Automotive Collision Repair Market Insights, 2016 to 2024

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Automotive Collision Repair Market Analysis, Size, Share,
Growth, Industry Trends and Forecasts, 2016 to 2024 - Hexa
Research
Expanding at more than 2% CAGR during 2016 to 2024 (forecast period), the global automotive
collision repair market is estimated to attain USD 202 billion by 2024. This industry is primarily
fuelled by the demand for automobiles, widespread use of technology in the production of auto
parts, and digitalization of automotive maintenance & repair services.
In addition to technological advancements, the popularity of vehicular insurance should propel
the market in the near future. This industry mainly comprises small & unorganized independent
automobile dealer workshops offering repair services. Strict ‘car safety’ regulations will also
drive market demand. The industry is split into products, vehicles, and geographies.
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On the basis products, the industry is categorized into paints & coatings, consumables, and
others. Engine motor oils, colored paints, resin materials, refinishing materials, and scratch
resistant coatings fall within the segments of paints & coatings and consumables.
‘Others’ includes restoration materials, crash parts, supplementary mechanical parts, repair
materials, and tools. Higher vehicular production and greater focus on carbon footprint
technologies will fuel the paints & coatings segment in the forthcoming years. Demand for
coatings due to higher environmental concerns is predicted to raise industry sales.
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Owing to the widespread adoption of adhesives and abrasives in repair works; paints & coatings
may expand at a CAGR of 2.5% from 2014 to 2020. On account of vehicles, the automotive
collision repair market is bifurcated into light-duty and heavy-duty.
While light-duty vehicles generally comprise crossover cars, sedans, hatchbacks, and SUVs;
heavy-duty ones include buses and trucks. Surging demand for the former is likely to propel the
global industry till 2024. Drivers of light-duty vehicles are growing demand for transport options
and governmental initiatives on AFVs (Alternative Fuel Vehicles) & fuel economy.
North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA)
constitute the geographies. Europe holds major shares in the overall market. However, it is
estimated to witness sluggish growth over the coming eight years. This can owe to regional
stagnation in sales and demand for innovative automobiles. North America could also display
slow expansion till 2024.
Despite its unorganized nature, the Asia Pacific market has been portraying signs of stability &
uniformity over the past couple of years. Moreover, this region is considered a chief supplier of
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components to local companies. Reaching a value of nearly USD 49 billion by 2020, Asia Pacific
can experience the fastest expansion in the forecast period.
The worldwide industry may face hindrances in the form of dependency on insurance, ecoconcerns, and usage of advanced automobile telematics. Prominent companies operating in the
global automotive collision repair market are 3M, Continental Corporation, Federal-Mogul
Corporation, Johnson Controls Inc., and Magna International Inc.
These firms indulge in mergers & acquisitions to boost their global presence and gain better
industry traction. The market should be characterized by advanced technologies, furthering the
entry of novel chemicals and metals. This would prompt weight reduction & cost-efficiency in
vehicles. The unorganized Asian Pacific region is projected to offer key opportunities to
‘automobile repair’ vendors.
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The global Automotive Collision Repair Market is anticipated to reach USD 202.2 billion by 2024. Automotive collision repair refers to the task of fixing or repairing damaged structures in automobiles