Automotive Collision Repair Market Outlook
According to the report by Expert Market Research (EMR), the global automotive collision repair market trends reached a value of approximately USD 188.8 billion in 2022. Aided by the growing ownership of passenger and commercial vehicles and the increasing prevalence of road accidents, the market is projected to further grow at a CAGR of 2.20% between 2023 and 2028 to reach a value of USD 215.13 billion by 2028.
Automotive collision repair involves the process of fixing the damaged parts of a vehicle after an accident. This process can include various services such as denting, painting, replacement of damaged parts, and alignment of car body, among others. Automotive collision repair plays a crucial role in ensuring the safety, performance, and longevity of vehicles.
The upsurge in vehicle ownership is one of the primary factors propelling the global automotive collision repair market growth. With urbanisation and increasing disposable incomes, more individuals are owning vehicles, leading to a rise in the probability of road accidents and, therefore, an increasing demand for collision repair services.
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Moreover, a growing emphasis on vehicle maintenance and longevity has further contributed to the automotive collision repair market expansion. Vehicle owners are becoming more aware of the importance of regular maintenance and repair after collisions to ensure the safety and performance of their vehicles. This consciousness, in turn, is leading to an increasing demand for professional collision repair services.
The role of the automotive collision repair industry is also expanding, reflecting developments in vehicle technology. Modern vehicles come equipped with advanced technologies like ADAS (Advanced Driver Assistance Systems), requiring specialised calibration and repair services post-collision. As a result, the need for automotive collision repair services that can handle such sophisticated systems is on the rise, thereby boosting the automotive collision repair market demand.
Furthermore, the trend of automakers partnering with collision repair centres to provide branded repair services is expected to fuel the automotive collision repair market development. These partnerships help automakers ensure that repairs are done using OEM parts and meet their quality standards, providing reassurance to customers and driving demand for these services.
Lastly, the increased adoption of remote diagnostics systems in vehicles can also influence the automotive collision repair market positively. These systems enable the real-time monitoring of vehicle health, notifying drivers about necessary repairs and maintenance. As these systems become more common, they will likely stimulate demand for professional collision repair services.
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Automotive Collision Repair Market Segmentation
The market can be divided based on product type, vehicle type, service channel, and region.
Market Breakup by Product Type
- Paints and Coatings
- Spare Parts
Market Breakup by Vehicle Type
- Heavy-duty Vehicle
- Light-duty Vehicle
Market Breakup by Service Channel
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive collision repair companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- 3M Company
- Denso Corporation.
- Honeywell International Inc
- Continental AG
- Robert Bosch GmbH
- Faurecia Group.
- Automotive Technology Inc.
- Caliber Holdings LLC
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