An increase in automobile sales has propelled the growth of automotive services market. Automotive service market includes various sub-segments such as automotive repair and service, automotive insurance, parking management, sales and purchase of pre-owned vehicles and others.
Technological innovations and developments are not only benefitting the consumers and automotive manufacturers but also the auto insurers. It is enabling the auto insurers to reshape their insurance policy and enhance their claim handling capabilities. The technologies such as vehicle telematics and Internet of Things (IoT) are facilitating shift of automotive insurance industry towards usage-based insurance. It can be implemented in two ways, namely Pay-as-you-drive (PAYD) and Pay-how-you-drive (PHYD). PAYD calculates the insurance premium on the basis of distance covered by vehicle; however, PHYD is a method of calculating the insurance premium based on the driving style of the vehicle owner.
Advancement in technology has played a major role in the rise of global parking management as well. Though the technology is still at a nascent stage, factors like rising instances of traffic congestion and adoption of smart parking system are supporting its market growth. Parking management system offers lower hardware and connectivity cost. It uses several components such as parking meters, Radio Frequency Identification (RFID) transponders, handheld ticket writers, occupancy sensors, automated gates, surveillance cameras and drivers and other devices. Parking owners are also coming up with the concept of bundling vehicle services such as maintenance and repair with smart parking.
Future of automotive service industry is expected to be heavily influenced by technological developments and introduction of digitization. The automotive service market is shifting to online platforms which will enable selling of spare parts and services on internet. Use of telematics will allow a vehicle to communicate with the dealer management software and servers before a service is due or in case of parts failure.
ASDReport.com has a comprehensive repository of reports on general automotive services market. The reports cover various technologies and topics related to automotive services market like, taxi market, transportation management, car washing services, car sharing and much more.