New York, USA, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The automotive collision repair market was estimated at USD 198.02 billion in 2023. It is expected to be USD 238.74 billion by 2032, registering a staggering CAGR of 2.1% during the forecast period of 2024-2032.
What is Automotive Collision Repair?
Automotive collision repair is when educated automotive technicians mend the defaced constituents and embodiment of cars and other vehicles that mishaps, weather, or other cases have mangled. Collision repair can involve depression withdrawal, abrasion withdrawal, auto glass regains, paint complementing, sorting out bent metal, restoring doors or panels, auto delineating, and more. Several technicians also operate instantly with insurance donors to ascertain any work is shielded. Car mishaps can cause anything from minute dents to entirely aggregated cars.
Key Market Enumeration:
- Automotive collision repair market size was valued at USD 198.02 billion in 2023.
- The market is anticipated to grow from USD 202.02 billion in 2024 to USD 238.74 billion by 2032.
- The market is expected to exhibit a CAGR of 2.1% during the forecast period.
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Prominent Factors from Report:
- The market for automotive collision repair is expected to increase significantly due to restoring defaced vehicles to their pre-mishap condition, guaranteeing security, functionality, and attractive temptation.
- The automotive collision repair market segmentation is mainly based on product, vehicle type, end-use, and region.
- North America registered as the largest market share.
Automotive Collision Repair Market Drivers and Trends:
- Ongoing Innovations: Continuing prospects for invention, especially in areas such as electric vehicle mending and the incorporation of progressive technologies, showcases possibilities for growth. The burgeoning demand for standard mending services causes notable expected growth in the industry.
- Standardized Repair Suggestions: Automakers and original equipment manufacturers (OEMs) unite in proximity with collision repair prerequisites to sanction approach to authentic components, technical reinforcement, and regulated mending suggestions.
- Partnerships with Research Firms: Alliances with academic establishments and research firms ease continuing research and development endeavors, causing the acquisition of contemporary repair techniques and the coaching of prospective technicians, thereby supporting the automotive collision repair market.
- Growing Consciousness about Vehicle Maintenance: As vehicle possession becomes more expansive, there is a growing significance on vehicle sustenance and the conservation of benefit value. Vehicle possessors comprehend that systematic conservation and periodic mending are crucial to extending their vehicle's duration and sustaining their resale worth.
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Market Challenges:
- Complexity of New Vehicles: The demand for automotive collision repair market growth is anticipated to be constrained by the growing intricacy of contemporary vehicles. As vehicles progress to comprise progressive technologies, substances, and security mechanisms, mending collision indemnity becomes increasingly more complex and demanding.
Industry’s Established Players:
- 3M
- Continental AG
- Denso Corporation
- Faurecia
- Federal-Mogul LLC
- Honeywell International, Inc.
- International Automotive Components Group
- Johnson Controls, Inc.
Geographical Spread:
North America accounted for the most automotive collision repair market share. This is a result of the region's extensive population, together with its robust automotive culture causes escalated attentiveness of vehicles on the road. With additional vehicles on the road, the prevalence of collisions and the demand for these services grows appropriately.
Moreover, due to the acquisition of progressive security systems such as independent exigency braking, lane retaining help, and adjustable cruise regulation, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
Automotive Collision Repair Market-Product Based Outlook:
- Paints and Coatings
- Consumables
- Spare Parts
Automotive Collision Repair Market-Vehicle Type-Based Outlook:
- Passenger Vehicles
- Commercial Vehicles
- Two-Wheelers
Automotive Collision Repair Market-End Use Based Outlook:
- OEMs
- Aftermarket
- Others
Automotive Collision Repair Market-Regional Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Automotive Collision Repair Market Report Coverage from Different Publications:
The global automotive collision repair market size is expected to reach USD 238.74 billion by 2032, exhibiting a CAGR of 2.1% during the forecast period.
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