Global Automotive Collision Repair Services market garnered earnings worth approximately 181.52 (USD Billion) in 2019 and is set to record a CAGR of about 3.4% over the period from 2020 to 2026.
Automotive Collision Repair Services Market
The global Automotive Collision Repair Services market garnered earnings worth approximately 181.52 (USD Billion) in 2019 and is set to record a CAGR of about 3.4% over the period from 2020 to 2026. The report offers an assessment and analysis of the Automotive Collision Repair Services market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Automotive collision repair services encompass denting, replacement, painting, refurbishment, and repairs. Furthermore, collision repairs for vehicles are mainly financed by vehicle insurance firms based on insurance coverage claims for vehicle collisions. Furthermore, some of the workshops partner with insurance firms for serving the customers by offering them vehicle collision repair services.
Apart from this, there are various local vendors as well as company-owned repair shops providing automotive collision repair solutions to consumers. In addition to this, a rise in the cases of road collisions due to surge rash driving or driving under the effect of alcoholic consumption will accelerate the market demand over the forecast timespan. Apparently, the growing frequency of natural disasters, riots, and traffic jams are likely to result in damage to vehicles, thereby accentuating the need for repair services for damaged vehicles.
A surge in vehicle sales as a result of a rise in disposable incomes has led to road jamming and fatal collisions of vehicles. Furthermore, vehicle accidents have resulted in damage to various parts of the vehicle including car doors, bumpers, and glass windows, thereby generating a necessity for the repair of the vehicles. This is one of the major factors that can trigger market growth.
In addition to this, vehicle collision repair units are expanding their customer base through an increase in the service network area by covering more regions across the globe. Furthermore, OEMs are trying to raise their proceeds by supplying specific spare parts to collision repair units. All these aforementioned factors will steer the business growth over the forthcoming years.
Apparently, an increase in customer affordability and a rise in the awareness pertaining to collision cover insurance & own damage insurance will define the market growth in the coming years. Moreover, a rise in the penetration of vehicle insurance in the emerging economies of the Asia Pacific and Latin America will further boost the industry trends.
Asia Pacific Market To Accrue Major Gains Over 2020-2026
The regional market surge over the forecast timeline is attributed to a surge in the traffic jams on road due to the rapidly bulging population. In addition to this, the rise in the number of two-wheeler bikes in emerging economies of Asia Pacific and liberal road safety legislations resulting in road collisions will enhance the requirement for vehicle collision repair services. This will amplify the regional market growth within a short span.
Key players leveraging the market expansion include Automotive Technology Products LLC, Robert Bosch GmbH, Continental AG, Denso Corporation, Federal-Mogul LLC, Henkel AG&Co. KGaA, Honeywell International, Inc., 3M, Johnson Controls, Inc., DuPont, BASF, ZF Friedrichshafen, and Caliber Collision.
The global automotive collision repair services market is segmented as follows:
The key growth drivers that will steer the market growth include rise in number of road collisions and increase in natural disasters & riots resulting in vehicle damage.
The CAGR of the industry is expected to be nearly 3.4% during the forecast timeframe.
Asia Pacific region will contribute remarkably towards the global market revenue over the estimated timeline.
The key market participants include Automotive Technology Products LLC, Robert Bosch GmbH, Continental AG, Denso Corporation, Federal-Mogul LLC, Henkel AG&Co. KGaA, Honeywell International, Inc., 3M, Johnson Controls, Inc., DuPont, BASF, ZF Friedrichshafen, and Caliber Collision.