Automotive collision repair mainly includes denting, painting, repairing, and replacement of accidentally damaged vehicles parts. Also, the cost for the collision repair is mainly financed by the insurance companies.
All these insurance-providing companies have tie-up with the automotive collision repair service providing shops.
Additionally, the rising awareness with regard to the insurance of automotive vehicles has resulted in an increase in auto insurance expenditure across the globe, and technological advancements in the automobile sector that are the factors boosting the growth of the global automotive collision repair market over the forecast period.
Automotive Collision Repair Market is valued at USD 193.87 billion in 2022 and is projected to reach a value of USD 228.94 billion in 2030 expanding at a CAGR of 2.1% over the forecast period of 2022-2030.
Key Market Trends:
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rise in the number of subscriptions of automobile insurance.
Additionally, the OEMs have developed several channels in order to distribute their branded parts to different service departments. The rise in demand for hybrid and electric cars has increased the demand for specific tools and spare parts used in such vehicles and this is mainly projected to improve the demand for automotive collision repair.
Also, the vehicle owner is obligated to get a notice that the warranties that apply to the non-OEM and nonstandard parts will not be provided by the manufacturer of the vehicle but by the manufacturer or distributor of the parts. This has also boosted the market growth.
Also, technological advancements have brought numerous benefits to organizations and the digitalization has allowed all of us to experience a more personalized service, quicker delivery, and instant access to support. This has also boosted the market growth over the forecast period.
There are various advantages associated with inspection and repairing by a collision repair specialist. The collision repair specialist always finds a way of reducing the cost of damages.
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Segmental analysis of the Market:
Based on Product
- Paints Coatings
- Consumables
- Spare Parts
The Paints and Coatings segment has dominated the market growth over the forecast period. This is because of the spare parts used in the automobile service delivery include crash parts, repair materials, supplementary mechanical parts, restoration materials, and tools. The paints coatings segment includes coloured paints and scratch-resistant coatings, coatings for plastic parts, vehicle topcoats, electrodeposition coatings, and glass coatings.
Based on Service Channel
- DIY
- DIFM
- OE
The DIY segment has dominated the market growth over the forecast period. This is because of the robust demand from the emerging economies. The DIY segment is expected to register the highest CAGR in the Asia Pacific region over the forecast period, followed by South America.
Based on Vehicle Type
- Light-duty Vehicle
- Heavy-duty Vehicle
The light-duty vehicle segment has dominated the market growth over the forecast period. This is because the light-duty vehicles segment comprises of hatchbacks, sedans, SUVs, and crossover cars.
Europe is anticipated to amplify at a considerable CAGR
The Automotive Collision Repair Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Europe has dominated the market growth over the forecast period. This is because of the increasing number of vehicle sales is leading to significant growth of the automotive collision repair industry in the said region. An upsurge in vehicular damage due to the lack of stringent driving regulations in the Asia Pacific region is further driving the regional market growth.
Competitive Landscape:
Some of the prominent companies operating in the market are 3M; Automotive Technology Products LLC; Continental AG; Denso Corporation; Faurecia; Federal-Mogul LLC; Honeywell International, Inc.; International Automotive Components Group; Johnson Controls, Inc.; Magna International, Inc.; Mann+Hummel Group; Martinrea International, Inc.; Mitsuba Corporation; Robert Bosch GmbH; and Takata Corporation.
Major Questions Answered In This Report:
- What is the growth rate of the Automotive Collision Repair Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key Takeaways From The Report:
- The Automotive Collision Repair Market is projected to expand at a CAGR of 2.1% over the forecast period.
- The rise in the number of subscriptions of automobile insurance is aiding market progression.
- The DIY segment is poised to expand significantly over the forecast period.
- Europe has dominated the regional market sphere over the forecast period.
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