Global 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) - Global Forecast to 2028, is expected to be valued at US$ 216.53 billion by 2028, exhibiting a CAGR of 2.37% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
Wiring of automotive vehicles are getting complex, which includes several electrical and electronics components. The cost of repairing these automotive vehicles is severely high if they met with an accident. The automotive company provides assistance from detecting, diagnosing, and repairing the issue in the vehicle for providing preventive maintenance of the automotive vehicle. Auto collision repair shops are also equipped with advanced repair equipment, such as wheel balancing equipment and brake lathe.
The increasing sales of hybrid and electric vehicles are further expected to propel the global automotive collision repair market, with the further addition of a new generation of vehicles being introduced in the automotive collision industry. For instance, according to Coherent Market Insights, in the first quarter of the calendar year 2021, the sales of electric cars was increased by approximately 135% globally, as compared to the same period during the year 2020. The sale of electric vehicles in China was around 500,000 vehicles and the sales in Europe was around 450,000, which is further expected to increase over the forecast period.
The global automotive collision repair market was accounted for US$ 175.28 Mn in terms of value in 2019 and is expected to grow at a CAGR of 2.37% for the period 2021-2028.
Global Automotive Collision Repair Market - Impact of Coronavirus (Covid-19) Pandemic
During the global COVID – 19 pandemic, many countries across the globe have implemented total lockdown, which resulted in the cancellation of national as well as international flights. Moreover, automotive vehicle manufacturing companies have shut down for a period of time.
Nationwide lockdown in many countries has restricted the movement of people, which resulted in fewer automotive collisions and accidents, which in turn hampered the automotive collision repair market negatively.
For instance, according to a report published by European Union in April 2021, around 18,800 people died in road accidents in European Union countries, which shows a decline of 17% as compared to the year 2019.
To know the latest trends and insights prevalent in Global Automotive Collision Repair Market, click the link below:
Browse 150 market data tables* and 90 figures* on “Global Automotive Collision Repair Market” - global forecast to 2028
Key Trends and Analysis of the Global Automotive Collision Repair Market:
Among product type, the parts and components segment held the highest market share in the year 2020 and is expected to retain its market share over the forecast period. In automotive collision, vehicle components such as bumpers, headlights, windshield, doors, get impacted.
Moreover, many automotive component providing companies are engaged in the launching of advanced automotive parts that can increase the safety and efficiency of the automotive vehicle, and partnership for increasing the revenue of a company. For instance, in October 2018, Advance Auto Parts, Inc, a leading automotive aftermarket automotive component provider partners with Walmart, for launching an automotive specialty store on Walmart.com. This new partnership will provide access to extensive aftermarket automotive parts, automotive accessories, and maintenance items.
North America region accounted for the significant market share in the global automotive collision repair market in the year 2020 and is expected to maintain its dominance over the forecast period, owing to increasing sales & production of vehicles and the enforcement of stringent regulations by governments of many countries, for the maintenance of the vehicle. For instance, according to Statistics Canada, North American Industry Classification System (NAICS) Canada 2017 Version 1.0 has revised regulations for providing mechanical or electrical repair and maintenance services for automotive vehicles, such as NAICS 811111 for general automotive repairs, NAICS 811112 for automotive exhaust system repairs, and NAICS 811119 for other repair and maintenance of the automotive vehicle.
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
Joining thousands of companies around the world committed to making the Excellent Business Solutions.