Pune, India, May 03, 2021 (GLOBE NEWSWIRE) —
The global automotive collision repair market size is expected to witness a lucrative growth during the forecast period owing to the rise in the number of new vehicle owners. Automotive collision repair comes into the picture when a vehicle is met with a direct or indirect collision. Commercial vehicles are traveling for longer periods time as well which will increase the demand for repair services.
There is a substantial increase in urbanization across the world, a proof of which is the sudden increase in private vehicle sales among the youth population. This part of the population is seeing tremendous rise in its disposable income which has led them to buy a greater number of cars and bikes. This has resulted in overcrowding of streets and increased accidents as well. In fact, the U.S. reported that the average insurance claims on collisions were worth $3,574 in 2018.
Some of the key trends that will positively influence automotive collision repair market are as follows:
Paints and coatings for automotive repair will grow in demand in Europe:
Automotive collision repair products are divided into paints and coatings, crash parts, abrasives, adhesives & sealants and finishing compounds. Out of these, the paints and coatings segment will register promising growth through 2027 across Europe. Paints and coats are applied to the interior as well as exterior parts of a vehicle to provide it with a protective layer.
These exterior parts are the most affected ones whenever a collision takes place. This is why paints play a vital part in ensuring minimum damage to the surface to maintain the overall look of the vehicle.
Access sample pages of the report, “Europe Automotive Collision Repair Market Forecasts 2027” in detail along with the table of contents (ToC) @
Passenger cars to boost automotive collision repair services in Europe:
Passenger car sales are on the rise in Europe due to the rise in the percentage of urban population. Presence of reputed companies like Robert Bosch and their wide variety of services and large repairs network has positively impacted the sale of passenger cars in the region. This has led to the increase in the number of installations of collision repair service stations.
The youth of this region have high spending capacity which has led to increased ownership of private vehicles, thereby increasing the chances of collisions and accidents. It has been estimated that total Europe auto collision repair market size will surpass $80 billion by 2027.
Aftermarket companies to see high preference in Europe:
Aftermarket companies provide after-sales services in the form of repair and maintenance of a vehicle. Today, these companies are increasing in popularity as they are trying to grow their portfolio of products and services to increase their customer base. All these factors will play a very important role in increasing the demand for these companies in Europe market.
These companies provide high-quality and trusted products and services so that there is high recall rate among the customers. The advent of e-commerce era will positively impact this segment as well as these companies can provide their products, services and various complex replacement parts online.
OEMs to play vital role in providing automotive repair services in APAC:
The OEM segment of automotive collision repair market in Asia Pacific will experience increase in its market share in the coming years. One of the major reasons for this is that the developing economies in the region are seeing a rise in the number of automotive manufacturers coming to set up their manufacturing plants.
This has resulted in increase in automotive dealership chains and service and repair stations in these countries. Therefore, many vehicle owners prefer to get their repairs done through OEM channels as they don’t have to worry about their damaged spare parts being replaced with duplicate ones.
Access sample pages of the report, “Asia Pacific Automotive Collision Repair Market Forecasts 2027” in detail along with the table of contents (ToC) @
Light Commercial Vehicles (LCV) to drive APAC collision repair market:
Commercial vehicles are increasing in sales in Asia Pacific region because nations like India and China are going through a rapid economic transition. There is robust industrialization happening in these countries as well which will increase the demand for LCVs.
The road infrastructure in these countries is swiftly becoming advanced because of the rise in demand for these commercial vehicles. This will result in increased chances of collisions and accidents on the road, which will promote the demand for automotive collision repair services.
Prevalence of Passenger Carrying Vehicle (PCV) in North America:
Passenger Carrying Vehicles (PCV) or private vehicles are experiencing rise in sales in North America. A major reason for this is the increase in the overall per-capita income and spending capacity of customers. On the other hand, various PCV manufacturers are introducing newer models and upgrades to their vehicles; this trend is growing in the SUV segment.
There is rise in the number of vehicles being registered in the region. As more vehicles come on road, crowded streets and eventual collisions are inevitable. All these factors will benefit the growth of automotive collision repair market in North America, which is anticipated to reach $105 billion in total value by 2027.
Access sample pages of the report, “North America Automotive Collision Repair Market Forecasts 2027” in detail along with the table of contents (ToC) @
Crash parts segment will boost demand for collision repair in North America:
The crash parts segment primarily comprises cosmetic parts and OEM parts which can be easily replaced when an accident takes place. Some of these parts are metal sheets, bumpers, metal body parts, wipers and related components and mirrors. However, batteries, engine parts and filters do not come under this segment.
Since crash parts are the most vulnerable parts of a vehicle when a collision takes place, this segment will bolster demand for collision repair services in North America.
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