According to Ameco Research, the global Automotive Collision Repair Market size is estimated to grow a CAGR above 5% over the forecast timeframe and reach a market value of around USD 190 Billion by 2030.
Over the last few years, the number of road traffic accidents has risen considerably. Despite a significant reduction in new car sales in a few areas, total vehicle components have grown. Automobile traffic collisions are more common in Emerging Market economies of North America and the Asia-Pacific. It includes repairing and reconstructing vehicle bodywork, as well as metallurgy, painting, and refinishing. Automotive Collision Repair professionals also build and repair both old and new vehicles. Automotive collision repair includes denting, painting, patching, and mending inadvertently damaged car parts. The cost of collision repair is covered by insurance. These insurance firms have alliances with auto accident repair shops.
Customer preferences are shifting toward privately owned vehicles as consumer spending on premium and luxury goods rises. To reach a larger number of customers, automakers are focusing on differentiating their products and collaborating with international players. The number of automobiles in use has increased due to the increased use of heavy vehicles as a result of the increased trade activity. Market demand will be fueled by the availability of cutting-edge automotive repair and servicing facilities equipped with novel repair processes for denting, painting, and routine maintenance.
Request for a sample of this premium research report @ https://www.amecoresearch.com/sample/276645
Global Automotive Collision Repair Market Growth Aspects
The market is rising due to an increase in the number of traffic accidents and fatalities around the world. Furthermore, market growth is being fueled by a massive increase in the automobile sector. Customer demand for maintenance services has increased as electric and hybrid vehicles, as well as traditional cars, have grown in popularity. As a result, automotive retailers are offering consumers additional do-it-yourself (DIY) packages that comprise complex and customized replacement parts, which is also contributing to market growth. In addition, the utilization of 3D printing technology to build complex automobile parts and prototypes is driving market expansion. Other factors, such as rising consumer discretionary income and the availability of low-cost auto insurance coverage, are likely to drive the market ahead. Continuous initiatives by automobile manufacturing players to lower the incidence of accidents and the number of on-road fatalities will limit the automotive collision repair sector. Incorporating advancements like collision prevention sensors, Advanced Driver Assistance Systems (ADAS), and radar technology, for example, enables automated protection and braking for such vehicles, minimizing the likelihood of damage.
Increasing environmental regulations, a lack of experienced and trained employees, and a growing dependence on coverage are predicted to limit market growth throughout the forecast period. Even though, in early 2020, a global pandemic disrupted sales and operations in a variety of industries, including the automotive sector. As a result, global automobile sales have dropped significantly, albeit they are expected to return at a moderate speed in the future years. As a result of the lockdown situation and social separation conventions across many locations in order to restrict the transmission of corona virus disease, the expansion of the automotive accident repair industry was also affected.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global automotive collision repair market. Europe is expected to have a large market share in the coming years. Due to the penetration of automobiles with better safety features and stagnant sales, the area is likely to grow at a steady CAGR throughout the forecast period. The penetration of significant automobile market players in the region is chiefly responsible for the region's rapid expansion. Aside from being an automobile hub, the region sees a significant increase in demand for luxurious and autonomous vehicles each year, necessitating the need for maintenance equipment and parts. Furthermore, the number of road fatalities in the region has been rising every year, indicating a strong demand for vehicle collision repair goods and services around the world. Furthermore, the Asia-Pacific region is predicted to expand rapidly, owing primarily to a rise in the number of automobiles on the road. The region's streets have seen an upsurge in collisions due to a lack of strict driving restrictions and poor transportation infrastructure.
Market Segmentation
The global automotive collision repair market has been segmented by Ameco Research based on product, service channel, and vehicle type. Based on the product, the market is divided into paints & coatings, consumables, spare parts. Based on the service channel, the market separated into DIY, DIFM and OE. Based on vehicle type, the market is categorized light-duty vehicle, and heavy-duty vehicle.
Major Players
Some key players covered global in the automotive collision repair industry are 3M, Denso Corporation, Honeywell International Inc., MANN+HUMMEL, Federal-Mogul Corporation, Martinrea International, Inc., Faurecia SE, Mitsuba Corporation, Continental AG, and Robert Bosch GmbH.
To receive personalized service, please share your research needs here@ https://www.amecoresearch.com/enquiry-before-buy/276645
Buy this premium research report - https://www.amecoresearch.com/buy/276645
Contact Us:
Mr. Richard
Ameco Research
USA: +1 347 474 3864
India: +91 8983225533
E-mail: sales@amecoresearch.com