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Automotive Collision Repair Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Collision Repair Global Market Analysis
Automotive Collision Repair Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $254.84 billion In 2028 At A CAGR Of 4.9% :
The automotive collision repair market size has grown steadily in recent years. It will grow from $202.76 billion in 2023 to $210.85 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to increasing number of vehicles on the road, rising number of accidents, growing demand for vehicle customization, advancements in technology leading to more complex vehicles, increasing disposable income and willingness to spend on vehicle repairs.
The automotive collision repair market size is expected to see steady growth in the next few years. It will grow to $254.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing adoption of advanced driver assistance systems (adas), rising demand for lightweight materials in vehicle manufacturing, growing popularity of ride-sharing services, increasing focus on vehicle safety and regulations. Major trends in the forecast period include use of augmented reality for repair diagnostics, adoption of sustainable and eco-friendly repair practices, growth in mobile and on-demand repair services, integration of 3d printing for replacement parts, emphasis on training and certification for repair technicians.
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Automotive Collision Repair Market Major Segments
The automotive collision repair market covered in this report is segmented -
1) By Product: Crash Parts, Paints and Coatings, Adhesives and Sealants, Abrasives, Finishing Compounds, Other Products
2) By Service Channel: DIY, DIFM, OE
3) By Automotive Component Shop: Authorized Repair Shops, Independent Garage
4) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles
Key Driver - Growing Insured Vehicles Fuel Demand For Automotive Collision Repair Market
The rise in the number of subscriptions to automobile insurance is expected to propel the automotive collision repair market going forward. Automobile insurance refers to motor insurance that provides cover for loss or damage to the insured person's vehicle such as cars, two-wheelers, or any other commercial vehicles. The rise in the number of subscriptions to automobile insurance compels automotive collision repair companies to come up with better services and products for their customers. For instance, according to an article by PolicyAdvice, an American website that provides insurance information in 2022 said that, 87% of US drivers have car insurance and the market has grown by 2.7% on an average over the past five years. Another report by Care, an Indian rating agency, in 2021 said that motor insurance is set to rise in 2022 and motor insurance premium is to grow by 6% to 8% in 2022. Therefore, an increase in the number of subscriptions to automobile insurance is expected to boost demand for automotive collision repair during the forecast period.
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Prominent Trend - 3D Printing Technology Reshapes The Future Of Automotive Collision Repair Market
The utilization of 3D printing technology is a key trend in the automotive collision repair market. Many companies operating in the automotive collision repair market are using 3D printing tools and solutions to sustain their position in the market and to provide the best services for their customers. For instance, in January 2022, a collection of organizations from Germany and Canada launched a new consortium for automating the process of repairing parts using 3D printing and artificial intelligence. The new project is named Artificial Intelligence Enhancement of Process Sensing for Adaptive Laser Additive Manufacturing (AI-SLAM).
Automotive Collision Repair Market Players
Major companies operating in the automotive collision repair market report are 3M Company, Automotive Technology Products LLC, Denso Corporation, Faurecia India Private Limited, International Automotive Components Group LLC, Caliber Collision Centers Inc., Service King Collision Repair Centers Inc., ABRA Auto Body & Glass LP, Gerber Collision & Glass LLC, Maaco Collision Repair & Auto Painting, CARSTAR Auto Body Repair Experts, Boyd Autobody & Glass, Fix Auto USA, ProColor Collision, Sterling Collision Centers Inc., Classic Collision Inc., 1Collision Network, Crash Champions LLC, Craftsman Collision, Herb's Paint & Body, Precision Collision Center, PDR Autoworks, Pacific Elite Collision Centers, Dent Wizard International Corporation, Boyd Group Inc., Dent Doctor, Caliber Auto Care, Joe Hudson's Collision Center, VIVE Collision, Puget Collision LLC
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Largest And Fastest Growing Region In The Market
Western Europe was the largest region in the automotive collision repair market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive collision repair market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Collision Repair Market Report Structure
3. Automotive Collision Repair Market Trends And Strategies
4. Automotive Collision Repair Market - Macro Economic Scenario
5. Automotive Collision Repair Market Size And Growth
…..
27. Automotive Collision Repair Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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