Press release
Automotive Collision Repair Market Size Worth USD 200 Billion by 2024
Automotive Collision Repair Market size is set to exceed USD 200 billion by 2024Escalating technological developments in the automotive industry coupled with high demand for enhancing the vehicle efficiency will augment global collision repair market size over the years to come. Emerging countries are estimated to be the major ground for this industry growth in the next few years, one of the prominent factors behind this being the increasing development activities and rising consumer spending capacity across these regions. Global automotive collision repair market share is projected to surpass USD 200 billion by 2024.
However, the latest safety technology deployments in the automobiles such as automatic emergency braking (AEB), forward collision repair, automatic high-beam control, lane departure warning, and night vision with pedestrian control may inhibit collision repair industry growth over the forecast years, owing to the prevention of accidents by these features. In addition, the improving road conditions which has considerably reduced the number of collisions will further serve as a restrain to the overall industry growth.
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In terms of vehicles, the market is segmented into light-duty and heavy-duty vehicle collision repair.
Light duty vehicles collision repair will generate a revenue of more than USD 150 billion by 2024, primarily driven by the increased sales of these vehicles backed by favorable government regulations and significant efforts by OEMs to enhance fuel efficiency.
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Regional highlights of Automotive Collision Repair Market over 2016-2024 are given below:
The regional landscape covers U.S., Mexico, Canada, UK, Germany, France, Italy, India, Japan, China, and Brazil.
India collision repair market had a revenue of USD 3.5 billion in 2014 and is expected to grow substantially over the forecast timeframe, owing to the appreciable sale of automobiles across the country. The average regional automobile sale recorded during the period of 2010 to 2016 was approximately 30%.
Germany collision repair industry held 19% share of Europe collision repair market in 2014 and will record an annual growth rate of 2% over the period of 2016 to 2024. The growth can be attributed to the surging innovation and advancement in the automotive collision repairing technologies.
Collision repair industry is fragmented with the retail base shared amongst independent, authorized, and small workshops. Independent channel is anticipated to offer a competitive edge in the market driven by its upper hand with respect to cost and availability of the rare vehicle parts. Key participants in the automotive collision repair market are Service King, Maaco Franchising Inc., ABRA Auto Body & Glass, BASF, Caliber Collision, Continental, and 3M.
Related Reports: -
Global (North America, Europe and Asia-Pacific, South America, Middle East and Africa) Automotive Collision Repair Market 2017 Forecast to 2022
This report focuses on the Automotive Collision Repair in Global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
https://marketsizeforecasters.com/global-north-america-europe-and-asia-pacific-south-america-middle-east-and-africa-automotive-collision-repair-market
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