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Automotive Collision Repair Market Growth to be Driven by Emerging Trends | $266.95 Billion by 2029
Automotive Collision Repair
What is the Projected Market Size of the Automotive Collision Repair Industry?
The steady expansion in the size of the automotive collision repair market has been evident in recent years. The market is expected to increase from a valuation of $208.85 billion in 2024 to approximately $214.86 billion in 2025, indicating a compound annual growth rate (CAGR) of 2.9%. The surge during the historical period can be connected to a rise in the number of vehicles, escalating accident occurrences, increased consumer demand for vehicle personalization, technological evolution resulting in intricate vehicles, higher disposable income, and a heightened propensity to invest in vehicle repairs.
What Will Be the Size of the Automotive Collision Repair Market by 2029?
The market size of automotive collision repair is anticipated to witness strong expansion in the upcoming years. It's predicted to escalate to $266.95 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.6%. The acceleration during the forecast period can be credited to factors such as the surging demand for electric vehicles, the increased usage of advanced driver assistance systems (ADAS), the escalating demand for lightweight materials in automobile production, the growing trend of ride-hailing services, and an enhanced emphasis on vehicle safety and regulations. Forecasts for the upcoming period also suggest significant trends such as implementing augmented reality in repair diagnostics, transitioning towards sustainable and environmentally friendly repair techniques, the rise of mobile and immediate repair services, the incorporation of 3D printing for spare parts, and a focus on training and accreditation for repair technicians.
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What Are the Key Drivers Accelerating Growth in the Automotive Collision Repair Market?
The anticipated growth in the automotive collision repair market is due, in part, to the increased uptake of auto insurance. This type of insurance covers the policyholder's vehicle, be it a car, motorcycle or other commercial vehicles, against any loss or damage. The swelling numbers of auto insurance subscriptions are pressuring companies in the automotive collision repair industry to improve their service offerings and products. This is affirmed by a PolicyAdvice article, an American insurance information website, which reported in 2022 that 87% of US motorists are insured, and the market has expanded by an average of 2.7% over the last five years. Meanwhile, a 2021 report from the Indian rating agency, Care, projected a marked growth in the motor insurance industry in 2022, specifically a 6% to 8% increase in motor insurance premiums. Consequently, the surge in auto insurance subscriptions is forecasted to stimulate the demand for automotive collision repair services in the future.
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How Is the Automotive Collision Repair Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Crash Parts: Bumpers, Fenders, Hoods, Grilles, Lighting Components
2) By Paints And Coatings: Base Coats, Clear Coats, Primers, Specialty Coatings
3) By Adhesives And Sealants: Structural Adhesives, Sealants For Body Panels, Windshield Adhesives
4) By Abrasives: Sanding Discs, Grinding Wheels, Abrasive Pads
5) By Finishing Compounds: Polishing Compounds, Cutting Compounds, Finishing Polishes
6) By Other Products: Repair Tools, Cleaning Agents, Safety Equipment
What Are the Key Trends Driving Growth in the Automotive Collision Repair Market?
The adoption of 3D printing technology stands out as a significant trend in the auto collision repair market. Numerous businesses engaged in the vehicle collision repair market leverage these 3D printing resources and methods to preserve their market standing and to deliver exceptional customer services. For example, in January 2022, several entities from Germany and Canada initiated a pioneering consortium aimed at automating repairs with the aid of 3D printing and artificial intelligence. This innovative initiative is christened Artificial Intelligence Enhancement of Process Sensing for Adaptive Laser Additive Manufacturing (AI-SLAM).
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Who Are the Leading Companies Driving Growth in the Automotive Collision Repair Market?
Major companies operating in the automotive collision repair market include 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
Which Is the Leading Region in the Global Automotive Collision Repair Market?
Western Europe was the largest region in the automotive collision repair market in 2024. 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
Speak With Our Expert: Saumya Sahay: Americas +1 310-496-7795: Asia +44 7882 955267 & +91 8897263534: Europe +44 7882 955267: Email: saumyas@tbrc.info: The Business Research Company - www.thebusinessresearchcompany.com: Follow Us On: LinkedIn: https://in.linkedin.com/company/the-business-research-company
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