Raipur, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Automotive Collision Repair Market is Projected to Reach USD 224.88 billion in 2028
Automotive Collision Repair Market is expected to reach USD 224.88 billion in 2028, growing at a CAGR of 2.05% during 2022- 2028, reports Stratview Research.
Stratview Research, a leading market research firm has launched a report on the Automotive Collision Repair Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the automotive collision repair market is driven by a host of factors, some of which are noted below:
- increasing population.
- rising per capita income.
- growing automobile sales.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Automotive Collision Repair Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- by Product Type,
- by Vehicle Type,
- by Source Type,
- by Auto Body Shop Type,
- by Region.
Automotive Collision Repair Market Insights
Market Trends by Product Type
The market is segmented as crash parts, paints and coatings, adhesives & sealants, abrasives, finishing compounds, and others. The crash parts segment accounted for the largest share of more than 63.2% in 2021 and is expected to dominate the market during the forecast period, owning to rising road accidental rates. These are designed and produced to the same specifications and tolerances as the actual parts on the vehicles and cater to the stringent road-safety requirements.
Market Trends by Source Type
The market is segmented as new OEM, aftermarket, recycled, and remanufactured. The new OEMs segment held the largest share of more than 55% in 2021 and is expected to grow at the highest growth rate, due to provision for easier replacements, insurance policies, and warranty offered by OEMs, along with the improved durability and reliability offered with ease in installation.
Market Trends by Vehicle Type
The market is segmented as passenger cars, LCV, HCV, and two wheelers. The passenger cars segment dominates the market, due to the rising road traffic in the developing economies, strong presence of vehicle repair centers offering restoration and refurbishment services.
Market Trends by Auto Body Shop Type
The market is segmented as dealer-owned shops and independent repair shops. The dealer owned shops is expected to dominate the market owing to the growing preference for dealer-owned shops on account of easy availability of reliable and superior quality spare parts.
Which region offers the best opportunity and growth?
Europe accounted for the largest share of more than 42% in 2021. Asia-Pacific is estimated to expand at the fastest CAGR of 3.5% during the forecast period. Rising road congestion coupled with increasing number of automobile sales in China and India, are surging the demand for two-wheelers in the developing economies of Asia-Pacific along with lenient road safety laws leading to road accidents, which are expected to drive the market.
COVID-19 Impact on the Automotive Collision Repair Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
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Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
- 3M Company
- ATP Automotive
- Caliber Collision
- DuPont
- Continental Corporation
- Denso Corporation
- Faurecia
- Eastman Chemical Company
- Federal-Mogul Holdings Corp
What deliverables will you get in this report?
- In-depth analysis of the automotive collision repair market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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