The global automotive collision repair market size is anticipated to be USD 208.0 billion by 2025, as per a latest report by Million Insights. The market is anticipated to grow at a CAGR of 2.3% from 2019 to 2025. Technological advancements coupled with development in automotive repair are driving the market growth. For example, evolution of 3D printing has resulted in significant reduction of production costs.
Additionally, rise in number of alternate fuel vehicles is predicted to proliferate the market growth in the next few years. Alternative fuel vehicles that run on natural gas and hydrogen are gaining traction supported by governments’ favorable policies. For example, air quality is a key factor in California and Federal Clean Air Act aimed at reducing the vehicular emission.
Rise in research activities and investment by several manufacturers offer lucrative opportunity for market growth. For example, 3M aftermarket segment in collaboration with West Coast Custom are aiming to increase the use of body fillers, coatings, adhesives, spray paints and abrasive.
Europe held the largest share in the automotive collision repair market and expected to continue its dominance over the forecast period. North America is also projected to witness similar growth owing to rise in number of on-roads vehicles in the U.S and Canada. Further, growing sales of electric vehicles offers a lucrative opportunity for the market growth in these regions.
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Further key findings from the report suggest:
• Adoption of advanced telematics system is projected to limit the market growth.
• In 2018, Europe accounted for more than 44.0% of the market share largely because of increased penetration of safety enabled vehicles.
• Further, the rise in sales of passenger cars is predicted to positively affect market growth.
• Key players operating in the market include Continental AG, Honeywell International, Inc., Mann+Hummel Group, Takata Corporation, Mitsuba Corporation, Magna International, Inc. and 3M among others.
Million Insights has segmented the global automotive collision repair market based on product type, vehicle type, service channel, and region:
Automotive Collision Repair Product Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Paints & Coatings
• Spare parts
Automotive Collision Repair Service Channel Outlook (Revenue, USD Billion, 2014 - 2025)
• Do-It-Yourself (DIY)
• Do-It-For-Me (DIFM)
• Original Equipment (OE)
Automotive Collision Repair Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Light-duty Vehicle
• Heavy-duty Vehicle
Automotive Collision Repair Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa