Automotive Collision Repair Industry Overview
The global automotive collision repair market size was USD 185.98 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 2.1% from 2021 to 2028.
The rise in the number of subscriptions of automobile insurance and technological advancements in the automobile sector are the factors expected to propel market growth. There has been an increase in vehicular damage caused by accidents, which is directly influencing the revenue generated in the global market. Many automobile retailers sell do-it-yourself (DIY) kits to consumers who prefer to repair their cars at home without any assistance. This trend is observed in many suburban parts of South America and Asia Pacific.
Gather more insights about the market drivers, restrains and growth of the Global Automotive Collision Repair Market
OEMs have developed several channels to distribute their branded parts to different service departments. The rising demand for hybrid and electric cars is expected to further increase the demand for specific tools and spare parts used in such vehicles. This is anticipated to improve the demand for automotive collision repair. In addition, the vehicle owner is obligated to get a notice that the warranties that apply to the non-OEM and nonstandard parts will not be provided by the manufacturer of the vehicle but by the manufacturer or distributor of the parts.
The companies support customers from repairing and diagnosing issues on vehicles to provide and service preventative maintenance. Moreover, the customers are often concerned about the vehicles after the collision and unable to get specialist services at a low cost. Additionally, auto collision repair shops are equipped with modern repair equipment and staffed by collision repair experts. The automotive collision repair services have some disadvantages such as boost the safety of the car, maintain the value of the vehicle, lower the company’s cost, and others.
Technological advancements have brought numerous benefits to organizations. Furthermore, digitalization has allowed all of us to experience a more personalized service, quicker delivery, and instant access to support. Unsurprisingly, it is easy to get used to comfort. There are various advantages associated with inspection and repairing by a collision repair specialist. The collision repair specialist finds a way of reducing the cost of damages. Furthermore, the collision repair specialist’s service is used to analyze vehicles’ problems and find the best solution possible with new parts with significant research.
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Automotive Collision Repair Market Segmentation
Grand View Research has segmented the global automotive collision repair market based on product, vehicle type, service channel, and region:
Automotive Collision Repair Product Outlook (Revenue, USD Billion, 2017 – 2028)
- Paints & Coatings
- Spare Parts
Automotive Collision Repair Vehicle Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Light-duty Vehicles
- Heavy-duty Vehicles
Automotive Collision Repair Service Channel Outlook (Revenue, USD Billion, 2017 – 2028)
- Do-It-Yourself (DIY)
- Do-it-for-Me (DIFM)
- Original Equipment (OE)
Automotive Collision Repair Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- South America
- Middle East & Africa
Market Share Insights
- July 2018: The 3M Automotive Aftermarket Division launched a cost-free collision repair app. This collision repair app was aimed at supporting the technicians and distributors to get all the information they need regarding the collision repair.
- February 2021: Investment in Repairfy, a portfolio company of Kinderhook Industries to develop tools & technology for Americas & Europe, declared by 3M. The technology will aid in developing the service to put forward for automotive collision repair market ecosystem.
Key Companies profiled:
Some prominent players in the global automotive collision repair market include
- Automotive Technology Products LLC (ATP.) (a subsidiary of Lodi Group of Monterrey)
- Continental AG
- Denso Corporation
- Federal-Mogul LLC
- Honeywell International, Inc.
- International Automotive Components Group
- Johnson Controls, Inc.
- Magna International Inc.
- Mann+Hummel Group
- Martinrea International Inc.
- Mitsuba Corporation
- Robert Bosch GmbH
- Takata Corporation
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