Press Release-Automotive Collision Repair Market to Reach Valuation of USD 209.5 Billion by 2028 – Rising Customer Demand for Buying Vehicles Drives the Market
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Automotive Collision Repair Market to Reach Valuation of USD 209.5 Billion by 2028 – Rising Customer Demand for Buying Vehicles Drives the Market
In terms of revenue, the Global Automotive Collision Repair Market is expected to reach USD 209.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 1.9% from 2022 to 2028.
Increasing road accidents, rising customer demand for buying vehicles, and technological advancement in this industry are anticipated to augment the growth of the market during the forecast period.
Key Highlights from Report:
Market Dynamics:
Automotive Collision Repair Market, also known as repair and reinstallation operations, is conducted on vehicles damaged in an incident. There are various materials used in Automotive Collision Repair Market, like spare parts, paints, and scratch-resistant coatings. Also, engine motor oil, crash parts, mechanical tools & parts. These services are provided through company-owned outlets or local garages. In the last few years, the number of road accidents has increased, resulting in increasing awareness regarding the insurance of vehicles. Innovations in the worldwide automobile industry, particularly in the sectors of electric and hybrid vehicles, OEMs are attempting to increase profits by offering particular spare components to collision service centers.
Also, the use of 3D printing technology to build complex and difficult automotive components and prototypes is boosting the market growth. This market is also supported by technology such as (ADAS) Advanced Driver Assistance Systems, collision avoidance sensors, and radar technologies. This industry has benefited from technological advancements such as low-cost maintenance and reduced service time. Vehicle accidents damage parts such as windshields, doors, headlights, bumpers, etc. that need to be replaced or repaired.
Europe held the largest shares in 2021. The US held the largest share in European for the Automotive Collision Repair Market. The growth in this region is due to the presence of the largest automotive manufacturers in the region, such as BMW and Mercedes. An increase in the penetration of electric and hybrid vehicles in this region is also anticipated to support the regional growth of the market.
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Automotive Collision Repair Market to Reach Valuation of USD 209.5 Billion by 2028 – Rising Customer Demand for Buying Vehicles Drives the Market
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