Automotive Collision Repair Market Analysis Focusing on Top Key Players – Continental Corporation, Bosch, Denso Corporation, 3M Company, Federal-Mogul Holdings Corporation, Honeywell International Inc., Faurecia

The global automotive collision repair market is set to experience considerable growth in the ensuing years on account of increasing prevalence of automobile crashes globally and advancement in collision repair technology. The occurrences of minor & major road accidents have constantly gone up over the years, which is predicted to impel the automotive collision repair market dynamics.

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In 2016, a new research commissioned by RAC Insurance revealed that at least two-thirds of motorists in Britain have experienced some kind of damage to their vehicles. More than 35% have had their car pranged at least once while 31% have faced it more than once. The report further revealed that supermarket car parking is the most common place for car damage. Shopping center car parks accounted for 11% damaged vehicles while other public car parks only accounted for 16% of dents and scratches on vehicles.

Data by the World Health Organization states that 90% of road fatalities in the world occur in low- and middle-income countries despite these nations owning only 54% of the world’s vehicles.

Rapid urbanization coupled with financial support in the form of low interest rate for passenger car loans are boosting the vehicle production across the globe. Increasing intercity and intra-city passenger as well as goods transportation will add commercial vehicles on the road. This rising road congestion will induce growth prospects for the automotive collision repair industry over the forecast period.

Shifting trend of consumers towards shared mobility is likely to intensify automobile sales across the globe. These vehicles experience higher wear and tear than private vehicles, thereby amplifying industry growth rate over the forecast timeframe. Rising complexities associated with software and electronic parts in new vehicle models are multiplying investments required for handling repair services. These challenges are limiting the reach of small & independent automobile workshops.

Finishing compounds from automotive collision repair industry will exhibit growth rate of approximately 4% from 2018 to 2024. Paints & coatings is observed to be commonly used material in the auto refinishing application. This rising penetration can be attributed to increasing road traffic which poses risk of scratches, minor dents, and small crashes, further driving the industry growth.

Passenger cars segment is predicted to account for maximum revenue share in the automotive collision repair market over the forecast timeline. Innovations such as 3D stereo photogrammetry used for documentation and precise measurement after accidental damage will significantly contribute in enhancing industry.

OEMs segment in the automotive collision repair industry held more than 65% of the revenue share in 2017. This dominance can be credited to consumer’s trust level towards the brand manufacturers. Customer preference towards brand loyalty and warranty period will enhance the industry share over the forecast timeline.

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Europe automotive collision repair market is anticipated to be valued at USD 112 billion over the projected time span. Rising demand for paintings and coatings from several countries is augmenting regional growth till 2024. Increasing replacement of metal parts and damaged plastics will further contribute in revenue generation.

Automotive collision repair market participants are ZF Friedrichshafen AG, Denso Corporation, 3M Company, Federal-Mogul Holdings Corporation, Bosch, Honeywell International Inc., Continental Corporation, and Faurecia. Industry participants are investing heavily in technology improvement for widening their global presence. For instance, ZF Friedrichshafen utilizes 5% of its sales annually in research activities.

Automotive collision repair industry is highly fragmented owing to considerable number of auto body shops existing across the globe. However, owing to requirement of technically skilled workforce and declining profits, the industry is witnessing consolidation as multiple players are focusing on M&As with MSOs.

Table of Contents

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Automotive Collision Repair Industry Insights

Chapter 4. Automotive Collision Repair Market, By Product

Chapter 5. Automotive Collision Repair Market, By Vehicle

Chapter 6. Automotive Collision Repair Market, By End Use

Chapter 7. Automotive Collision Repair Market, By Auto Body Shops

Chapter 8. Automotive Collision Repair Market, By Region

Chapter 9. Automotive Collision Repair Market Company Profiles

Outer scope of this report technological advancement in materials that aid the fixation of automobiles is another key factor likely to augment the automotive collision repair market in the forthcoming years. Recently, for instance, the National Institute of Standards and Technology (NIST) along with three industry partners developed a set of tests, to improve auto coating that could eventually aid a vehicle’s exterior to defend itself better from dents, dings, and scratches.

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Related Reports: -

Global Automotive Collision Repair Market Research Report 2018

In this report, the global Automotive Collision Repair market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
https://www.marketstudyreport.com/reports/global-automotive-collision-repair-market-research-report-2018

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