Automotive Collision Repair Market Size, Share & Industry Analysis, By Product Type (Paints & Coatings, Consumables, Spare Parts), By Service Channel (OEM, Aftermarket, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Automotive collision repair (ACR) involves realigning the paneling as well as the structure of light-duty and heavy goods vehicles after a collision. It is a complex process as the repaired vehicle has to adhere to the stringent safety specifications and tolerances established by the vehicle manufacturer. The damaged sections are replaced or if the damage is minimal it is removed using a variety of tools. Various products are used in the repairing process such as spare parts, paints & coatings, and other refinishing tools.
Factors such as the surge in population growth across the globe, rise in disposable income, and exponential demand and sales of light-duty vehicles in emerging countries are attributed to an increase in vehicular traffic. This is leading to a surge in incidents of automotive collisions. These factors will drive the growth of the market. Furthermore, expansion of the e-commerce market with instant availability of genuine OEM spare parts will also positively affect the automotive collision repair market. However, the high cost involved with vehicle repair at specialist repair centres even for minor damages will restrain the growth of the market.
Key Market Driver -
Stringency of vehicle safety norms and rising incidents of vehicular accidents is driving the growth of the market
Key Market Restraint -
High costs associated with collision repair at specialist repair centers may restrain the growth of the market.
Market Segmentation:
The automotive collision repair market is segmented by product type, by service channel, by vehicle type, and by region. By product type, the market is segmented into paints & coatings, consumables, and spare parts. The spare parts segment is expected to show significant growth in the market. The high number of road accidents leading to damage of integral components such as bumpers, grilles, and fenders, and other dents & scratches are fuelling the demand for replacement spare parts. These factors are fueling the growth of this segment. The paints & coatings segment is expected to show steady growth in the market during the forecast period owing to environmental and health risks associated with automotive body paint materials. By service channel, the market is segmented into OEM, aftermarket, and others. The OEM market is expected to show good growth in the market owing to an increase in partnerships with collision repair centres to increase the availability of genuine replacement products. The aftermarket segment is also anticipated to show good growth in the market that can be attributed to the high demand for low-cost alternatives specifically in developing countries. By vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment is expected to hold a larger share of the market during the forecast period. Factors such as the increase in vehicular traffic and highly stringent regulations with regards to the quality of components used to ensure occupant safety are fuelling the growth of this segment.
Key Players:
Major players operating in the global automotive collision repair market include Continental AG, Robert Bosch GmbH, Magna International Inc., Honeywell International GmbH, 3M, Faurecia, Denso Corporation, and Caliber Collision among others.
Key Insights
- New Advancements in Automotive Collision Repair Market
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the automotive collision repair market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to exhibit a higher CAGR during the forecast period owing to the high frequency of vehicular accidents on congested roads and the increasing availability of low-cost replacement parts in countries such as China and India. Europe is expected to show significant growth in the market that can be attributed to the stringency of road and vehicle safety norms along with the surge in demand for luxury vehicles. North America is also expected to show good growth in the market owing to regulations that mandate collision repair cover under insurance claims and a rise in demand and sale of hybrid and electric cars.
To gain extensive insights into the market, Request for Customization
Segmentation
ATTRIBUTES | DETAILS |
By Product Type |
|
By Service Channel |
|
By Vehicle Type |
|
By Geography |
|
- Ongoing
- 2023
- 2019-2022
-
Get in Touch with Us
-
US +1 833 909 2966 ( Toll Free )
-
