Automotive Collision Repair Market Size to Surpass US$ 220.1 Bn by 2030

The Automotive Collision Repair Market size is expected to surpass around US$ 220.1 billion by 2030, growing at a CAGR of 2.5% over forecast period 2021 and 2030.

Ottawa, Sept. 06, 2021 (GLOBE NEWSWIRE) — Ottawa, Sept 06, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the global automotive collision repair market size was valued at USD 185.9 billion in 2020. Increasing consumer spending for luxury as well as comfort product for previously owned vehicles to enhance it aesthetics and comfort level is one of the primary factors that accelerates the market growth for automotive collision repair in the coming years.

Automotive manufacturers focus prominently on the product differentiation along with collaboration with other globally renowned players to expand their customer reach. Further, rising international trade activities are likely to propel the number of heavy commercial fleet across the world that in turn prospers the growth of automotive collision repair market. This also increases the availability of the state-of-art service garages & automotive repair shops equipped with advanced technologies for repairing, painting, body repair, and denting of the vehicle.

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On the other hand, introduction to advanced driver assistance systems (ADAS), anti-lock braking technology, collision detection systems, and sensors have prominently reduced the rate of road fatalities and accidents that hampers the market growth for automotive collision repair market. Further, the government bodies of various regions also support the integration of such advanced technologies in the upcoming models of vehicles, this also likely to restrict the market growth significantly during the forthcoming years.

The automotive industry is amongst the most exposed sectors to the coronavirus outbreak and is currently facing unprecedented uncertainties in the market. The COVID-19 has significantly impacted the supply chain as well as the product delivery system on the global scale in the automotive industry. Apart from this, changes in the buying behavior of consumers have created more uncertainty to the vehicle sale and have serious implications on the growth of automotive industry in the near future. This all factors also negatively impact the growth of automotive collision repair market.

The paints & coatings product segment expected to register the fastest growth over the forecast period owing to rising environmental concern for the use of synthetic coating materials and other refinishing products used in the automobiles. Further, technological advancements in the paints & coating products that meets the rising aesthetic demand as well as better protective material that prevent scratches and other harm to the outer body parts of the automobile are some of the prime factors that excels the market growth for automotive collision repair during the forecast period.

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Based on service channel, Do-it-yourself (DIY) exhibits the highest growth rate of approximately 3% during the analysis time frame because of increasing trend for self-servicing the vehicles for minor repair and painting. In addition, various companies also offer DIY kits to their customers along with the vehicles to attract large volume of customers. The Asia Pacific region exhibits the fastest growth for the DIY segment followed by Latin America. Moreover, the trend for DIY kits is more popular in the European and North American countries owing to larger volume of population favoring DIY services.

On the basis of vehicle type the global automotive collision repair market has been bifurcated into light-duty vehicle and heavy-duty vehicle. Light-duty vehicle captured the largest revenue share of nearly 70% in the year 2020 and anticipated to register the fastest growth over the forthcoming years. The prominent growth of the region is majorly attributed to the increasing sale of light-duty vehicles such as passenger cars and recreational vehicles. Besides this, electric vehicles and green mobility solutions have revolutionized the light-duty vehicles market and spur the rate of sales to a greater extent. Governments of various regions are also favoring the adoption of green mobility for curbing the rate of pollution and in accordance to the same they are designing near future plans for transforming their mobility into green mobility. Hence, the aforementioned factors are likely to prosper the market growth for automotive collision repair in the coming years.

The Asia Pacific region predicted to witness the highest CAGR of about 4% during the analysis period due to higher rate of road traffic crashes along with high sale of passenger cars in the region. Apart from this, the region also accounted significant share in the global trade that again increases the risk for vehicle crashes particularly on the highways and other connecting roadways. However, Europe being an automotive hub occupied the largest share of revenue in the year 2020.

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The industry players in the global automotive collision repair market experience heavy competition from their competitor players owing to large number product differentiation and development in the market. For instance, in July 2018, 3M division for automotive aftermarket launched an application for cost-free collision repair.

Some of the magnificent industry participants listed in the global automotive collision repair market include Automotive Technology Products LLC (ATP), 3M, Continental AG, Denso Corporation, Federal-Mogul LLC, Faurecia, Honeywell International Inc., Johnson Controls Inc., International Automotive Components Group, Magna International Inc., Martinrea International Inc., Mann+Hummel Group, Mitsuba Corporation, Takata Corporation, and Robert Bosch GmbH among others.

Market Segmentation:

By Product

  • Consumables

  • Paints & Coatings

  • Spare Parts

By Service Channel

By Vehicle Type

  • Heavy-duty Vehicle

  • Light-duty Vehicle

By Regional Outlook

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