Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Automotive collision repair includes denting, painting, repairing, and replacement of accidentally damaged vehicles parts. The cost for the collision repair is financed by the insurance companies. These insurance-providing companies have tie-up with the automotive collision repair service providing shops.
The increasing awareness regarding the insurance of automotive vehicles has resulted in an increase in auto insurance expenditure across the globe, and technological advancements in the automobile sector are the factors boosting the growth of the global automotive collision repair market, according to Coherent Market Insights analysis. For instance, according to Insurance Information Institute, in the U.S., the country-wide average auto insurance expenditure, in the year 2017 was US$ 1,006.33, which got increased up to the US$ 1,056.55 in the year 2018, which is further expected to increase over the forecast period (2021-2028).
Global Automotive Collision Repair Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted several industries including infrastructure, retail, manufacturing, automotive, and others. To combat the COVID-19 pandemic, most of the countries have implemented strict lockdowns and canceled their domestic and international flights, so the monetary spending of people on air travel activity has also reduced, according to CMI’s analysis.
Covid-19 has severely impacted the automotive industry across the globe. Several automotive manufacturing companies were closed for many days, due to nationwide lockdown in various countries of the Asia Pacific and Europe. The supply chain of automotive companies and the demand for automotive products were also severely impacted. In addition, financial disparity due to Covid-19 is expected to hamper the sale of new automotive products, due to budget constraints consumers may prefer to buy used automotive parts. Moreover, the growing sale of automotive repaired components is expected to boost the demand for cost-effective parts for vehicle maintenance.
European region is expected to hold dominant position in the global automotive collision repair market during the forecast period.
Among regions, Europe held dominant position in the global automotive collision repair market in 2019, accounting for 42.56% share in terms of value, followed by North America and Asia Pacific.
Automotive Collision Repair Market Report Coverage
||Market Size in 2021:
||US$ 183.78 Bn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2020 to 2027 CAGR:
||2028 Value Projection:
||US$ 216.53 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, Rest of Middle East, and Africa
- By Product Type: Parts and Components, Paints and Coatings
- By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
- By Automotive Component Shop Type: Authorized Repair Shops, Independent Garage
Major companies operating in the global automotive collision repair market include: 3M, Automotive Technology Products LLC, Caliber Collision Centers, Continental AG, Denso Corporation, DRiV Incorporated, Faurecia, Gerber Collision & Glass, Honeywell International, Inc., International Automotive Components Group, Johnson Controls Inc., Magna International, Inc., Mann+Hummel Group, Martinrea International, Inc., Mitsuba Corporation, Robert Bosch GmbH, and ZF Friedrichshafen AG
- Increasing sales of automotive cars
- Rising adoption of automotive insurance
|Restraints & Challenges:
- Increasing cost of automotive collision repair
Figure 1: Global Automotive Collision Repair Market Share (%), By Region, 2019
European region held the highest market share in the year 2020 in global automotive collision repair market and is expected to retain its dominance over the forecast period. The growth in the European region is majorly attributed to the presence of large automotive manufacturers in the region such as BMW and Mercedes. Moreover, high penetration of automotive vehicles with enhanced safety features, and the increasing penetration of electric and hybrid vehicles in the region, is further expected to boost the growth of automotive collision repair market in the region. For instance, according to Coherent Market Insights analysis, in the year 2020, the sale of electric vehicles in the European region was increased by approximately 130%, which is further expected to increase over the forecast period.
Major companies operating in the global automotive collision repair market include: 3M, Automotive Technology Products LLC, Caliber Collision Centers, Continental AG, Denso Corporation, DRiV Incorporated, Faurecia, Gerber Collision & Glass, Honeywell International, Inc., International Automotive Components Group, Johnson Controls Inc., Magna International, Inc., Mann+Hummel Group, Martinrea International, Inc., Mitsuba Corporation, Robert Bosch GmbH, and ZF Friedrichshafen AG.
Among vehicle type, the passenger vehicles sub-segment is expected to showcase highest CAGR in the market during the forecast period, owing to high sales of passenger cars across the globe.
The global automotive collision repair market is segmented on basis of vehicle type as passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to dominate the market, owing to an increase in the fleet size of passenger cars over the forecast period. For instance, according to the International Organization of Motor Vehicle Manufacturers, there was an increase of 1.4% in the global sales of passenger vehicles in 2017 with total sales of 71 Billion passenger vehicles, across the globe.
Figure 2: Global Automotive Collision Repair Market Value (US$ Bn), 2017 - 2028
The global automotive collision repair market was valued at US$ 175.28 Bn in 2019 and is expected to reach US$ 216.53 Bn by 2028 at a CAGR of 2.37% between 2021 and 2028.