Automotive Collision Repair Services Market Likely to Emerge over a Period of 2019-2029
Author : Ajaykumar Patil | Published On : 13 Jan 2022
Automotive collision repair services refer to repair and maintenance carried out for passenger and commercial vehicles, post a crash, collision, or accident. The global market for automotive collision repair services is estimated to be pegged at around US$ 95 Bn by 2019 end, registering a CAGR of nearly 5% from 2019 to 2027. Increase in average vehicle age, poor quality of infrastructure, and increase in vehicle parc are considered to be prominent factors that will drive the growth of the global automotive collision repair services market over the forecast period. On the other hand, with rising concerns toward increasing number of road traffic deaths, legislations, vehicle standards, and road infrastructure are improving. This may, in turn, result in lesser collisions, consequently hindering the growth of the global automotive collision repair services market to some extent.
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Automotive Collision Repair Services Market: Key Takeaways
- Despite technological disruption of accident-avoidance equipment (such as collision avoidance systems and technology), distracted driving has resulted in increased number of collisions.
- Owing to the relatively larger fleet of passenger vehicles all across the globe, the passenger vehicles segment is estimated to generate maximum revenue among vehicle types throughout the forecast period. The scenario with respect to vehicle type in North America is a bit different. The light commercial vehicles segment accounts for nearly half of the overall market share.
- Components such as radiators, condensers, hoods, and bumpers are identified to have relatively higher replacement rates, as these are most prone to damage during a collision. Though the parts & components segment is expected to account for a dominant market share, higher growth is expected for the paints and coatings segment. Advanced color development and high customer expectations characterize today’s refinishes.
- Geographically, the Asia Pacific region is anticipated to account for maximum share in the global automotive collision repair services market throughout the forecast period. Regions such as China, India, and ASEAN, witnessing significant growth in automotive sales and vehicle parc, are expected to register relatively higher growth in the global automotive collision repair services market.
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Automotive Collision Repair Services Market: Competitive Landscape
3M, Denso Corporation, and Service King are identified as prominent players in the global automotive collision repair services market. Consolidation has witnessed a significant decline, though that was inevitable after the feverish pace it had been going at. This pace has slowed down due to increasing number of small- and medium-sized players investing in the collision repair industry. Despite all the consolidation, small independent repair shops account for more than one-third of the overall automotive collision repair services market landscape. Owing to the presence of a large number of players across the globe, the market for automotive collision repair services is considered to be significantly fragmented.
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