NEWARK, Del, Sept. 04, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI), the United States and Canada collision repair parts market value is expected to reach US$ 34,990.8 Million in 2023. Over the projection period from 2023 to 2033, sales of collision repair parts in the target market are set to rise at 4.2% CAGR. The total market size is expected to reach US$ 53,041.5 Million by 2033.
Rapid growth of automotive sector and rising number of car accidents are key factors driving the United States and Canada collision repair parts industry forward.
The average age of vehicles in the United States & Canada has been increasing, which also drives the collision repair parts market. This creates a sustained demand for collision repair parts to ensure the continued operation and maintenance of older vehicles.
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The growth in vehicle sales in the United States & Canada contributes to the demand for collision repair parts.
Over the years, there has been a dramatic rise in vehicle sales across the United States and Canada. As more vehicles are sold, the likelihood of accidents and collisions rises, leading to a higher need for repair parts.
Car owners are adopting high-quality replacement parts to restore damaged vehicles to their pre-accident condition. This is creating lucrative revenue-generation opportunities within the United States & Canada repair parts market.
Development of eCommerce and digital platforms, along with the growing preference of customers for purchasing repair parts through online channels, will further boost the market.
The growing trend of online part purchasing can provide manufacturers and suppliers with new and diverse opportunities to optimize their procurement procedures and provide quick and efficient delivery alternatives. Suppliers are able to expand their market and client base by selling online to consumers in different regions or even in other countries.
The collision repair process is progressively integrating AR and VR technology to increase accuracy and efficiency. These technologies allow technicians to visualize repairs, get step-by-step instructions, and enhance productivity.
Adoption of these novel technologies is expected to fuel market expansion during the projection period. On the other hand, rapidly changing car design and materials could create problems for the United States & Canada-based collision repair part manufacturers.
Although the growing use of cutting-edge materials in vehicle development, such as aluminum and carbon fiber composites, has advantages in terms of performance and weight reduction, they additionally pose challenges for collision repair parts.
Key Takeaways from the United States Collision Repair Parts Market:
- The United States collision repair parts industry is expected to cross a valuation of US$ US$ 53,041.5 million by 2033.
- By product type, body panels segment is likely to account for a prominent market share of 28.9% in 2023.
- By vehicle type, LCV segment is set to dominate the market with a 49.8% share in 2023.
- The United States collision repair parts market is predicted to reach US$ 41,767.7 million by 2033.
- Collision repair part demand in Canada is poised to rise at 4.8% CAGR through 2033.
“Rising production and sales of vehicles coupled with increasing number of road accidents is expected to boost the United States and Canada collision repair parts industry. To gain maximum profits, companies are launching new parts and repairing services.” says a lead analyst at FMI
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Who is Winning?
The collision repair parts industry has a highly competitive landscape, with a significant number of players looking to fortify their market positions. Leading collision repair part manufacturers across the United States and Canada include Tenneco, Inc., Magna International, LKQ Corporation, Genuine Parts Company, Dorman Products Inc., Martinrea International Inc., Meritor Inc., Brogg Warner, Timken Company, and Arnot INC Siemens.
These prominent players are heavily investing in research and development to introduce novel solutions with enhanced features. They are concentrating on broadening their product range and expanding distribution channels to meet clients' evolving demands.
Manufacturers and suppliers of collision repair components can boost sales, improve brand recognition, and simplify distribution by partnering with repair networks. These potential benefits allow the collision repair parts market to expand and develop in the forecast period.
Recent developments:
- In July 2023, Palladium Heritage acquired three leading distributors of automotive aftermarket collision repair parts namely National Auto Parts, NAP San Diego, LLC, and National Auto Parts-Oakland.
Scope of Report
| Attribute | Details |
| Estimated Market Size (2023) | US$ 34,990.8 million |
| Projected Market Value (2033) | US$ 53,041.5 million |
| Anticipated Growth Rate (2023 to 2033) | 4.2% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ Million for Value and Units for Volume |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
United States and Canada Collision Repair Parts Market Segmentation
By Product Type:
- Body Panels
- Interior & Exterior Component
- Mechanical Component
- Safety Component
- Fluid Management Component
- Powertrain Component
- Others
By Vehicle Type:
- Passenger Vehicle
- LCV
- HCV
By Sales Channel:
- Authorized Dealer
- Independent Dealer
- Online Channel
By Country:
- United States
- Canada
About FMI – Automotive
The Automotive division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the automotive market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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