Vehicle servicing is essential to enhance vehicle life, achieve optimum vehicle performance and efficiency, and maintain proper vehicle condition. Vehicle servicing is performed in order to check, and if necessary, replace the defective components of the vehicle. It typically includes engine oil change, filter change, and checking of several other components that are continuously in operation. Servicing is carried out at specific time intervals, as several components that are continuously subjected to wear and tear require proper maintenance and sometimes, replacement. Proper functioning and condition of all components enhance the overall vehicle life.
The global vehicle servicing market is primarily driven by the increasing number of on-road vehicles. Each vehicle has to undergo servicing after a specific time interval. Thus, demand for vehicle servicing is rising due to the rise in number of on-road vehicles. Increase in per capita income, rise in job opportunities, expansion of ride-hailing and vehicle-sharing market, increase in number of commuters, lack of availability of proper public and mass transit systems, and rapid urbanizations are fueling the demand for vehicles across the globe, which in turn is fueling the vehicle servicing market. OEMs suggest the specific time period between successive vehicle servicing. OEMs don’t assure proper functioning of the vehicle unless and until the servicing is performed at suggested time interval.
The global vehicle servicing market can be segmented based on service center type, vehicle type, vehicle power source, and geography. In term of service center type, the global vehicle servicing market can be classified into two segments. Authorized service centers comprise service centers operated by vehicle manufacturers and OEM franchised service centers. The authorized service center segment accounted for a major share of the market, in terms of revenue, in 2017. OEMs provide several free servicing for new vehicles. Trust about authorized service centers among vehicle owners, use of proper components and material, and surety of proper and fast service are attributed to the considerable share held by the authorized service center segment of the market.
In terms of vehicle type, the global vehicle servicing market can be classified into two primary segments. The number of passenger vehicles across the globe is much higher than that of commercial vehicles, and hence, the passenger vehicle segment held a major share of the market, in terms of revenue, in 2017. Commercial vehicles have a higher number of components than that of a typical passenger vehicle, thus the cost required for servicing a commercial vehicle is higher than that for a passenger vehicle.
In terms of vehicle power source, the global vehicle servicing market can be classified into four segments. Internal combustion engine (ICE) powered vehicles are a prominent source of pollution and hence, governing bodies are reducing the number of ICE vehicles. Thus, the demand for ICE vehicles is decreasing due to the implementation of stringent emission norms, heavy subsidies and incentives for electric vehicles, and rising awareness about the increase in global temperature. However, the electric vehicle market is restrained by the lack of availability of electric vehicle charging infrastructure and higher cost of electric vehicles. Consequently, the ICE powered vehicle segment accounted for a prominent share of the market. ICE powered vehicles have a significantly higher number of components, as compared to those in an electric vehicle, which requires longer time for servicing. Battery electric vehicles and plug-in hybrid electric vehicles require special servicing of the battery and the powertrain system.
In terms of region, the global vehicle servicing market can be segmented in five prominent regions. Europe accounts for a significantly higher number of vehicles, and hence, it holds a major share of the global market, in terms of revenue. Consumers across Europe and North America are well aware about the necessity of servicing, thus carry out proper servicing at specific time periods. These regions account for higher number of vehicles per 1000 persons. Asia Pacific comprises rapidly developing nations, such as China and India, which have a large population. Increasing per capita income across India and China, due to the increased rate of employment, lower number of vehicles per 1000 people, developing road connectivity and infrastructure, and presence of vehicle manufacturers are fueling the demand for vehicles across Asia Pacific. Thus, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period.
Key players operating in the global vehicle servicing market are Halfords Autocentres, ELVA DMS, Fleetcare Pty Ltd., Volkswagen AG, National Vehicle Servicing, Robert Bosch GmbH, ATS Euromaster Limited, Universal Tyres, Motability Operations Limited, Tata Motors, Global Auto Center, and Toyota Motor Corporation. The global vehicle servicing market comprises a large number of local and small players, thus the market is highly consolidated, yet offers lucrative opportunities.
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