Dublin, Dec. 09, 2024 (GLOBE NEWSWIRE) -- The "Automotive Collision Repair - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Automotive Collision Repair was estimated at US$200.1 Billion in 2023 and is projected to reach US$261.3 Billion by 2030, growing at a CAGR of 3.9% from 2023 to 2030.
How Has the Rise of Electric Vehicles Impacted Collision Repair?
The shift toward electric vehicles (EVs) is dramatically impacting the collision repair industry, creating both challenges and opportunities for repair shops. EVs come with unique repair needs due to their electric powertrains, battery systems, and high-voltage components, which require specialized knowledge and safety protocols. When an EV is involved in a collision, technicians need to address both structural and electrical damage, necessitating additional safety measures to prevent electrical hazards during repairs. For instance, technicians are trained to disconnect and safely handle high-voltage systems before performing structural repairs.
Battery placement and composition add complexity, as even minor damage to the battery casing can pose fire hazards and require complete battery replacement - a costly repair for both customers and insurance providers. Additionally, many EV models are designed with advanced materials like aluminum and carbon fiber to reduce weight and improve efficiency, which means repair shops need the right tools and techniques to handle these materials effectively.
Repairing or recalibrating ADAS features after an accident is also crucial, as EVs often come equipped with an extensive array of sensors and automated systems that must function accurately for the vehicle to operate safely. The growing number of EVs on the road has led many repair shops to invest in technician training, specialized equipment, and certification programs, ensuring they can meet the demands of this evolving market.
What Are the Key Factors Driving Growth in the Collision Repair Industry?
The growth in the automotive collision repair industry is driven by a range of factors, each related to evolving automotive technology, regulatory changes, and shifting consumer expectations. One primary driver is the increasing complexity of modern vehicles. With more advanced electronic systems, high-strength materials, and integrated safety features, today's vehicles require specialized repair processes that only certified and well-equipped shops can provide. Another major factor is the rise in the number of vehicles on the road combined with the growing prevalence of traffic accidents, which continues to drive demand for collision repair services.
As vehicles become more technologically advanced, repair costs per accident are also rising, with even minor accidents often resulting in costly repairs due to the need for electronic diagnostics and system recalibration. The surge in electric vehicle adoption adds to this growth, as EVs require unique repairs that call for specialized knowledge and tools, encouraging repair shops to expand their capabilities. Additionally, insurance companies are increasingly partnering with certified repair networks, steering customers toward shops that can handle these advanced repair requirements.
Consumer demand for fast, high-quality repairs and transparent service has also led repair shops to adopt digital tools for tracking repairs, offering real-time updates, and improving overall customer experience. Together, these factors underscore the growing need for sophisticated collision repair services that can address the demands of modern automotive technology while meeting safety and quality expectations.
Scope of the Study
The report analyzes the Automotive Collision Repair market, presented in terms of market value (US$ Million).
Segments
- Product Type (Spare Parts, Paints & Coatings, Consumables); Service Channel (Original Equipment (OE), Do-It-For-Me (DIFM), Do-It-Yourself (DIY))
- Vehicle Type (Light Duty Vehicle, Heavy Duty Vehicle)
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Spare Parts segment, which is expected to reach US$173.2 Billion by 2030 with a CAGR of a 4.2%. The Paints & Coatings segment is also set to grow at 3.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $53.7 Billion in 2023, and China, forecasted to grow at an impressive 5.3% CAGR to reach $51.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Automotive Collision Repair Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Automotive Collision Repair Market such as 3M, Automotive Technology Products, Continental, Denso Corporation, Faurecia and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 42 companies featured in this Global Automotive Collision Repair Market report include:
- 3M
- Automotive Technology Products
- Continental AG
- Denso Corporation
- Faurecia
- Federal-Mogul
- Honeywell International
- International Automotive Components Group
- Johnson Controls
- Magna International
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 93 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $200.1 Billion |
| Forecasted Market Value (USD) by 2030 | $261.3 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
Key Topics Covered:
1. MARKET OVERVIEW
- World Market Trajectories
- Global Economic Update
- Automotive Collision Repair - Global Key Competitors Percentage Market Share in 2024
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Vehicle Ownership and Increased Traffic Drive Growth in Automotive Collision Repair Market
- Increasing Focus on Road Safety Fuels Demand for Quality Collision Repair Services
- Here`s How Advances in Repair Technology Improve Efficiency and Precision in Collision Repair
- Growing Adoption of High-Strength Materials in Vehicles Expands Demand for Specialized Repair Techniques
- Rising Popularity of Electric Vehicles Requires Adaptation in Collision Repair Processes
- Increasing Complexity of Vehicle Electronics Drives Demand for Skilled Collision Repair Technicians
- Here`s How AI and Automation Enhance Diagnostics and Estimation Accuracy in Collision Repair
- Focus on Reducing Downtime Boosts Use of Quick Repair Solutions in Collision Repair Centers
- Growing Consumer Preference for Certified Repair Centers Supports Market Growth
- Increasing Use of Digital Platforms Enables Efficient Claims and Repair Management
- Rising Demand for OEM-Approved Parts and Repairs Ensures Quality and Safety in Collision Repair
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/ofa3go
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