical Repair, Collision Repair & Car Detailing and Car Care): Periodic Maintenance Service sector was witnessed to dominate the multi brand car service market during India in FY’20. Annual frequency of car service across India is 2 years.
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Value added services such as real time service status and door step car delivery is projected to gain high traction during future. Growth in the EV ecosystem in the country is predicted to generate the new opportunities for multi-brand car servicing. Over the review period FY’2020-FY’2025F, the India multi brand car service market Revenue is further projected to augment to INR ~ Cr by the year FY’2025F, thus showcasing the CAGR of 11.9%.
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Ankur Gupta, Head Marketing & Communications