Automotive Collision Repair Market Is Projected To Be Around $246.78 Billion By 2022
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A research study titled, “Automotive Collision Repair Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Automotive Collision Repair Market Is Projected To Be Around $246.78 Billion By 2022.
In 2012, the global automotive collision repair market was valued around USD 163.39 billion and is anticipated to reach approximately USD 246.78 billion by 2022, while maintaining a compound annual growth rate (CAGR) of 3.78% during the forecast period. Automotive collision repair market involves the materials and repair services utilized for the reconstruction of an automotive after damage due to accident. Escalating road accidents and damages it caused to vehicles and the damage due to natural disasters are all unfortunate events driving the automotive collision repair industry growth. Additionally, technological innovations in automotive repair services and equipment, accident claims and insurance has contributed to the additional growth of automotive collision repair industry. Coatings, paint, consumable and spare parts amongst other components of automobile are the key materials utilized for automotive collision repairs. Coatings and paints are employed to conceal any sort of dents and scratch on vehicles following the damage. A few of the coating and paint materials involve refinishing materials, colored paints and scratch resistant coatings. Resin materials and engine motor oil are amongst the key consumable products. Repair materials, mechanical parts, crash parts, and other tools are the spare parts.
The global automotive collision repair market is expected to witness substantial growth while registering a significant compound annual growth rate over the forecast period of 2012 to 2022 owing to rising concern for safety on road and escalating strict automobile measures and rules. The global automotive collision repair market growth is directly linked to the expansion of the global automobiles industry. Moreover, rising usage and production of electric and hybrid vehicles are determine to boost the application scope of automotive collision repair, worldwide. Hence, with the rising sales and maturing of automobiles worldwide, the automotive collision repair demand is set to expand. In regions like Latin America and Asia Pacific, a huge rise in the passenger vehicles utilization is anticipated during the forecast years, which will strengthen the automotive collision repair industry growth in these regions. Also, expansion in the automotive field and growing private equity funding in automotive collision repair workshops and companies will influence the global market growth.
The major industry players for the automotive collision repair market are; BASF, 3M, Continental AG, DuPont, Bosch, Honeywell International, ZF Friedrichshafen, Federal-Mogul Holdings, and DENSO. According to the vehicle type, the global market is classified as; Light-duty and Heavy-duty. On the basis of the product, the market is divided into; Coatings & Paints and Consumables. Geographically, the global automotive collision repair market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the automotive collision repair market
- Clear coatings, paints, and supplementary consumables like auto parts and other spares parts are extensively utilize in the automotive collision repair industry. Paints and coatings are used to conceal scratches and dents concerning automotive body damages.
- Transport administrations and authorities over different nations have made it mandatory for vehicle owners to purchase insurance coverage for any damage to their vehicle as well as the driver.
- The market is anticipated to stay advancement-led with the advent of innovative chemicals and metals that render weight reduction and cost efficiency in automobiles. Strict standards around the world for car safety are expected to fuel the global automotive collision repair industry.
- Key players of this market include BASF, 3M, Continental AG, DuPont, Bosch, Honeywell International, ZF Friedrichshafen, Federal-Mogul Holdings, and DENSO.