Automotive collision repair market estimated to reach $222.7bn by 2026
According to a new research published by Polaris Market Research, the global automotive collision repair market is anticipated to reach around $222.7bn by 2026. In 2017, the spare parts segment dominated the global market, in terms of revenue. In 2017, Europe accounted for the majority share in the global Automotive Collision Repair market.
The automotive collision repair market requires advanced protective materials which also meet the aesthetic features of the automobile. Additionally, the rapidly evolving paints and coating technology boosts the market growth. The companies are under constant pressure of improving safety standards and guidelines and damages to vehicles which further aides market growth.
The increasing penetration of hybrid cars and electrical vehicles will offer market opportunities for growth during the forecast period. Digitalisation of automotive repair and collision services also supports market growth. The high usage of these paints and coatings may lead to low quality distribution in various applications. This acts as a potential risk to the environment and also restricts market growth. Another factor hindering the market growth is the dependence of consumers on insurance.
The global Automotive Collision Repair market is segmented on the basis of product, vehicle type, end-use, and geography. Based on the product, the market is segmented into paints and coatings, consumables, and spare parts. The end-use segment is categorised into New OEM, Aftermarket, Recycled, and Remanufactured. The vehicle types in the global automotive Collision Repair market include passenger vehicles, commercial vehicles, and two-wheelers.
In 2017, Europe accounted for the highest share in the global automotive Collision Repair market. The primary factors driving the automotive Collision Repair market growth in the region include established automotive industry, technological advancements, and high investment in R&D. The introduction of stringent government regulations regarding vehicular safety and emissions accelerate the adoption of automotive Collision Repair in the region.
The growing safety concerns, rising number of road accidents, increasing development of autonomous vehicles, and growing automotive modernisation further increases the demand of automotive collision repair in the region.
The companies profiled in the automotive collision repair market include Denso Corporation, Continental AG, 3M, Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmbH, Federal-Mogul LLC, Automotive Technology Products LLC, Caliber Collision, and Henkel AG & Co., KGaA.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.