The Global Automotive Collision Repair Market size is expected to reach $208.3 billion by 2027, rising at a market growth of 1.9% CAGR during the forecast period.
The restoration and replacement processes done on automobiles damaged in an accident are referred to as automotive collision repair. It includes denting, painting, restoring, repairing, replacing, and refinishing structural or cosmetic portions of vehicles, such as glass windows, bumpers, and car doors. Paints, scratch-resistant coatings, replacement components, and other refinishing materials are commonly utilized in car collision repair.
An increase in automotive traffic is ascribed to factors such as global population expansion, rising disposable income, and growing sales of light-duty automobiles in emerging markets. This is causing an increase in the number of car accidents.
The automotive and transportation sectors are among the most vulnerable to the ongoing COVID-19 pandemic and are presently experiencing exceptional uncertainty. COVID-19 is projected to have a substantial influence on the automotive supply chain and sales trends. The industry's concern has shifted from supply chain challenges from China to a general decline in sales for aftermarket repair supplies. With the suspension of all non-essential services, sales for commercial automotive components experienced adverse impacts.
In addition, changes in consumer purchasing behavior as a result of the due uncertainty caused by the pandemic may have major ramifications for the industry's near-term growth. Meanwhile, market players have already felt the effects of a liquidity deficit and a cash constraint, and this shortfall is anticipated to worsen in the coming months.
In the last few years, the number of traffic accidents and fatalities has increased drastically. One of the major factors contributing to this number is the adoption of the drink and drive concept. In addition, tremendous expansion in the automotive industry would help the customers to avail these services more readily. The increasing demand for electric and hybrid vehicles (H/EVs), as well as conventional automobiles, has increased customer demand for maintenance services. In accordance with this, automotive stores are increasingly selling do-it-yourself (DIY) kits for consumers that include sophisticated and customized replacement parts.
Mainly, the automotive collision repair services market is divided into three vehicle types: passenger cars, light commercial vehicles, and heavy commercial vehicles. On a worldwide basis, the percentage for passenger cars holds a significant number of all automobiles. Passenger cars, which have a bigger fleet, are more likely to be involved in crashes than commercial vehicles. Hence, this factor would help many service providers to provide services by considering the needs and requirements of different types of passenger vehicles.
Both in developing as well as developed countries, there is less availability of trained individuals who can perform collision repair services effectively. This shortage would motivate people to prefer repairing services from the locally available mechanics. Moreover, these services are associated with high cost, hence many people tend to sell their cars after a major collision or accident. The cost of hiring a repair specialist is the single most important factor that deters individuals from doing so. A damaged car might cost anywhere from a few hundred dollars to several thousand dollars to repair.
Based on Product, the market is segmented into Spare Parts, Consumables and Paints & Coatings. The Paints & Coatings segment procured a promising revenue share. This is because environmental coatings are becoming more popular as a result of the growing environmental issues associated with the usage of harmful synthetic coatings and refinishing chemicals.
Based on Service Channel, the market is segmented into OE, do-it-yourself (DIY), and DIFM. The DIY segment held a significant revenue share of the market in 2020. Many companies have begun to produce entire kits that give customers DIY options.
Based on Vehicle Type, the market is segmented into Light-duty Vehicle and Heavy-duty Vehicle. The Heavy-duty Vehicle garnered a significant revenue share. Commercial and multi-axle vehicles like trucks and buses are included in the heavy-duty vehicle class. Heavy-duty trucks are expected to be employed for bulk goods delivery inside any country or area.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 184.6 Billion |
| Market size forecast in 2027 | USD 208.3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 1.9% from 2021 to 2027 |
| Number of Pages | 205 |
| Number of Tables | 344 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Service Channel, Vehicle Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region procured the significant revenue share. The growing number of vehicle purchases is fuelling a considerable expansion in the region's automotive collision repair market. An increase in vehicular damage as a result of low driving restrictions in the Asia Pacific area is fuelling regional market expansion.
Free Valuable Insights: Global Automotive Collision Repair Market size to reach USD 208.3 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; 3M Company and Honeywell International, Inc. are the forerunners in the Automotive Collision Repair Market. Companies such as Denso Corporation, Magna International, Inc., and Robert Bosch GmbH are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Automotive Technology Products LLC, International Automotive Components (IAC) Group, 3M Company, Continental AG, Robert Bosch GmbH, Honeywell International, Inc., Denso Corporation, Tenneco, Inc., Magna International, Inc., and Faurecia (Groupe PSA).
By Product
By Service Channel
By Vehicle Type
By Geography
The global automotive collision repair market size is expected to reach $208.3 billion by 2027.
Passenger vehicles are set to boost the market growth of the companies are driving the market in coming years, however, Absence of trained professionals have limited the growth of the market.
Automotive Technology Products LLC, International Automotive Components (IAC) Group, 3M Company, Continental AG, Robert Bosch GmbH, Honeywell International, Inc., Denso Corporation, Tenneco, Inc., Magna International, Inc., and Faurecia (Groupe PSA).
The Spare Parts segment shows high market share in the global automotive collision repair market by Product 2020, and would continue to be a dominant market till 2027.
The OE segment is generating high revenue in the Global Automotive Collision Repair Market by Service Channel 2020, and would continue to be a dominant market till 2027.
The Asia Pacific market region is leading the Global Automotive Collision Repair Market by Region 2020, and would continue to be a dominant market till 2027.
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