LOS ANGELES, July 29, 2021 (GLOBE NEWSWIRE) -- The Global Automotive Collision Repair Market is expected to grow at a CAGR of around 5.5 % from 2021 to 2028 and expected to reach around US$ 175 Billion by 2028.
In the coming years, Asia Pacific is expected to have the fastest growing CAGR in the automotive collision repair market. APAC is expected to grow rapidly over the forecast period due to the region's extensive automotive production. High vehicle sales have been observed, which has greatly aided the growth of the automotive aftermarket. Also, big players are undergoing strategic collaborations that enhance regional presence.
Europe will take the lead in the automotive collision repair market by capturing the largest share. The rising paradigm shift in consumer preference for advanced automobiles, combined with rising disposable income, is having a positive impact on Europe's automotive aftermarket industry. Consistent developments, combined with technological advancements, particularly in emerging markets, drive revenue generation in Europe's automotive collision repair market.
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Market Dynamics
The incorporation of adhesives and sealants will have a positive impact on the global automotive collision repair market. Automakers are using composite materials to reduce vehicle weight. In addition, the use of adhesives for large components such as vehicle chassis is driving the growth of the automotive collision repair market.
Market Opportunities and Challenges for the automotive collision repair market
One of the most difficult challenges for automotive shops is increased liability as a result of incorrect repairs performed without the benefit of OEM information. To remain competitive and repair vehicles properly, shops must keep up with the latest tools, technologies, and trends. Vehicle safety is improving, but there are learning curves to overcome, and body shops must adapt. With pre-and post-scanning and fewer mechanical sublets, this could potentially generate new revenue streams and increase profits.
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According to a SEMA report, one of the most significant challenges faced by the auto repair industry is the scanning of ADAS and its recalibrations. Completion of these tasks in-house in cost-efficient, timely and accurate way is important to deliver safe repairs and record profit margins. As a result, repairers need to acquire high-end scan and remote tools aftermarket along with OEM scanning services, technical consultation from automotive diagnostic experts and in-house recalibration expertise. Any repairer mission out on any of the aforementioned capabilities should seek to improve in this area. The automotive collision repair market has a huge gap for things that can be done quickly and easily in a non-disruptive manner. Leading automotive collision repair businesses must broaden their services in order to offer gas replacement, calibration, and dent repair without disrupting existing services.
Segmental Outlook
The global automotive collision repair market is segmented as product, service, and vehicle type. By product, the market is segmented as paints & coatings, consumables, and spare parts. By service, the market is segregated as DIY, DIFM, and OE. Furthermore, vehicle type is classified into light-duty vehicles and heavy-duty vehicles.
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Competitive Landscape
Companies in the global automotive collision repair market are focusing on new product development and product innovations to design and commercialize advanced collision repairs that enable greater interconnectivity among various collision repair components. These companies are collaborating in accordance with this strategy in order to leverage their mutual expertise. Key companies profiled in this report involve 3M, Continental AG, Denso Corporation, Faurecia SE, Federal-Mogul Corporation, Honeywell International Inc., MANN+HUMMEL, and among others.
Some of the key observations regarding the automotive collision repair industry include:
- In January 2021, MANN+HUMMEL announced a partnership with ALBA Group to tackle vehicle emissions. Through this partnership, both the companies will work jointly to launch a pilot project to improve air quality standards significantly in Singapore. For instance, ALBA Group’s trucks were fitted with PureAir fine dust particle filters from MANN + HUMMEL as a part of this partnership.
- In December 2015, Federal-Mogul Corporation announced a partnership with China Automotive Import and Export Co. Ltd. (CAIEC). Through this partnership both the companies have formed a new joint venture called "Federal-Mogul CAIEC Automotive Technology Services (Beijing) Co. Ltd.). This joint venture aims at automotive aftermarket vehicle repair businesses within China.
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