Market size forecasters delivers significant information and realistic data of the Automotive Collision Repair Market. The report presents a deep study of the market growth factors and drivers. In-depth research of the Automotive Collision Repair Market limitations and the opportunities enable the user to make the future projection.
Escalating technological developments in the automotive industry coupled with high demand for enhancing the vehicle efficiency will augment global collision repair market size over the years to come. Emerging countries are estimated to be the major ground for this industry growth in the next few years, one of the prominent factors behind this being the increasing development activities and rising consumer spending capacity across these regions.
Global automotive collision repair market share is projected to surpass USD 200 billion by 2024.
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The market is segmented in terms of vehicles, products, and regions.
Collision Repair Market, By Vehicles In terms of vehicles, the market is segmented into light-duty and heavy-duty vehicle collision repair.
Light duty vehicles collision repair will generate a revenue of more than USD 150 billion by 2024, primarily driven by the increased sales of these vehicles backed by favorable government regulations and significant efforts by OEMs to enhance fuel efficiency.
By Products Collision repair products comprise consumables and paints & coatings..
Paints & coatings accounted for 20% of collision repair industry share in 2014 and is predicted to exhibit significant growth over the forecast years. The prominent factor driving the growth is the growing need for high quality and cost-effective paint work to restore finishes. High traffic across urban areas presents greater risks of small collisions and dents, which will further increase the demand for restoration of the original color of the vehicle through touchups, thereby driving the product demand.
Consumables will observe a considerable growth over the forecast period, driven by the rare availability of aged vehicle parts along with a high cost incurred during their repair through authorized channels.
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Collision Repair Market, By Regions
The regional landscape covers U.S., Mexico, Canada, UK, Germany, France, Italy, India, Japan, China, and Brazil.
India collision repair market had a revenue of USD 3.5 billion in 2014 and is expected to grow substantially over the forecast timeframe, owing to the appreciable sale of automobiles across the country. The average regional automobile sale recorded during the period of 2010 to 2016 was approximately 30%.
Germany collision repair industry held 19% share of Europe collision repair market in 2014 and will record an annual growth rate of 2% over the period of 2016 to 2024. The growth can be attributed to the surging innovation and advancement in the automotive collision repairing technologies.
Collision repair industry is fragmented with the retail base shared amongst independent, authorized, and small workshops. Independent channel is anticipated to offer a competitive edge in the market driven by its upper hand with respect to cost and availability of the rare vehicle parts. Key participants in the automotive collision repair market are Service King, Maaco Franchising Inc., ABRA Auto Body & Glass, BASF, Caliber Collision, Continental, and 3M.
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