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.
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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.
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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.