Press release
By 2024, Auto Collision Repair Market worth over $275 bn | By Top Key Players 3M, Caliber Collision, Continental, Denso, DuPont, Faurecia, Henkel, Honeywell, Huntsman Corporation, IAC Group, Magna International, Johnson Control, Valeo, ZF Friedrichshafen
Automotive Collision Repair Market
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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.
Auto Collision Repair Market by Product
• Paints & Coatings
• Adhesives & Sealants
• Abrasives
• Finishing Compounds
• Others
Auto Collision Repair Market by Vehicle
• PCV
• LCV
• HCV
• Two-wheelers
Auto Collision Repair Market by End-use
• New OEM
• Aftermarket
• Recycled
• Remanufactured
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.
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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.
Independent repair shops will witness steady growth with facilities offering economical repairing services. The large fleet owners prefer independent service shops owing to low servicing cost as compared to dealer owned shops. Moreover, independent shop owners are offering nationwide warranties through the parts suppliers and the associations to enhance auto collision repair market size.
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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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