Auto Collision Repair Market To Cross $280bn By 2024
SELLBYVILLE, Del., July 23, 2018 /PRNewswire-iReach/ --
According to a latest research report by Global Market Insights, Inc. " Collision Repair Market revenue is predicted to be valued USD 280 billion by 2024." Proliferating demand for refinishing, reprocessing, and rebuilding of vehicle parts after accidents are strengthening the industry over the study time span. Continuous technological improvements in ancillary products and services such as denting, painting, and automobile body maintenance will positively impact the automotive collision repair market till 2024.
Rapid urbanization coupled with financial support in the form of low interest rate for passenger car loans are boosting the vehicle production across the globe. Increasing intercity and intra-city passenger as well as goods transportation will add commercial vehicles on the road. This rising road congestion will induce growth prospects for the automotive collision repair industry over the forecast period.
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Shifting trend of consumers towards shared mobility is likely to intensify automobile sales across the globe. These vehicles experience higher wear and tear than private vehicles, thereby amplifying industry growth rate over the forecast timeframe. Rising complexities associated with software and electronic parts in new vehicle models are multiplying investments required for handling repair services. These challenges are limiting the reach of small & independent automobile workshops.
Finishing compounds from collision repair market will exhibit growth rate of approximately 4% from 2018 to 2024. Paints & coatings is observed to be commonly used material in the auto refinishing application. This rising penetration can be attributed to increasing road traffic which poses risk of scratches, minor dents, and small crashes, further driving the industry growth.
Passenger cars segment is predicted to account for maximum revenue share in the collision repair market over the forecast timeline. Innovations such as 3D stereo photogrammetry used for documentation and precise measurement after accidental damage will significantly contribute in enhancing industry.
OEMs segment in the collision repair industry held more than 65% of the revenue share in 2017. This dominance can be credited to consumer's trust level towards the brand manufacturers. Customer preference towards brand loyalty and warranty period will enhance the industry share over the forecast timeline.
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Europe collision repair market is anticipated to be valued at USD 112 billion over the projected time span. Rising demand for paintings and coatings from several countries is augmenting regional growth till 2024. Increasing replacement of metal parts and damaged plastics will further contribute in revenue generation.
Dealer owned auto body shops are set to pose CAGR of more than 2.5% during the study period. Increasing dealer retail network accompanied with transparent policy system is spurring the segment growth. Warranty coverage and high-quality work will further drive the automotive collision repair market growth rate from 2018 to 2024.
Auto collision repair market participants are ZF Friedrichshafen AG, Denso Corporation, 3M Company, Federal-Mogul Holdings Corporation, Bosch, Honeywell International Inc., Continental Corporation, and Faurecia. Industry participants are investing heavily in technology improvement for widening their global presence. For instance, ZF Friedrichshafen utilizes 5% of its sales annually in research activities.
Auto collision repair industry is highly fragmented owing to considerable number of auto body shops existing across the globe. However, owing to requirement of technically skilled workforce and declining profits, the industry is witnessing consolidation as multiple players are focusing on M&As with MSOs.
Buy this industry insights spread across 200 pages with 293 market data tables & 11 figures & charts from the report, "Automotive Collision Repair Market Size By Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Vehicle (PCV, LCV, HCV, Two Wheelers), By End-Use (New OEM, Aftermarket, Recycled, Remanufactured) By Auto Body Shops (Dealer Owned Shops, Independent Repair Shops) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Spain, Netherlands, Belgium, China, India, Japan, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024" in detail along with the table of contents:
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Chapter 6. Automotive Collision Repair Market, By End Use
6.1. Automotive collision repair market share by end use, 2016 & 2024
6.2. New OEM
6.2.1. Market estimates and forecast, 2013-2024
6.2.2. Market estimates and forecast, by region, 2013-2024
6.3. Aftermarket
6.3.1. Market estimates and forecast, 2013-2024
6.3.2. Market estimates and forecast, by region, 2013-2024
6.4. Recycled
6.4.1. Market estimates and forecast, 2013-2024
6.4.2. Market estimates and forecast, by region, 2013-2024
6.5. Remanufactured
6.5.1. Market estimates and forecast, 2013-2024
6.5.2. Market estimates and forecast, by region, 2013-2024
Chapter 7. Automotive Collision Repair Market, By Auto Body Shops
7.1. Automotive collision repair market share by auto body shops, 2017 & 2024
7.2. Dealer owned shops
7.2.1. Market estimates and forecast, 2013-2024
7.2.2. Market estimates and forecast, by region, 2013-2024
7.3. Independent repair shops
7.3.1. Market estimates and forecast, 2013-2024
7.3.2. Market estimates and forecast, by region, 2013-2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-collision-repair-market-report
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, [email protected]
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