Automotive Collision Repair Market

Global Automotive Collision Repair Market:

Automotive Collision Repair Market - By Product, Service, Vehicle Type and Region.

Market Synopsis:

The Global Automotive Collision Repair Market is valued at USD 187.2 Billion in the year 2021 and is expected to reach a value of USD 209.5 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 1.9% over the forecast period.

The automotive industry has experienced some major revolutionary changes over the past few years and investments in Research and Development (R&D) of the automotive industry have increased to foster these new changes. The safety standards across the world have changed and evolved as the incidence of road accidents has led to a high number of death counts which, is not a favorable scenario. Governments across the world are deploying stringent norms that necessitate better safety in transportation and vehicles which has led to substantial changes in safety systems used. Automotive Collision Repair solutions and services have evolved to accommodate advanced safety solution repairs.

Increasing penetration of technology and digitization has also further bolstered the demand for advanced collision repair. Increasing demand for electric cars and hybrid cars is anticipated to further shape the Automotive Collision Repair Market potential over the forecast period. However, high costs to the company from collision repair could prove to be a hindering factor for the overall Automotive Collision Repair Market growth. And concerns about the safety of cars after collision repair is anticipated to influence Automotive Collision Repair Market potential. The rising popularity of DIY collision repair kits and their increasing availability is also expected to boost Automotive Collision Repair Market growth through 2028.

Market Segmentation:

The Automotive Collision Repair Market is segmented based on Product, Service Channel, Vehicle Type, and Region. Based on Product, the market is segmented as Paints & Coatings, Consumables, and Spare Parts. Based on Vehicle Type the market is segmented into Light-Duty vehicles and Heavy-Duty vehicles. Based on the Service Channel the market is segmented as DIY, DIFM, and OE.

Based on Service Channel:

Based on the Service Channel, the market is segmented into DIY, DIFM, and OE. The OE segment is projected to account for a dominant market share and is expected to lead the Global Automotive Collision Repair Market growth across the forecast period. The rising retention of old cars among consumers has propelled the demand for aftermarket parts and services which has resulted in favorable conditions for the Global Automotive Collision Repair Market. Increasing demand from emerging economies will prominently shape the overall Automotive Collision Repair Market potential over the forecast period through 2028.

Based on Vehicle Type:

Based on Vehicle Type, the market is segmented into Light-Duty vehicles and Heavy-Duty vehicles. The Light-Duty Vehicle segment is anticipated to witness a rise at a steady Compound Annual Growth Rate (CAGR) over the forecast period. Rising sales of SUVs, sedans and other vehicles owing to the increasing disposable income of the general population has resulted in high purchasing power at their disposal. Increasing trade incentives and the launch of new efficient heavy-duty vehicles are expected to drive growth in the heavy-duty segment across the forecast period.

Europe Accounts for a Dominant Market Share

Europe accounted for a dominant market share of 41.2% in 2021 and held a net worth of USD 77.1 billion in 2021. Rising vehicle sales and the presence of prominent automotive manufacturers are expected to be the most influential factors driving Automotive Collision Repair Market growth through 2028. Moreover, stringent safety mandates are expected to provide new opportunities for aftermarket collision repair services as well.

The Asia Pacific region is anticipated to hold a significant market share throughout the forecast period. This region is expected to witness high demand owing to increasing disposable income, rapid urbanization, and the presence of key automotive manufacturers. Increasing standard of living has increased the sales of vehicles and is driving demand for Automotive Collision Repair through 2028. Emerging economies such as India and China are at the forefront of the overall Automotive Collision Repair Market growth in the APAC region. These countries are witnessing rapid urbanization and an increase in the standard of living and hence are expected to see high sales of vehicles which are expected to subsequently drive the market for Automotive Collision Repair.

Competitive Landscape:

The key players in the Global Automotive Collision Repair Market include- 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, Takata Corporation and others.

Segmentation of the Global Automotive Collision Repair Market: