Sellbyville, Delaware, June 14, 2018 (GLOBE NEWSWIRE) --
Automotive Collision Repair Market is set to cross USD 280 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing demand for rebuilding, refinishing, and reprocessing of automobile components after accidents is positively affecting the automotive collision repair market size over the forecast period. Continuous technological advancements in ancillary products coupled with supplementary services such as painting, denting, and body maintenance services will further augment the industry demand.
Rapid urbanization accompanied with availability of financial assistance in form of low interest car loans has led to an increase in car owners that is likely to boost automotive production. Rising intra-city and intercity goods coupled with passenger transportation are likely to stimulate commercial automobiles on the road. This increasing road congestion will accelerate the automotive collision repair market size over the study period.
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Finishing compounds are expected to exhibit growth rate of approximately 4% during the projected time line. Paints & coatings are the commonly used products in the auto refinishing industry. This wide acceptance can be credited to rising road congestion that poses risk of minor dents, scratches, and small crashes resulting in restoring of vehicle to its original color.
Consumer trends in shared mobility behavior is positively influencing automobile sales across the globe. Shared mobility vehicles observe higher wear and tear as compared to personal vehicles, resulting in industry growth over the forecast timeframe. Rising technical, software, and electronic complexities associated with new generation vehicles is enhancing investments and expertise that are required in repair handling services. These factors are limiting the reach of small & independent businesses.
Passenger cars are expected to dominate the automotive collision repair industry over the forecast timeframe. Technological advancements such as 3D stereo photogrammetry for accurate measurement and documentation of the accident damage will contribute in revenue generation. Moreover, associations including the U.S. NASTF-National Automotive Service Task Force have formed a Collision Repair Committee (CRC) supporting in recognizing, addressing, and resolving the service gaps. It will help auto body shops achieve a complete and safe vehicle restoration.
OEMs accounted for highest revenue share with over 65% in 2017 owing to the consumer’s high trust level towards the brand manufacturers. Predilection towards warranty provided and customer’s brand loyalty is enhancing its dominance. The original products offer multiple benefits including better performance, longer product lifecycle, and reliability than the counterparts, further escalating the segment share in the automotive collision repair business.
Browse key industry insights spread across 200 pages with 293 market data tables & 11 figures & charts from this 2018 report Automotive Collision Repair Market in detail along with the table of contents:
Aftermarket automotive collision repair industry is anticipated to exhibit a CAGR of over 3% from 2018 to 2024. This growth can be primarily attributed to its cost effectiveness as compared to the original manufacturer’s auto parts. Aftermarket parts are developed by the third-party companies specializing in manufacturing of the auto components that may compete the original parts quality and specifications.
Europe automotive collision repair market share is predicted to be valued at over USD 112 billion till 2024. Increasing demand of painting & coating from various nations is accountable for catapulting the regional growth till 2024. Increasing replacement of damaged plastics & metal parts will significantly contribute in revenue generation.
Dealer owned shops is anticipated to exhibit a maximum CAGR of over 2.5% from 2018 to 2024. Rising dealer retail network along with transparent pricing policy are driving the industry growth rate. Quality of work by certified technicians and warranty coverage will further boost the industry share over the forecast timeframe.
Automotive collision repair market players include 3M Company, ZF Friedrichshafen AG, Honeywell International Inc., Federal-Mogul Holdings Corporation, Denso Corporation, Continental Corporation, Bosch and Faurecia. Industry players are investing heavily on modernization of their services and technology used for strengthening their foothold in the highly competitive industry. For instance, ZF Friedrichshafen AG invests over 5% of its sales in R&D activities assuring success by means of engineering and design of innovative technologies.
Automotive collision repair industry is highly fragmented in nature with the presence of large number of auto body shops across the globe. However, owing to high technical expertise requirement, technological innovations, and reduced profits, the industry is experiencing consolidation as several players are engaged in mergers and acquisitions with MSOs. In 2015, more than 50 MSOs were acquired following the consolidation curve.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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