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Press Release: Automotive Collision Repair Market is expected to Exhibit a CAGR of 2.37% during the Forecast Period (2021 - 2028)
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.
Statistics:
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 183.78 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2020 to 2027 CAGR: | 2.37% | 2028 Value Projection: | US$ 216.53 Bn |
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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 |
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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.
Automotive collision repairing service provider performs structural and cosmetic repair of cars and trucks. The road accidents of automotive vehicles lead to the collision of automotive body parts, such as bumpers, glass windows, headlights, and doors, which leads to the dents and scratches on the body of the automotive vehicle that creates the need for automotive collision.
Market Dynamics
An increasing number of safety regulations and traffic rules for maintaining the automotive vehicle in a good condition, is propelling the demand of the global automotive collision repair market. Safety traffic rules and regulations mandate the proper functioning of the automotive vehicle, to ensure road safety, which ill compels consumers to repair their automotive vehicles. For instance, European Union has implemented regulation number 715/2007 that establishes a requirement for type approval of motor vehicle and replacement parts, with reference to vehicle emission, and implemented rules for the proper functioning of on-board diagnostic systems, pollution control devices, measurement of fuel consumption of a vehicle, and accessibility for the repairing and maintenance information of the vehicle.
In addition, a compulsion to buy vehicle insurance, as stated by the regional transport authority, and the central government of several countries such as India, the U.S., UK, and the rising per capita income influence the people for the new vehicle purchase. Automotive vehicle insurance covers losses that may causes due to the collision to the vehicle, is further expected to boost the growth of the global automotive collision repair market. For instance, according to Organization for Economic Co-operation and Development, in the year 2020, the household disposable income of Canada was increased by 7.3%, which will motivate the people to purchase a new vehicle.
Market Taxonomy
This report segments the global automotive collision repair market on the basis of product type, vehicle type, automotive component shop type, and region. On the basis of product type, global automotive collision repair market is segmented into parts and components, and paints and coatings. On the basis of vehicle type, the global automotive collision repair market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On the basis of automotive component shop type, the global automotive collision repair market is segmented into authorized repair shops, and independent garage. On the basis of region, global automotive collision repair market is segmented into North America, Latin America, Europe, Asia pacific, Middle East, and Africa.
Key features of the study:
Detailed Segmentation:
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