Automotive Collision Repair Market Worth $222bn by 2024

The industry statistics report "Automotive Collision Repair MarketSize By Product (Paints & Coatings, Adhesives & Sealants, Abrasives products, Finishing Compounds), By Vehicle (Light-Duty Vehicle, Heavy-Duty Vehicle), By End-Use (New OEM, Aftermarket, Recycled, Remanufactured) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Belgium, Netherlands, China, India, Japan, Australia, Brazil, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. says Automotive Collision Repair Market is predicted to cross USD 220 billion by 2024.

Increasing demand for the enhancement of damage control, and repair quality will positively impact the automotive collision repair market share over the coming years. Continuous technological advancements in ancillary products coupled with supplementary services such as painting, denting, and body maintenances will further augment the industry demand. Rising intra-city and intercity goods and passenger transportation is likely to stimulate commercial automobiles on the road.

Consumer trends in shared mobility behavior will positively influence the automobile demand. Shared mobility vehicles witness higher wear and tear degree than personal vehicle that is likely to favor industry growth over the forecast timeframe. Rising technical, software, and electronic complexities associated with new generation vehicles will support the investments and expertise. are required for handling the repairs. These factors are limiting the reach of small & independent businesses.

Rising investment from major industry participants to enhance their services and quality will pave an opportunistic way for the automotive collision repair market. Increasing demand for hybrid and electric vehicle owing to surging fuel prices will increase the product penetration. Advent of nascence technologies such as night vision with pedestrians control, lane departure warning, forward collision repair, connected cars, automatic emergency braking system, and autonomous driving may restrict the industry growth over the coming years.

Finishing compounds are expected to exhibit growth of over 3% over the projected time line. Paints & coatings are the most commonly used products in the auto industry. This wide acceptance is credited to the rising road congestion that poses risk of minor dents and small crashes resulting in the need to restore the vehicle's original color.

Light duty vehicles are expected to dominate the automotive collision repair market till 2024. Technological advancements including 3D stereo photogrammetry for accurate measurement and documentation of the accident damage will contribute in revenue generation. Moreover, associations like NASTF-National Automotive Service Task Force in the U.S. have formed a Collision Repair Committee (CRC) that supports in recognizing, addressing, and resolving the service gaps. It will help auto body shops achieve a complete and safe vehicle restoration.

Original Equipment Manufacturers (OEMs) will account for highest revenue share by 2024 owing to the consumer's high trust level towards the brand manufacturers. Predilection towards warranty offered and customer's brand loyalty are other factors that will support the OEMs dominance. The original products offer benefits such as better performance, longer product lifecycle, and reliability than the counterparts, will further escalate the OEM's share in the automotive collision repair market.

Aftermarket is anticipated to exhibit a maximum CAGR of over 4% from 2017 to 2024. Aftermarket parts are developed by the third-party companies specializing in manufacturing of the auto components that may match the original parts quality and specifications. This growth can be primarily attributed to its cost effectiveness as compared to the original manufacturer's auto parts.

Europe automotive collision repair market is predicted to dominate the industry in terms of revenue share over the forecast timespan. Rising demand of painting & coating in Eastern Europe is another factor responsible for catapulting the regional growth till 2024. Increasing replacement of damaged plastics & metal parts will significantly contribute in the revenue generation.

The companies operating in the automotive collision repair market includes 3M company, ZF Friedrichshafen AG, Honeywell International Inc., Federal-Mogul Holdings Corporation, Denso Corporation, Continental Corporation and Bosch and Faurecia. Industry players are investing heavily on modernization of their services and technology used for strengthening their foothold in the highly competitive industry. For instance, ZF Friedrichshafen AG invests over 5% of its sales in R&D activities assuring success by means of engineering and design of innovative technologies.