Automotive Collision Repair Market
Automotive Collision Repair Market Size, Share & Trends Analysis Report by Product (Paints & Coatings, Consumables, Spare Parts), by Service Channel (DIY, DIFM, OE), by Vehicle Type (Light-Duty Vehicle, Heavy-Duty Vehicle), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
Market Snapshot
| Automotive Collision Repair Market Forecast Year: | 2022 - 2028 |
| Automotive Collision Repair Market Historical Year: | 2016 - 2021 |
| Automotive Collision Repair Market 2021: | USD 187.2 Billion |
| Automotive Collision Repair Projected Market 2028: | USD 209.5 Billion |
| Automotive Collision Repair Market CAGR: | 1.9% |
| Fastest Growing Region: | Asia Pacific |
| Largest Region: | Europe |
Global Automotive Collision Repair Market:
Automotive Collision Repair Market - By Product, Service, Vehicle Type and Region.
Market Synopsis:
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.
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Region & Counties Covered
Companies Covered
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
impact analysis
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:
Research Methodology: Automotive Collision Repair Market by Product by Service Channel by Vehicle Type by Region - Global Market Assessment, 2021 - 2028
Secondary Research
Primary Research:
The primary research was conducted to gather further information and revalidate the data collected from the secondary research. Moreover, primary research is also conducted to identify key players in the market and to gather their market-specific financial information. A typical primary interview fulfills data requirements pertaining to first-hand information on global market size, regional and segmental trends, competitive landscape expertise development, and market understandings among others.
Data Triangulation and Market Size Estimations
Top-down and bottom-up approaches are used to validate and estimate the market size of the Automotive Collision Repair market. After the determination of the overall market size, the market is divided into various segments and sub-segments. Moreover, these same approaches mentioned above were used to derive and estimate market numbers for mentioned segments/sub-segments in the market. The data was triangulated by employing various data models and statistical techniques to arrive at exact statics and market size for each segment/sub-segment of the market. Moreover, region-wise product mapping analysis was used to gain some more insights on the competitive trend in the global Automotive Collision Repair market.
Frequently Asked Questions
-
What is
the global demand for Automotive Collision Repair
in terms of revenue?
The global Automotive Collision Repair valued at USD 187.2 Billion in 2020 and is expected to reach USD 209.5 Billion in 2028 growing at a CAGR of 1.9%
-
Which
are the prominent players
in the market?
The prominent players in the market are 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.
-
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 1.9% between 2021 and 2028.
-
What are
the driving factors
fueling the growth of the market.
The driving factors of the Automotive Collision Repair include
- Advanced technology usage in auto parts fabrication
-
Which
region accounted for the
largest share in the market?
Europe was the leading regional segment of the Automotive Collision Repair in 2020.
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