Automotive Collision Repair Market Trends 2018 – Growth Forecast Research 2024

Paints & coating was valued at over USD 35 billion in 2016. The segment is most commonly used product in the industry. Its wide acceptance can be attributed to the rising road traffic that poses risk of small collisions and minor dents, which results in the need to restore the original color of the vehicle.

Rising demand for the enhancement of repair quality, efficiency, and profitability in medium & large sized workshops will positively impact the automotive collision repair market growth over the coming years. Rapidly changing economy due to continuous technological advancements, especially in the developing countries will support the revenue generation. Moreover, shifting consumer preference towards advanced automobiles due to their increasing disposable income will further fuel the industry growth over the next eight years.

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Regular technological innovations by the industry participants will pave an opportunistic way for the product penetration. Rising production of electric and hybrid vehicles owing to surging prices of petrol and petrol based vehicles will increase the application segments for automotive collision repair services.

Most consumers tend to repair their vehicles in authorized workshops with vehicle age up to 4 years. Less depreciation rate and enhanced look are among the factors that enable the consumers to prefer authorized channel over other alternatives. With the vehicles, up to 8 years of age, the consumers are likely to prefer either independent or authorized channel depending on the impact intensity.

Abrasives are anticipated to hold more than 16% share over the forecast timeframe owing to the high implementation of advanced technologies including water-borne refinish coating. Increasing number of road accidents has further catapulted the industry growth. Enhanced repairing and beautifying ability along with protection against corrosion will further support the industry demand till 2024.

Light duty vehicles are expected to dominate the industry revenue share till 2024 owing to the government initiatives for enhancing the fuel economy and domestic and international transportation demand.

Consumers preferring shared mobility is expected to positively impact the automobile demand. Higher wear and tear in shared mobility vehicles is likely to favor automotive collision repair market growth during forecast period. In addition, complexity in vehicles due to advanced technology will hamper the industry demand. Small independent shop owner may face difficulties owing to requirement of expertise & investments required for upgraded vehicle repairs.

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Recycled OEMs will grow with over 2% CAGR owing to provision of the benefits such as certainty about the product quality, and well & safe fitting of the equipment. Shifting focus towards environment-friendly products will escalate the growth of recycled OEM components in automotive collision repair market over the next eight years.

Remanufactured components will grow over the forecast timeframe as these components are manufactured as per the specifications laid by the OEMs. Moreover, these parts are re-inspected and cleaned, that attracts the customers, further enhancing the industry growth till 2024.

Asia Pacific is poised to grow substantially over the forecast timeframe owing to extensive production of passenger vehicles across the region. High demand of adhesives and sealants in the region will catapult the industry growth till 2024. The development in the Chinese economy and initiatives by the government associated with the road development infrastructure will augment the industry demand. The advanced approaches being widely incorporated for repairing activities will increase penetration over the coming years.

The companies providing collision repair services & components includes 3M company, Honeywell International Inc., ZF Friedrichshafen AG, Federal-Mogul Holdings Corporation, Continental Corporation, Denso Corporation, Faurecia and Bosch among others.

Collision repair shops generally have negative implications on the environment owing to the emission of cadmium, nickel, manganese and chromium. The rising concern for environment protection has led the collision repair owners to judiciously dump these harmful substances and replacing them with less harmful ones. In addition, escalating support from governmental organization such as United States Environmental Protection Agency which has undertaken a campaign for minimizing the exposure to air emissions from collision repair shops.

Chapter 4 Automotive Collision Repair Market, By Product

4.1 Automotive collision repair market share by product, 2016 & 2024

4.1.1 Market estimates and forecast from paints & coatings, 2012 – 2024, (USD Billion)

4.2 Adhesives & Sealants

4.2.1 Market estimates and forecast from adhesives & sealants, 2012 – 2024, (USD Billion)

4.3 Abrasives

4.3.1 Market estimates and forecast from abrasives, 2012 – 2024, (USD Billion)

4.4 Finishing compounds

4.4.1 Market estimates and forecast from finishing compounds, 2012 – 2024, (USD Billion)

4.5 Others

4.5.1 Market estimates and forecast from others, 2012 – 2024, (USD Billion)

Chapter 5 Automotive Collision Repair Market, By Vehicle

5.1 Automotive collision repair market share by vehicle, 2016 & 2024

5.2 Light-duty vehicle

5.2.1 Market estimates and forecast from light-duty vehicle, 2012 – 2024, (USD Billion)

5.3 Heavy-duty vehicle

5.3.1 Market estimates and forecast from heavy-duty vehicle, 2012 – 2024, (USD Billion)

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