Automotive Collision Repair Industry Overview
The global automotive collision repair market size was USD 185.98 billion in 2020, and is expected to reach USD 220.12 billion by 2028, registering a CAGR of 2.1% during the forecast period.
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.
Automotive Collision Repair Market Segmentation
Based on the Product Insights, the market is segmented into Paints & Coatings, Consumables, Spare Parts.
Based on the Service Channel Insights, the market is segmented into Do-It-Yourself (DIY), Do-it-for-Me (DIFM) and Original Equipment (OE).
Based on the Vehicle Type Insights, the market is segmented Light-duty Vehicles and Heavy-duty Vehicles.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
The key players offering exclusive automotive aftermarket products and supplies for automotive collision repair service centers.
Some prominent players operating in the global automotive collision repair market are:
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