Automotive collision repair and refinishers work on structural and improving issues with cars and trucks. After an accident, they repair the dents, scratches, and other damage to return the car to its pre-accident condition. They repair discolored or peeling paint. Increased traffic congestion in cities has increased the likelihood of minor dents and scratches, which is expected to boost market growth. Other factors such as increased automobile production, increased digitization of automotive repair and maintenance services, growing demand for light-duty vehicles, and powder coating will drive market demand from 2022 to 2029.
According to Data Bridge Market Research the Automotive Collision Repair Market accounted for USD 185.2 billion in 2021, and expected to reach USD 230.99 billion by 2029. The market is expected to grow with a CAGR of 2.80% in the forecast period of 2022 to 2029.
“Growing popularity of hybrid and electric vehicles to Facilitate Market Growth”
OEMs have established a number of distribution channels for their branded parts to various service departments. The growing popularity of hybrid and electric vehicles is expected to drive up demand for the tools and spare parts used in these vehicles. This is expected to boost demand for automotive collision repair. Furthermore, the vehicle owner is required to receive notice that the warranties applicable to non-OEM and nonstandard parts will be provided by the manufacturer or distributor of the parts rather than the vehicle manufacturer.
What restraints the growth of Automotive Collision Repair Market?
“Rising environmental concerns”
Rising environmental concerns, a scarcity of experienced and trained personnel and a growing reliance on insurance are expected to limit market growth during the forecast period.
“Absence of trained professionals”
There is a scarcity of trained individuals who can perform effective collision repair services in both developing and developed countries. This scarcity is expected to encourage people to seek repair services from locally available mechanics. Furthermore, because these services are expensive, many people sell their cars after a major collision or accident. The cost of hiring a repair professional is the single most important factor that prevents people from doing so. Repairing a damaged car can cost anywhere from a few hundred dollars to several thousand dollars.
Segmentation: Automotive Collision Repair Market
The automotive collision repair market is segmented on the basis of product type, service channel, vehicle type, end-users and auto body shops.
- On the basis of product type, the automotive collision repair market is segmented into paint and coatings, consumables and spare parts.
- Based on service channel, the automotive collision repair market is segmented into do-it-yourself, do-it-for-me and original equipment.
- The vehicle type segment of the automotive collision repair market is divided into light-duty vehicle, heavy duty vehicle and two wheelers.
- End-users segment of the automotive collision repair market is divided into new OEM, aftermarket, recycled and remanufactured.
- On the basis of auto body shops, the automotive collision repair market is segmented into dealer owned shops and independent repair shops.
Regional Insights: Asia-Pacific is expected to dominate the Automotive Collision Repair Market
Asia-Pacific is expected to dominate the market due to a lack of proper driving regulations and due to rising vehicle damages.
- In addition, the Europe region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to rising demand for advanced safety features in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-automotive-collision-repair-market
Recent Developments in Automotive Collision Repair Market
- In 2020, Penfund announced that it had completed its first lien debt investment in Caliber Collision Centers, a major player in the auto collision repair industry. The funds will be used for general corporate purposes.
The Prominent Key Players Operating in the Automotive Collision Repair Market Include:
- BASF SE (Germany)
- Jetex Exhausts Ltd. (U.K.)
- Futaba Corporation (Japan)
- Tenneco Inc. (U.S.)
- Eberspaecher (Germany)
- Marelli Corporation (Japan)
- HJS Emission Technology GmbH and Co. KG. (Germany)
- Faurecia (France)
- Clean Diesel Technologies Inc. (U.S.)
- Benteler International (Austria)
- Standard Motor Products, Inc (U.S.)
- Mann+Hummel (Germany)
- Martinrea International Inc. (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of automotive collision repair market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Collision Repair Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
