San Francisco, 08 Nov 2018 – The global automotive collision repair market size is expected to reach USD 208.0 billion by 2025, according to a new study by Grand View Research, Inc. It is expected to exhibit a CAGR of 2.7% during the forecast period.
Technological advancements in claims, insurance, and the automobile aftermarket have led to development of innovative repair techniques and processes, which have significantly widened the scope for growth of passenger and commercial vehicles. Leading manufacturers, including Daimler AG (Germany) and BMW Group (Germany), are using advanced 3D printing technology for manufacturingspare parts and associated automobile components.
For instance, Rolls-Royce Dawn 2016 is expected to use 3D printing technology to fabricate mounting brackets for wire hoses and fiber-optic cables. Moreover, organizations such as U.S. National Automotive Service Task Force (NASTF) have established a Collision Repair Committee (CRC) to recognize, address, and resolve repair/service flaws and help vehicle repair centers accomplish complete and safe automotive restoration for vehicle owners.
Paints, clear coatings, and other consumables such as auto components and spares are widely used in the automotive collision repair market. In case of automotive body damages, coatings and paints are used to cover dents and scratches.
Growing penetration of gas and hybrid electric cars is expected to further drive the industry with a new generation of vehicles being introduced in novel service repair regimens. The untapped and unorganized automotive collision repair market in Asia Pacific is expected to provide growth opportunities for key vehicle repair vendors.
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Further key findings from the report suggest:
- Necessity to buy insurance coverage for a vehicle, as stated by transport authorities and administrations across different countries, is expected to drive the automotive collision repair market over the forecast period
- Europe dominated the global automotive collision repair market in 2016 and accounted for over 45% of the global market
- The paints and coating segment is estimated to expand at a CAGR of 3.4% over the forecast period
- Key players in the automotive collision repair market include 3M; Automotive Technology Products LLC; Continental AG; Denso Corporation; Faurecia; 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; and Takata Corporation.
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Grand View Research has segmented the automotive collision repair market based on product, vehicle type, service channel, and region:
Automotive Collision Repair Product Outlook (Revenue, USD Million, 2014 – 2025)
- Paints and Coatings
- Spare Parts
Automotive Collision Repair Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)
- Light-duty Vehicles
- Heavy-duty Vehicles
Automotive Collision Repair Service Channel Outlook (Revenue, USD Million, 2014 – 2025)
- Do-It-Yourself (DIY)
- Do-it-for-Me (DIFM)
- Original Equipment (OE)
Automotive Collision Repair Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-automotive-collision-repair-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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