WASHINGTON, June 27, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Automotive Collision Repair Market finds that the increasing number of automobile insurance subscriptions, technological advancements in the automobile sector, and rising vehicular damage caused by accidents are accelerating the growth of the Automotive Collision Repair Market in coming years.
The Global Market revenue stood at a value USD 187.2 Billion in the year 2021.
The Global Automotive Collision Repair Market size is forecasted to reach USD 209.5 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 1.9% during the forecast period; states Vantage Market Research, in a report, titled “Automotive Collision Repair Market Size, Share & Trends Analysis Report by Product (Paints & Coatings, Consumables, Spare Parts), by Service Channel (DIY, DIFM, OE), by Vehicle Type (Light-Duty Vehicle, Heavy-Duty Vehicle), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Increase in Road Accidents Drives the Market
Each year, 1.3 million people die due to road traffic crashes. Automobile sales rise due to rising living standards. Many people prefer to drive their vehicles. This will lead to heavy traffic and road accidents. A road accident damaged various parts of the vehicle such as doors, windshield hoods, headlights, bumper, etc. Hence, they need to reinstall the new parts or repair them. In addition, with the increasing awareness of insurance for collisions and other damage, there is a huge demand for automotive parts in the Automotive Collision Repair Market. The insurance provided by companies has ties with the many automotive repair garages, which in turn, fuels the growth of the Automotive Collision Repair Market. Strict government rules for passenger safety & traffic rules for vehicle maintenance also help to propel the growth of the Automotive Collision Repair Market.
Technological Development Drives the Market
Technological advancement in the automobile sector is the major driving factor in the growth of the Automotive Collision Repair Market. Developments in the fields of electric and hybrid cars are expected to support the demand for Automotive Collision Repair Market services in the Global Automotive Collision Repair Market. OEMs are trying to raise their proceeds by supplying specific spare parts to collision repair units. Additionally, the utilization of 3D printing technology to manufacture complex automotive components and prototypes is favouring the Automotive Collision Repair Market growth. Technological advancement has benefited this market through low-cost maintenance, less time required for servicing, collision avoidance sensors, radar technology, and (ADAS) Advanced Driver Assistance System.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Automotive Collision Repair market is predicted to grow at a CAGR of roughly 1.9% during the forecast period.
- The Automotive Collision Repair market was estimated to be worth roughly USD 187.2 Billion in 2021 and is expected to reach USD 209.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Automotive Collision Repair market.
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Segmentation of the Global Automotive Collision Repair Market:
- Paints & Coatings
- Spare Parts
- Service Channel
- Vehicle Type
- Light-Duty Vehicle
- Heavy-Duty Vehicle
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Automotive Collision Repair Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Europe Dominated the Global Automotive Collision Repair Market
Europe held the potential share in the Automotive Collision Repair Market in 2021 and is expected to retain its dominance over the forecast period. The growth in this region is due to the increasing penetration of electric and hybrid vehicles. In addition, the presence of the largest automotive manufacturers, such as BMW & Mercedes is bolstering the growth of the Automotive Collision Repair Market in this region.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the Automotive Collision Repair Market during the forecast period owing to the growing number of vehicle sales in the region. In addition, local enterprises and multinationals see the region as a source of components, to supply low-cost components to major vehicle manufacturers, which in turn, propels the growth of the Automotive Collision Repair Market in this region. Furthermore, an increase in vehicle damage because of the lack of severe driving regulations is fuelling the regional growth of the Automotive Collision Repair Market in the coming years.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on “Automotive Collision Repair Market Size, Share & Trends Analysis Report by Product (Paints & Coatings, Consumables, Spare Parts), by Service Channel (DIY, DIFM, OE), by Vehicle Type (Light-Duty Vehicle, Heavy-Duty Vehicle), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
List of Prominent Players in the Automotive Collision Repair Market:
- Automotive Technology Products LLC
- Continental AG
- Denso Corporation
- 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
March 2021: ATP has released 25 new numbers in the Powertrain category including Automatic and Manual Transmission Shift, Detent, Accelerator, and Clutch Cables, along with Automatic Transmission Flex plates and a Manual Flywheel.
September 2020: Pioneer Automotive Industries and ATP have effectively expanded operations to include an additional 100,000-square-foot warehouse adjacent to its existing distribution facility and headquarters.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Automotive Collision Repair Market?
- How will the Automotive Collision Repair Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Automotive Collision Repair Market?
- What is the Automotive Collision Repair market drivers and restrictions?
- What will be the CAGR and size of the Automotive Collision Repair Market throughout the forecast period?
This market titled “Automotive Collision Repair Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Region & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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