Written By: Resham Daswani

Thinking of investing in the automobile service sector, then choosing to start a multibrand car service franchise is the right option for you.  This blog will give you insights into the Indian car market, how the service industry has seen rapid growth and will continue to witness it more, and, not to forget, MyTVS, a multi-brand car service franchise that has grabbed the limelight to be the best car service franchise in India for 2024.

About Multibrand Car Service Market Overview

The Indian car service market is segmented into authorized service centres, local garages, and multi-brand service centres of which the popularity of the multi-brand service centers stands out to be the highest of the lot.

Here is an overview of why this is a more preferred option in comparison to authorized centers and garages.

1. More cost-effective: These centers frequently offer competitive prices for their services compared to authorized repair centres. Many car owners like this because they are always looking for ways to cut costs.
2. Diverse offerings of spare parts under one roof: Multi-brand service centres may have better access to a wider variety of spare parts, including options that are manufactured by third parties and generic manufacturers. In comparison to branded parts, which are only available at authorized service centres, these options may be more cost-effective.
3. Quick TAT: These service centres frequently work towards the goal of reducing the amount of time required for repairs and maintenance on vehicles. This is extremely important for people who rely on their automobiles for a daily commute and cannot afford to have them sit idle for an extended period of time.
4. More versatile: Multi-brand service centres can fix many brands and models. India uses a variety of automobiles from different manufacturers; therefore, this versatility is beneficial. Local garages may lack experience and equipment, while authorised service centres may specialize in certain brands.

Moreover, it is possible for multi-brand service centres to provide a more adaptable range of services, such as choices for customization and aftermarket upgrades, in order to appeal to a broad client base whose members have varying preferences.

Now let us talk about this fast-growing multi-brand car service franchise, MyTVS, in India.

MyTVS Car Service Franchise Opportunity in India 2024

If you're looking for an affordable and dependable alternative to the dealer, look no further than MyTVS! As a franchise, you are able to provide a dependable and branded service with the use of MyTVS, which is supported by authentic parts that come with warranties.

MyTVS gives you a fantastic opportunity to become a partner in its community of outlets that are positioned in important locations.

Benefits of investing in MyTvs franchise include:

1. Well-known brand: In India, the vehicle servicing sector is dominated by MyTVS, which is a well-known and respected brand. Customers, especially those who are familiar with the MyTVS name and trust it, may be more likely to patronize your franchise if they recognize the brand and have a good reputation associated with it.
2. Technical expertise: MyTVS is well-known in the automobile industry for the technical expertise it possesses. As a franchise owner, you have the opportunity to take advantage of the training and assistance made available to you by the franchisor. This helps to ensure that your staff possesses the knowledge and abilities required to deliver excellent service to clients.
3. Economical Scalability: By being a part of a franchise network that is already well-established, a business can gain access to economies of scale in terms of bulk purchases of supplies, tools, and equipment. There is a possibility that this will result in cost reductions for franchise owners.
4. Vast range of services: MyTVS Multibrand car service centres often provide a broad selection of services for a variety of automobile brands and models. These services may include routine upkeep and repairs, in addition to other automotive-related options. Because it can accommodate the requirements of such a wide variety of vehicles, this adaptability has the potential to bring in a varied clientele.
5. Established Quality Standards: Quality standards are often defined by the parent company and implemented by franchises. Cars serviced at MyTVS Multibrand service centres are more likely to meet certain criteria of quality, which is good for consumer happiness and brand loyalty.

Also Read: How MyTvs Car Service has been rapidly expanding its footprints since 2021 in India.

Wondering how much it costs to start a MyTvs franchise in India?  The investment ranges between Rs 30-50 lakhs approximately with an area required of about 3000-5000 square feet.

Is it profitable to start a MyTvs Car Service Franchise in India in 2024?

Like any other franchise business, the profitability of a car service franchise in India also depends on various factors, such as:

1. Market Demand: Determine how much of a need there is in your target location for automotive services. Think about things like the quantity of cars on the road, the way people drive around town, and the state of the economy in general. The possibility for profit can be positively impacted by an increase in the demand for automotive services.
2. Competition Analysis: Conduct an analysis of the level of competition that exists in the area. If there are already a number of well-established auto service centres in the area, you will need to give some thought to how your MyTVS franchise can set itself apart from the competition in order to attract clients. Look for service loopholes that you can cover or distinctive selling factors that your franchise can offer that will set it apart from the competition.
3. Location: It's possible that your MyTVS franchise's success will be heavily influenced by its location. Pick a place that has a lot of potential customers passing by and is easy to get to. It can be beneficial to be in close proximity to commercial districts, residential neighbourhoods, and transit routes.
4. Understanding the Economic Trends: Take into consideration the current state of the economy as well as the general tendencies in the automobile sector. Demand for automobile services can be influenced favorably by factors such as economic stability and growth. On the other hand, consumer spending on vehicle maintenance may be impacted when the economy is in a downturn.

In short, before investing in a MyTvs car service franchise in India, it is best to gather information from existing franchise owners, understand their experience, and know about the profitability of this industry.

Market Drivers Enhancing the Growth Of The Car Service Business in India

Let us see how the Indian car service market has performed in 2023 and what the key drivers are that make this growth more promising for 2024.

It is anticipated that the automobile industry in India will develop at a compound annual growth rate (CAGR) of 11.3% until 2027. The demand for automobiles in India was estimated to reach 3,641,233 units in 2022, and it is anticipated that the market will expand at a compound annual growth rate of 9.7% from 2023 to 2030.

Moreover, as of 2022, India was rated as the world's third-largest auto market, having surpassed Japan in that ranking. By 2023, India had also become the fourth-largest maker of commercial vehicles.

The number of automobiles purchased by Indians for personal use has been on an upward trend for some time now.  Also, it is anticipated that the market for automotive products will be worth 149.60 billion dollars in the year 2023.

Here are some key drivers for this rapid growth:

1. India is increasing automobile ownership as incomes rise and the middle class grows. More car owners mean more maintenance and repair needs.
2. Urbanization increases vehicle densities in places where people commute by car. Due to traffic and population density, cars need regular maintenance and servicing.
3. Car services are in demand as vehicle owners realize the need for regular maintenance for longevity and performance. To avoid serious problems, consumers are seeking preventive maintenance more often.
4. Vehicles in India have sophisticated technologies due to stricter pollution restrictions. These standards necessitate frequent maintenance and updates, necessitating professional car servicing.

In short, these are a few market drivers that work together to contribute to the expansion of the automobile servicing industry in India. Entrepreneurs and service providers in the automotive industry have the opportunity to capitalize on these developments by providing high-quality services, making effective use of technology, and remaining sensitive to the ever-changing requirements of vehicle owners.

Other Top Car Service Franchise Brands To Consider in 2024

Franchising in India has become a popular method of growing a business and attracting potential investors who have been looking to start their own business.  Various sectors like food, retail, pharmacy, education, and hospitals have been part of this franchise model, and the automobile industry has also grown rapidly using this process.

Alongside MyTvs, other top brands like Bosch Car Service, Mahindra First Choice, and ServiceForce are a few of the many automobile service franchises that are expanding rapidly.

Nevertheless, you can reach out to our experts at FranchiseBazar who can guide you in selecting the right multibrand car service franchise that suits your interests and fits within your budget.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.