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.
New York, United States - October 29, 2020 /MarketersMedia/ —
According to Zion Market Research, the global automotive collision repair market was capitalized at USD 181.52 billion in 2019 and is expected to augment at a CAGR of over 3.4% during the forecaste period 2020–2026. The automotive collision repair is the repairing and rebuilding of a vehicle following it has been destroyed in an accident. It also considers the materials required and the repair services for the entire repairing process. The materials utilized in the automotive repairing generally consist of coatings, paints, spare parts, and other refinishing materials utilized to repair scratches & dents. The two major consumable products are resin material and engine motor oil. The spare parts utilized in automotive repairs consist of crash parts, repair materials, and mechanical tools & parts.
Some of the key players in the market are Continental AG, Denso Corporation, Honeywell International, Inc., 3M, Johnson Controls, Inc., DuPont, BASF, Robert Bosch GmbH, ZF Friedrichshafen, Automotive Technology Products LLC, Federal-Mogul LLC, Henkel AG&Co. KGaA, and Caliber Collision. The suppliers are introducing innovative products to meet surging customer desires. Additionally, the contenders are acquiring and partnering with top companies in the market to augment their offerings and enlarge the customer base.
Advancing Sales And Aging Of Vehicles To Boost The Global Automotive Collision Repair Services Market
The increasing need for road safety and consequent guidelines & standards for automobile safety is the major driver of the market. Additionally, natural calamities and surge in road accidents resulting in vehicle damage prompt the growth. Another aspect driving business segment expansion is the rapid advancement of paints & coatings that adapts with the protecting automobile materials. Nevertheless, the negative environmental effects due to the use of cheap synthetic coating and refinishing materials impact the market’s expansion to a certain extent. The development of hybrid & electric vehicles also enhances the growth of the automotive collision market. The surge in driverless cars and a surge in demand for electric vehicles advance the demand for automotive collision repair. Owing to advancing sales and the aging of vehicles globally, the automotive collision repair market is growing exponentially.
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The global automotive collision repair services market is bifurcated on the basis of service type, workshop type, vehicle type, and regional analysis. Based on the service type, the market is divided into paints, parts, and repair. Based on the workshop type, the market is divided into authorized garage and independent garage. Based on the vehicle type, the market is divided into light commercial vehicle, passenger vehicle, and heavy commercial vehicle.
Increasing Number Of Vehicles And Motor Insurance To Boost The Global Automotive Collision Repair Services Market
Based on the geographical analysis, the global automotive collision repair services market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The surging penetration of motor insurance in budding countries in the Asia Pacific and Latin America is expected to propel the automotive collision repair services market. The augment in consumer affordability and surged awareness regarding “collision cover” and “own damage” insurance is anticipated to impel the global automotive collision repair services market.
The global automotive collision repair services market is segmented as follows:
Based on service type:
Paints
Repair
Parts
Based on workshop type:
Authorized Garage
Independent Garage
Based on vehicle type:
Light Commercial Vehicle
Passenger Vehicle
Heavy Commercial Vehicle
By region:
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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