Automotive Collision Repair Market: What are the Future Growth Opportunities? Top Plyers: ZF Friedrichshafen AG, Denso Corporation, 3M, Federal-Mogul Holdings Corporation, Bosch, Honeywell International, Continental Corporation, Faurecia
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Passenger car sales are projected to rise exponentially over the forecast period. According to a report by the International Organization of Motor Vehicle Manufacturers (OICA), the overall passenger vehicle sales in the year 2017 went up by 2% compared to 2016 numbers. Attributing to rising sales, the passenger cars segment would be registering revenues of about $128 billion by 2024. With consumer preferences shifting to shared mobility where vehicles usually witness a lot of wear & tear, the overall automotive collision repair market from PCVs will depict significant gains.
Industry Growth drivers:
o High automotive production and supporting infrastructure
o Increasing light duty vehicles and powder coatings demand
o Increasing demand for automotive coatings and rising sales of vehicles
o Rising demand of two wheelers in the emerging nations
o Advanced tools and technology development across the region
o Increasing road accidents & fatalities
The automotive industry is experiencing an unprecedented surge in sales, the consequence of which is evident from automotive collision repair market dynamics. As improving economic conditions around the world coupled with the rapidly rising need for intra-city and intercity goods transportation promote the sales of commercial as well as passenger vehicles, automotive collision repair industry share is experiencing an upsurge.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1.General Electric Company
2. HELLA GmbH & Co. KGaA
3. Hyundai MOBIS
4. Koito Manufacturing Co., Ltd.
5. Magneti Marelli S.p.A.
6. Namyung Lighting
7. OSRAM Group
8. Koninklijke Philips N.V.
9. Samsung Electronics Co., Ltd.
10. Seoul Semiconductor Co., Ltd.
11. Stanley Electric Co., Ltd.
13. Varroc Group
14. ZKW Group
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Asia Pacific is expected to observe substantial growth prospects over 2018-2024, essentially on account of the ever-growing automotive sector in the region. Extensive vehicle sales in tandem with the rising demand for effective repair will propel APAC automotive collision repair market. Regional players have also been indulging in strategic growth tactics to impel the industry share.
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