Press release
Auto Collision Repair Market to hit US$ 275 bn by 2024 | Top Key Players Valeo, Takata, Sika, Bosch, Martinrea International, MANN+HUMMEL Group, Magna International, Henkel, Federal-Mogul Powertrain, Faurecia, 3M
Automotive Collision Repair Market
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Auto Collision Repair Market by Product
• Paints & Coatings
• Adhesives & Sealants
• Abrasives
• Finishing Compounds
• Others
PCV will register USD 128 billion by 2024 with increasing passenger car sales over forecast period. According to International Organization of Motor Vehicle Manufacturers (OICA), in 2017, the overall passenger car sales across the globe grew by around 2% as compared to 2016. Moreover, shifting consumer preferences towards shared mobility is influencing vehicle demand. Shared mobility vehicles witness high wear and tear and is likely to favor auto collision repair market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. 3M
2. ATP Automotive
3. Caliber Collision
4. Continental Corporation
5. Denso Corporation
6. DuPont
7. Eastman Chemical Company
8. Faurecia
9. Federal-Mogul Holdings Corp.
10. Henkel AG & Co., KGaA
11. Honeywell International Inc.
12. Huntsman Corporation
13. International Automotive Components (IAC) Group
14. Johnson Control, Inc.
15. Magna International, Inc.
16. MANN+HUMMEL
17. MITSUBA Corporation
18. PPG Industries
19. Robert Bosch GmbH
20. Valeo
21. ZF Friedrichshafen AG
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Adhesives and sealants will witness steady growth over the forecast timeframe with increasing vehicle safety norms and standards along with rising focus on lightweight vehicles. The auto manufacturers are adopting composite materials to keep minimize vehicle weight. Composite materials are unable to be welded or fastened and require structural adhesive. Moreover, adhesives employment for components as small as sensors and as large as vehicle chassis will enhance auto collision repair market revenue growth.
New OEMs leads auto collision repair market size with high consumer preference owing to quality, system compatibility and durability to ensure vehicle performance. The original component manufacturers are providing warranty and support to ensure brand loyalty. Further provision of benefits including reliability and better output will further escalate the segment revenue.
Asia Pacific is witness strong growth over the forecast timeframe with extensive production of automotive across the region. High vehicle sales in conjunction with car parc is supporting automotive aftermarket. Industry players are undergoing strategic collaborations to enhance regional presence. For instance, in July 2017, Sompo Holdings, Inc. and PT Indobuana Autoraya collaborated to commence automobile maintenance business. North America auto collision repair market will witness steady growth with increasing heavy and light commercial vehicle fleets. However, improved highway and roadway infrastructure restrict its size till 2024.
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The major auto collision repair market player includes 3M, Federal-Mogul Holdings Corporation, ZF Friedrichshafen AG, Denso Corporation, Honeywell International Inc., Faurecia, Continental Corporation and Bosch. Industry participants are undergoing strategic collaboration to expand their regional presence. In December 2016, Faurecia announced its third joint-venture with Iranian partners which enable the company to strengthen its presence in Iran.
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