Press release
Automotive Collision Repair Services Market to reach value of US$ 172 Bn by 2027
Automotive Collision Repair Services Market 2022
The global automotive collision repair services market is estimated to be worth US$ 100 Bn in the year 2021. The global automotive collision repair services market is expected to witness a CAGR of 5.5% in the automotive collision repair services market. Automotive Collision Repair Services Market to Touch US$ 172 Bn by 2027; Passenger Vehicles to Generate Maximum Revenue.
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Increase in average vehicle age, poor quality of infrastructure, and increase in vehicle parc are considered to be prominent factors that will drive the growth of the global automotive collision repair services market over the forecast period. On the other hand, with rising concerns toward increasing number of road traffic deaths, legislations, vehicle standards, and road infrastructure are improving. This may, in turn, result in lesser collisions, consequently hindering the growth of the global automotive collision repair services market to some extent.
Key Companies-
• 3M
• Abra Auto Body & Glass
• BASF
• Continental AG
• Robert Bosch
• Dupont
• Honeywell International GmbH
• Federal-Mogul Corporation
• Denso Corporation
• ZF Friedrichshafen AG
• Caliber Collision
• Service King
• Faurecia
• Gerber Collision & Glass
• AMM Collision
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Automotive Collision Repair Services Market: Key Takeaways
• Despite technological disruption of accident-avoidance equipment (such as collision avoidance systems and technology), distracted driving has resulted in increased number of collisions.
• Owing to the relatively larger fleet of passenger vehicles all across the globe, the passenger vehicles segment is estimated to generate maximum revenue among vehicle types throughout the forecast period. The scenario with respect to vehicle type in North America is a bit different. The light commercial vehicles segment accounts for nearly half of the overall market share.
• Components such as radiators, condensers, hoods, and bumpers are identified to have relatively higher replacement rates, as these are most prone to damage during a collision. Though the parts & components segment is expected to account for a dominant market share, higher growth is expected for the paints and coatings segment. Advanced color development and high customer expectations characterize today's refinishes.
• Geographically, the Asia Pacific region is anticipated to account for maximum share in the global automotive collision repair services market throughout the forecast period. Regions such as China, India, and ASEAN, witnessing significant growth in automotive sales and vehicle parc, are expected to register relatively higher growth in the global automotive collision repair services market.
"The global market for automotive collision repair services is anticipated to witness moderate growth over the coming years. Though the incidence of rash and distracted driving has increased significantly in the recent past, strict measures are being implemented by governments to reduce collisions. With an increasing vehicle fleet, the probability of road accidents is also increasing. This would proliferate the growth of the automotive collision repair services market through 2027," says a PMR analyst.
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Key Questions Answered in Report -
• How much is the automotive collision repair services market worth?
• What will be the demand outlook?
• What was the last 5 year market CAGR?
• What are the key trends of automotive collision repair services market?
• What is driving the demand for automotive collision repair services?
• What is the market share of top 5 players?
• What are the top 5 countries driving demand?
• What is North America's market Outlook?
• At what percentage XYZ is going to register growth in Europe?
• What are the key market statistics in Korea and Japan?
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