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Automotive Collision Repair Market To Touch $220.12 Billion By 2028, Due To Rising Number of Subscriptions of Automobile Insurance | Grand View Research Inc.

Automotive Collision Repair Market To Touch $220.12 Billion By 2028, Due To Rising Number of Subscriptions of Automobile Insurance | Grand View Research Inc.

May 05
05:18 2022
Automotive Collision Repair Market To Touch $220.12 Billion By 2028, Due To Rising Number of Subscriptions of Automobile Insurance | Grand View Research Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the global automotive collision repair industry is expected to witness enhanced demand owing to the technological advancements in the automobile sector during the forecast period.

Automotive Collision Repair Industry Overview

The global automotive collision repair market size was USD 185.98 billion in 2020, and is expected to reach USD 220.12 billion by 2028, registering a CAGR of 2.1% during the forecast period.

The rise in the number of subscriptions of automobile insurance and technological advancements in the automobile sector are the factors expected to propel market growth. There has been an increase in vehicular damage caused by accidents, which is directly influencing the revenue generated in the global market. Many automobile retailers sell do-it-yourself (DIY) kits to consumers who prefer to repair their cars at home without any assistance. This trend is observed in many suburban parts of South America and Asia Pacific.

Gather more insights about the market drivers, restrains and growth of the Global Automotive Collision Repair Market

OEMs have developed several channels to distribute their branded parts to different service departments. The rising demand for hybrid and electric cars is expected to further increase the demand for specific tools and spare parts used in such vehicles. This is anticipated to improve the demand for automotive collision repair. In addition, the vehicle owner is obligated to get a notice that the warranties that apply to the non-OEM and nonstandard parts will not be provided by the manufacturer of the vehicle but by the manufacturer or distributor of the parts.

Asia Pacific automotive collision repair market size, by product, 2018 - 2028 (USD Billion)

The companies support customers from repairing and diagnosing issues on vehicles to provide and service preventative maintenance. Moreover, the customers are often concerned about the vehicles after the collision and unable to get specialist services at a low cost. Additionally, auto collision repair shops are equipped with modern repair equipment and staffed by collision repair experts. The automotive collision repair services have some disadvantages such as boost the safety of the car, maintain the value of the vehicle, lower the company’s cost, and others.

Technological advancements have brought numerous benefits to organizations. Furthermore, digitalization has allowed all of us to experience a more personalized service, quicker delivery, and instant access to support. Unsurprisingly, it is easy to get used to comfort. There are various advantages associated with inspection and repairing by a collision repair specialist. The collision repair specialist finds a way of reducing the cost of damages. Furthermore, the collision repair specialist’s service is used to analyze vehicles’ problems and find the best solution possible with new parts with significant research.

Automotive Collision Repair Market Segmentation

Based on the Product Insights, the market is segmented into Paints & Coatings, Consumables, Spare Parts.

  • In terms of market size, the spare parts segment dominated the automotive collision repair market with a revenue share of 64.3% in 2020.
  • The paints and coatings segment is expected to expand at the fastest CAGR of 2.6% over the forecast period. The paints & coatings segment includes colored paints & scratch-resistant coatings, coatings for plastic parts, vehicle topcoats, electrodeposition coatings, and glass coatings.

Based on the Service Channel Insights, the market is segmented into Do-It-Yourself (DIY), Do-it-for-Me (DIFM) and Original Equipment (OE).

  • In terms of market size, OE (handled by OEM’s) segment held the dominant revenue share of 56.8% in 2020.
  • The do-it-yourself (DIY) segment is expected to expand at the fastest CAGR of 2.8% over the forecast period. Globally, people have been retaining their car usage for longer periods, which has supported the demand for replacement parts. The DIY segment is expected to register the highest CAGR in the Asia Pacific region over the forecast period, followed by South America.

Based on the Vehicle Type Insights, the market is segmented Light-duty Vehicles and Heavy-duty Vehicles.

  • In terms of market size, the light-duty vehicle segment dominated the market with a share of 71.5% in 2020. The segment is expected to expand at the fastest CAGR of 2.1% over the forecast period. The light-duty vehicles segment comprises hatchbacks, sedans, SUVs, and crossover cars.
  • The heavy-duty vehicles segment includes commercial and multi-axle vehicles such as trucks and buses. Heavy-duty vehicles are anticipated to be used for the transportation of bulk products within any country or region.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

  • In terms of market size, Europe dominated the market with a revenue share of 43.5% in 2020.
  • The Asia Pacific region is expected to expand at the fastest CAGR of 3.8% over the forecast period. The increasing number of vehicle sales is leading to significant growth of the automotive collision repair industry in the said region.

Market Share Insights

  • July 2018: The 3M Automotive Aftermarket Division launched a cost-free collision repair app. This collision repair app was aimed at supporting the technicians and distributors to get all the information they need regarding the collision repair.
  • February 2021: Investment in Repairfy, a portfolio company of Kinderhook Industries to develop tools & technology for Americas & Europe, declared by 3M. The technology will aid in developing the service to put forward for automotive collision repair market ecosystem.

Key Companies Profile:

The key players offering exclusive automotive aftermarket products and supplies for automotive collision repair service centers.

Some prominent players operating in the global automotive collision repair market are:

  • 3M
  • Automotive Technology Products LLC (ATP.) (a subsidiary of Lodi Group of Monterrey)
  • Continental AG
  • Denso Corporation
  • Faurecia
  • Federal-Mogul LLC
  • Honeywell International, Inc.
  • International Automotive Components Group
  • Johnson Controls, Inc.
  • Magna International Inc.
  • Mann+Hummel Group
  • Martinrea International Inc.
  • Mitsuba Corporation
  • Robert Bosch GmbH
  • Takata Corporation

Order a free sample PDF of the Automotive Collision Repair Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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