Collision Repair Market appraised at USD 181.5 billion in 2019 and is anticipated to reach USD 237.1 billion by 2027, at a CAGR of 3.4 % during the forecast period

Automotive collision repair services include denting, replacement, painting, refurbishment, and repairs. In most cases, the vehicle insurance companies fund collision repairs based on the insurance coverage claims for vehicles. Moreover, some workshops collaborate with insurance firms to help the customers propose the estimates for vehicle collision repair services. Apart from this, a large number of local vendors and company-owned repair shops provide automotive collision repair services to the consumers.

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The rise in the cases of road collisions due to rash driving or driving under the effect of alcoholic consumption accelerates the market demand over the prediction timespan. The rising incidences of natural calamities, riots, and traffic jams are likely to damage vehicles, thereby accentuating the need for repair services for the vehicles. Progressive tools and technological advancements in the automotive collision repair products reassure market growth.

Road traffic injuries are the principal reasons behind human casualties due to increased motorization, transportation, and growing populace. The inadequate safety measures and non-adherence to traffic rules or guidelines in developing economies are contributing to increasing accidents, advancing the market growth of collision repairs. There is a growing need for automobile and road safety fueling the need for timely repairs. Furthermore, natural calamities and spurt in road accidents leading to vehicle harm activate growth. Another factor driving the repair sector's development is the quick progression of paints and coatings innovation, which adapts to the protective automobile materials and provides a neat appearance to vehicles.

Independent collision repair shops are likely to witness steady growth as they offer economic repairing services. Many large fleet vehicle-owners prefer independent repair shops to dealer-based shops due to low service costs. Moreover, independent collision repair shop owners offer warranties for various parts and pass the advantages of suppliers and associations to escalate sales.

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Rising sales of electric and hybrid cars and other conventional vehicles have resulted in the more requirements of customized spare parts. It has led to the growth of the OEM segment, offering customized repair services and parts. OEMs have advanced service outlets to distribute branded parts with customized service stations. Surging requests for electric and hybrid vehicles is likely to propel the market for specific gears and spare parts used in such vehicles, reassuring market development in forthcoming years. Private equity in automotive collision repair companies and workshops appeal to the investors leading to market growth.

The major companies operating in this market are Denso Corporation, Continental AG, 3M, Honeywell International, Inc., DuPont, BASF, Johnson Controls, Inc., ZF Friedrichshafen, Robert Bosch GmbH, Federal-Mogul LLC, Automotive Technology Products LLC, Caliber Collision and Henkel AG & Co., KGaA and other prominent players.

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This release was published on openPR.