Automotive collision repair market

Automotive Collision Repair Market, by Product Type (Parts and Components, and Paints and Coatings), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), by Automotive Component Shop Type (Authorized Repair Shops and Independent Garage), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Request Free Sample

Jul 2021
CMI4524
120 Pages
Excel & Pdf
Automotive and Transportation

Summary

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.

Automotive Collision Repair Market Report Coverage

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
Geographies covered:	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
Segments covered:	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
Companies covered:	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
Growth Drivers:	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.

Table of Content

*Browse market data tables and figures on ‘Global Automotive Collision Repair Market -forecast to 2028’

N/A

- Frequently Asked Questions -

What is the expected market size of the market in 2022?

The global automotive collision repair market is expected to reach US$ 188.14 Billion by 2022.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2021-2028)?

The market is expected to witness a CAGR of 2.37% during the forecast period (2021-2028).

What is the major driver for the market growth?

Rise in number of automotive insurance subscriptions, is expected to drive growth of the market during the forecast period.

Among vehicle type segment, which sub-segment held the largest market share in the market in 2019?

The passenger vehicles segment is expected to have the largest market share among vehicle type segment, contributing 56.63% in terms of value in 2019.

Which region held the largest market share in the market in 2019?

Europe held the largest share in the market in 2019, accounting for 42.56% share in terms of value.

Who are the key players operating in the market?

Major companies operating in the 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