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Automotive Collision Repair Market Report 2024 To 2033 Key Players 3M Company, Automotive Technology Products LLC, Denso Corporation,
Automotive Collision Repair Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Collision Repair Market 2024 Key Insights:
• 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%.
• Growing Insured Vehicles Fuel Demand For Automotive Collision Repair Market
• 3D Printing Technology Reshapes The Future Of Automotive Collision Repair Market
• Western Europe was the largest region in the automotive collision repair market in 2023
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