Automotive Collision Repair Market to Reach USD 202 Billion by 2024 - Hexa Research
The global Automotive Collision Repair Market is anticipated to reach USD 202.2 billion by 2024. Automotive collision repair refers to the task of fixing or repairing damaged structures in automobiles.
Expanding at more than 2% CAGR during 2016 to 2024 (forecast period), the global automotive collision repair market is estimated to attain USD 202 billion by 2024. This industry is primarily fuelled by the demand for automobiles, widespread use of technology in the production of auto parts, and digitalization of automotive maintenance & repair services.
In addition to technological advancements, the popularity of vehicular insurance should propel the market in the near future. This industry mainly comprises small & unorganized independent automobile dealer workshops offering repair services. Strict ‘car safety’ regulations will also drive market demand. The industry is split into products, vehicles, and geographies.
On the basis products, the industry is categorized into paints & coatings, consumables, and others. Engine motor oils, colored paints, resin materials, refinishing materials, and scratch resistant coatings fall within the segments of paints & coatings and consumables.
‘Others’ includes restoration materials, crash parts, supplementary mechanical parts, repair materials, and tools. Higher vehicular production and greater focus on carbon footprint technologies will fuel the paints & coatings segment in the forthcoming years. Demand for coatings due to higher environmental concerns is predicted to raise industry sales.
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Owing to the widespread adoption of adhesives and abrasives in repair works; paints & coatings may expand at a CAGR of 2.5% from 2014 to 2020. On account of vehicles, the automotive collision repair market is bifurcated into light-duty and heavy-duty.
While light-duty vehicles generally comprise crossover cars, sedans, hatchbacks, and SUVs; heavy-duty ones include buses and trucks. Surging demand for the former is likely to propel the global industry till 2024. Drivers of light-duty vehicles are growing demand for transport options and governmental initiatives on AFVs (Alternative Fuel Vehicles) & fuel economy.
North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA) constitute the geographies. Europe holds major shares in the overall market. However, it is estimated to witness sluggish growth over the coming eight years. This can owe to regional stagnation in sales and demand for innovative automobiles. North America could also display slow expansion till 2024.
Despite its unorganized nature, the Asia Pacific market has been portraying signs of stability & uniformity over the past couple of years. Moreover, this region is considered a chief supplier of components to local companies. Reaching a value of nearly USD 49 billion by 2020, Asia Pacific can experience the fastest expansion in the forecast period.
The worldwide industry may face hindrances in the form of dependency on insurance, eco-concerns, and usage of advanced automobile telematics. Prominent companies operating in the global automotive collision repair market are 3M, Continental Corporation, Federal-Mogul Corporation, Johnson Controls Inc., and Magna International Inc
These firms indulge in mergers & acquisitions to boost their global presence and gain better industry traction. The market should be characterized by advanced technologies, furthering the entry of novel chemicals and metals. This would prompt weight reduction & cost-efficiency in vehicles. The unorganized Asian Pacific region is projected to offer key opportunities to ‘automobile repair’ vendors.
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Automotive & Transportation Market Research Report
Jan 05, 2017