The global automotive collision repair market is expected to reach USD 202.24 billion by 2024, according to a new study by Grand View Research, Inc. Advancements in claims, insurance, and the automobile aftermarket have led to the development of new repair techniques and modern processes, which have significantly widened the scope across the passenger and commercial vehicle categories. The untapped and unorganized automotive collision repair market in the Asia Pacific region is positioned as a major opportunity for the key vehicle repair vendors.
Advanced 3D production capabilities are being utilized by numerous leading manufacturers including Daimler AG (Germany) and BMW Group (Germany) in the production of spare parts and associated automobile components. For instance, Rolls-Royce Dawn 2016 is expected to use the 3D printing technology for fabricating mounting brackets for wire hoses and fiber-optic cables. Moreover, organizations such as the U.S. National Automotive Service Task Force (NASTF) have established a Collision Repair Committee (CRC) that helps recognize, address, and resolve the repair/service gaps in order to help vehicle repair centers accomplish a complete and safe automotive restoration for vehicle owners.
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Further key findings from the study suggest:
Paints, clear coatings, and accompanying consumables such as auto components and other spares are widely used in the automotive collision repair market. Coatings and paints are utilized to cover up dents and scratches in case of automotive body damages. The growing penetration of gas and hybrid electric cars is expected to further drive the industry with a new generation of vehicles coming in the demanding novel service repair regimens. This trend would help in laying the foundation of specialized auto collision repair shops catering to specific makes of vehicles.
Transport authorities and administrations across different countries have made it obligatory for car owners to buy insurance coverage in case of any damage to the insured vehicle and the driver. The increasing number of automobiles on the road in Asia Pacific countries, such as India and Japan, is expected to drive the regional automotive collision repair market.
The key players in the automotive collision repair market include Continental Corporation, DuPont, Federal-Mogul Holdings, Bosch, DENSO Corporation, and 3M. The industry observes frequent mergers and acquisitions in order to expand their share and global reach in the market.
The industry is expected to remain innovation-led with the introduction of new metals and chemicals that provide cost efficiency and weight reduction in automobiles. The increasing demand for automobiles is projected to trigger the demand for automobile collision repair centers. Stringent standards across the globe for car safety are anticipated to drive the collision repair industry.
Grand View Research has segmented the global automotive collision repair market on the basis of product, vehicle type, and region:
Automotive Collision Repair Product Outlook (Revenue, USD Billion; 2014 - 2024)
Paints & Coatings
Automotive Collision Repair Vehicle Type Outlook (Revenue, USD Billion; 2014 - 2024)
Automotive Collision Repair Regional Outlook (Revenue, USD Billion; 2014 - 2024)
Middle East & Africa
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