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Global Automotive Collision Repair Market Report 2022: Passenger Vehicles Lead the Way in $208.3 Billion Industry
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Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Automotive Collision Repair Market By Product, By Service Channel, By Vehicle Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Collision Repair Market size is expected to reach $208.3 billion by 2027, rising at a market growth of 1.9% CAGR during the forecast period.
The restoration and replacement processes done on automobiles damaged in an accident are referred to as automotive collision repair. It includes denting, painting, restoring, repairing, replacing, and refinishing structural or cosmetic portions of vehicles, such as glass windows, bumpers, and car doors. Paints, scratch-resistant coatings, replacement components, and other refinishing materials are commonly utilized in car collision repair.
An increase in automotive traffic is ascribed to factors such as global population expansion, rising disposable income, and growing sales of light-duty automobiles in emerging markets. This is causing an increase in the number of car accidents.
Market Growth Factors:
Constant technological advancements
In the last few years, the number of traffic accidents and fatalities has increased drastically. One of the major factors contributing to this number is the adoption of the drink and drive concept. In addition, tremendous expansion in the automotive industry is expected to help the customers to avail these services more readily. The increasing demand for electric and hybrid vehicles (H/EVs), as well as conventional automobiles, has increased customer demand for maintenance services. In accordance with this, automotive stores are increasingly selling do-it-yourself (DIY) kits for consumers that include sophisticated and customized replacement parts.
Passenger vehicles are set to boost the market growth
Mainly, the automotive collision repair services market is divided into three vehicle types: passenger cars, light commercial vehicles, and heavy commercial vehicles. On a worldwide basis, the percentage for passenger cars holds a significant number of all automobiles. Passenger cars, which have a bigger fleet, are more likely to be involved in crashes than commercial vehicles. Hence, this factor is expected to help many service providers to provide services by considering the needs and requirements of different types of passenger vehicles.
Marketing Restraining Factor:
Absence of trained professionals
Both in developing as well as developed countries, there is less availability of trained individuals who can perform collision repair services effectively. This shortage is expected to motivate people to prefer repairing services from the locally available mechanics. Moreover, these services are associated with high cost, hence many people tend to sell their cars after a major collision or accident. The cost of hiring a repair specialist is the single most important factor that deters individuals from doing so. A damaged car might cost anywhere from a few hundred dollars to several thousand dollars to repair.
Scope of the Study
Market Segments Covered in the Report:
By Product
Spare Parts
Consumables
Paints & Coatings
By Service Channel
OE
do-it-yourself (DIY)
DIFM
By Vehicle Type
Light-duty Vehicle
Heavy-duty Vehicle
By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
Automotive Technology Products LLC
International Automotive Components (IAC) Group
3M Company
Continental AG
Robert Bosch GmbH
Honeywell International, Inc.
Denso Corporation
Tenneco, Inc.
Magna International, Inc.
Faurecia (Groupe PSA)
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Automotive Collision Repair Market by Product
Chapter 5. Global Automotive Collision Repair Market by Service Channel
Chapter 6. Global Automotive Collision Repair Market by Vehicle Type
Chapter 7. Global Automotive Collision Repair Market by Region
Chapter 8. Company Profiles
Companies Mentioned
Automotive Technology Products LLC
International Automotive Components (IAC) Group
3M Company
Continental AG
Robert Bosch GmbH
Honeywell International, Inc.
Denso Corporation
Tenneco, Inc.
Magna International, Inc.
Faurecia (Groupe PSA)
For more information about this report visit https://www.researchandmarkets.com/r/pxhj98
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