The global automotive collision repair market size is likely to attain over USD 181.52 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 3.4% during the forecast years 2021-2028 Automotive collision repair services consists of services such as repairs, denting, replacement, painting, and refurnishing accidentally damaged vehicles. Collision repairs for vehicles are generally financed by the vehicle insurance firms based on insurance coverage claims for vehicle collisions. However, organizations are looking for uniform solutions that can include programs like alignment, finishing, and painting to get vehicles back on the road.
The present and future automotive collision repair market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the automotive collision repair market opportunities during the forecast years. Factors such as the increase in cases of road collisions due to surge rash driving or driving under the effect of alcoholic consumption are the key factors driving the market growth for automotive collision repair.
Also, the rising demand for hybrid and electric cars is expected to further increase the demand for specific tools and spare parts used in such vehicles. This is anticipated to improve the demand for automotive collision repair. However, lack of technical expertise and improving vehicle safety features are hampering the market growth. Furthermore, due to growing adoption of various alternative fuel vehicles, it is likely to provide lucrative development opportunities for the automotive collision repair market in the forthcoming years.
The report also emphasizes several distinctiveness of the global automotive collision repair industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the automotive collision repair industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The automotive collision repair market has tough competition among the new emerging and pre-established market vendors. Besides, the automotive collision repair industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the service channel, the market is categorized into Do-It-Yourself, IT, Do-It-For-Me, and Original Equipment. The Do-It-Yourself segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Do-It-For-Me sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the Do-It-Yourself segment is largely ascribed to the retailers selling do-it-yourself (DIY) kits to consumers who prefer to repair their cars at home without any assistance.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the automotive collision repair market in this region is mostly ascribed to the the increasing number of vehicle sales 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. However, the Europe region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increased growth in countries such as the U.S. and Canada. Several companies have initiated the production of complete kits that provide DIY solutions to the users.
The major players of the global automotive collision repair market are BASF, Robert Bosch GmbH, Denso Corporation, Federal-Mogul LLC, Henkel, Honeywell International, Continental AG, Automotive Technology Products LLC, Johnson Controls, and Caliber Collision. Renowned companies are offering new and modern automotive collision repair software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Automotive Collision Repair Market
Product Type Overview, 2019-2028 (USD Million)
- Paints & Coatings
- Spare Parts
Service Channel Overview, 2019-2028 (USD Million)
- Original Equipment
Vehicle Type Overview, 2019-2028 (USD Million)
- Light-duty vehicle
- Heavy-duty Vehicle
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America