Automotive Collision Repair Market Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecasts up to 2024
Market Study Report adds a new Automotive Collision Repair Market Research Report for the period of 2018-2024 that shows the growth of the market is rising at a Steady CAGR to 2024.
Proliferating demand for refinishing, reprocessing, and rebuilding of vehicle parts after accidents are strengthening the industry over the study time span. Continuous technological improvements in ancillary products and services such as denting, painting, and automobile body maintenance will positively impact the automotive collision repair market till 2024.
Rapid urbanization coupled with financial support in the form of low interest rate for passenger car loans are boosting the vehicle production across the globe. Increasing intercity and intra-city passenger as well as goods transportation will add commercial vehicles on the road. This rising road congestion will induce growth prospects for the automotive collision repair industry over the forecast period.
Shifting trend of consumers towards shared mobility is likely to intensify automobile sales across the globe. These vehicles experience higher wear and tear than private vehicles, thereby amplifying industry growth rate over the forecast timeframe. Rising complexities associated with software and electronic parts in new vehicle models are multiplying investments required for handling repair services. These challenges are limiting the reach of small & independent automobile workshops.
Finishing compounds from automotive collision repair industry will exhibit growth rate of approximately 4% from 2018 to 2024. Paints & coatings is observed to be commonly used material in the auto refinishing application. This rising penetration can be attributed to increasing road traffic which poses risk of scratches, minor dents, and small crashes, further driving the industry growth.
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Europe automotive collision repair market is anticipated to be valued at USD 112 billion over the projected time span. Rising demand for paintings and coatings from several countries is augmenting regional growth till 2024. Increasing replacement of metal parts and damaged plastics will further contribute in revenue generation.
Dealer owned auto body shops are set to pose CAGR of more than 2.5% during the study period. Increasing dealer retail network accompanied with transparent policy system is spurring the segment growth. Warranty coverage and high-quality work will further drive the automotive collision repair market growth rate from 2018 to 2024.
Automotive collision repair market participants are ZF Friedrichshafen AG, Denso Corporation, 3M Company, Federal-Mogul Holdings Corporation, Bosch, Honeywell International Inc., Continental Corporation, and Faurecia. Industry participants are investing heavily in technology improvement for widening their global presence. For instance, ZF Friedrichshafen utilizes 5% of its sales annually in research activities.
Automotive collision repair industry is highly fragmented owing to considerable number of auto body shops existing across the globe. However, owing to requirement of technically skilled workforce and declining profits, the industry is witnessing consolidation as multiple players are focusing on M&As with MSOs.
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Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Automotive Collision Repair Industry Insights
Chapter 4. Automotive Collision Repair Market, By Product
Chapter 5. Automotive Collision Repair Market, By Vehicle
Chapter 6. Automotive Collision Repair Market, By End Use
Chapter 7. Automotive Collision Repair Market, By Auto Body Shops
Chapter 8. Automotive Collision Repair Market, By Region
Chapter 9. Company Profiles
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