Global automotive collision repair market is estimated to reach around US $222.7 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Rapid technological advancements in paints and coating industry will accelerate automotive collision repair market growth. The industry increasingly demands advanced protective materials that enhance collision protection as well as meet the aesthetic features of automotive vehicles. Market players are under constant pressure of enhancing safety standards and guidelines. Moreover, the increasing number of vehicle accidents worldwide will expand industry size.
The report also cites that the surging penetration of electric and hybrid cars will offer impetus to automotive collision repair market over the forecast timeline. In addition to this, the digitalization of automotive repair and collision services will support business growth.
However, increase in use of paints and coatings may result in low-quality distribution in various automotive applications. It may also potentially affect the environment, negatively impacting market growth. Additionally, growing customer dependency on vehicle insurance may hinder automotive collision repair industry expansion in the ensuing years.
Based on product, the global automotive collision repair market is segmented into consumables, paints & coatings, and spare parts. According to the report, in 2017, the spare parts segment held a major share of the market in terms of revenue.
Based on end-use, the industry is categorized into New OEM, Aftermarket, Remanufactured, and Recycled. Meanwhile, as per vehicle type, the global automotive collision repair market is divided into passenger vehicles, commercial vehicles, and two-wheelers.
Speaking of regional contribution, Europe accounted for the highest market share in 2017. As per the report, factors like well-established automotive industry, high investment in R&D and rapid technological advancements will drive automotive collision repair market growth in the region.
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Introduction of strict government norms focusing on vehicular safety and emissions will accelerate the adoption of automotive collision repair in Europe. Growing safety concerns, rise in the number of road accidents, increasing development of self-driving vehicles, and rapid boost in automotive modernization, will accelerate demand in Europe automotive collision repair market.
Some leading firms operating in automotive collision repair market include Honeywell International, Inc., Denso Corp., 3M, Johnson Controls, Continental AG, Inc., Robert Bosch GmbH, Automotive Technology Products LLC, Federal-Mogul LLC, Henkel AG & Co., KGaA, and Caliber Collision. These firms are increasingly introducing new products and initiating partnerships with other market leaders to develop novel products that effectively meet consumers’ growing demands and requirements.
This report offers a brief overview of automotive collision repair market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis. It also provides an extensive quantitative and qualitative analysis of potential trends and growth prospects in automotive collision repair market between 2018-2026.