Automotive Collision Repair Services Market
Global Market Study on Automotive Collision Repair Services: Increasing Number of Accidents on Back of Rising Global Vehicle Fleet to Fuel Demand
Automotive Collision Repair Services Market Segmented By Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles in Parts and Components, Paints and Coatings Product
Over the last few years, road crashes have been increasing globally at a considerable pace. Though new vehicle sales have witnessed a significant dip in a few countries, still, overall vehicle parc has seen continuous growth. Road collisions have a relatively higher rate in North America and Asia Pacific.
Most consumers prefer driving passenger cars, predominantly, compact and mid-sized vehicles. The automotive markets in Turkey and Eastern Europe have a combined annual sales volume of over 25 million vehicles, translating into an optimistic future growth scenario for the automotive collision repair services market.
According to market estimates, the global automotive collision repair services market is foreseen to reach a valuation of US$ 172 Bn by the end of 2027, registering a CAGR of 5%.
Find Out More about the Report Coverage
- Abra Auto Body & Glass
- Continental AG
- Robert Bosch
- Honeywell International GmbH
- Federal-Mogul Corporation
- Denso Corporation
- ZF Friedrichshafen AG
- Caliber Collision
- Service King
- Gerber Collision & Glass
- AMM Collision
Passenger Vehicles Opening New Avenues for Market Growth
As per market consensus, the vehicle type segment of the automotive collision repair services market has been categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. On a global scale, parc for passenger vehicles accounts for nearly three-fourth of the overall vehicles across the globe.
With a larger fleet, passenger vehicles are more prone to witness collisions as compared to commercial vehicles. Therefore, the passenger vehicle segment will account for 77% of the overall market share by end of the forecast period.
The parts and components segment, by product type, is expected to dominate the market throughout the forecast period. Components such as condensers, bumpers, door handles, fenders, grilles, lights, mirrors, radiators, and radiator supports are expected to get replaced more often during repair work.
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Opportunities Galore for Automobile Dealership Owners
According to consumer perspective, authorized dealership shops are considerably more expensive than small, independent, and locally-owned shops. There is a need for authorized dealers to offer attractive prices to customers. Authorized dealer shops are mostly preferred by new vehicle owners, as they enjoy warranty protection; authorized dealers are preferred for cars that are less than 4 years old.
These dealers are trying to push further in the used vehicle segment, along with keeping a major share in the new vehicle segment too. Independent repair shops are gaining traction all across the globe, and are expected to account for a market share of nearly 40% by end of 2027.
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Automotive Collision Repair Services Market – Competitive Landscape
Unprecedented changes in the automotive industry and their potential impact on automotive collision repair service providers have been assessed. In terms of market structure, the automotive collision repair services market shows a perfectly competitive scenario, where the market is flooded with enormous brands.
The global market is considered to be significantly fragmented, with more than 70% of the global automotive collision repair services market being led by small- and medium-sized companies.
Prominent players covered in the automotive collision repair services market report include 3M, Service King, BASF, Robert Bosch, Gerber Collision & Glass, Continental AG, AMM Collision, Abra Auto Body & Glass, Honeywell International Inc., and Denso Corporation, among others.
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Asia Pacific is set to lead the growth of the global automotive collision repair services market throughout the forecast period of 2019 to 2027. Regions such as Eastern Europe, especially Turkey, will also offer lucrative opportunities to market players to increase their customer base, share, and profits in this landscape.
Passenger vehicles will play the most prominent role in boosting the growth of the automotive collision repair services market through 2027, holding more than three-fourth share all along.
Key Segments of Automotive Collision Repair Services Market
PMR’s study on the automotive collision repair services market is divided into four significant segments - vehicle type, service provider, product type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in Report
- How much is the automotive collision repair services market worth?
The global automotive collision repair services market is estimated to be worth US$ 100 Bn in the year 2021.
- What will be the demand outlook?
The global automotive collision repair services market is expected to witness a CAGR of 5.5% in the automotive collision repair services market.
- What was the last 5 year market CAGR?
The global automotive collision repair services market witnessed a CAGR of 4.5% between 2015 and 2020.
- What are the key trends of automotive collision repair services market?
The ongoing trend pertains to large-scale production of components like bumpers, hoods, condensers, and radiators as they are subject to greater wear and tear.
- What is driving the demand for automotive collision repair services?
Increase in the age of an average vehicle is driving the demand for automotive collision repair services.
- What is the market share of top 5 players?
The top 5 players such as 3M, Abra Auto Body & Glass, BASF SE, Continental AG, and Robert Bosch account for more than 55% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include Germany, the US, Japan, South Korea, and India.
- What is North America’s market Outlook?
North America holds more than 30% of the market share.
- At what percentage XYZ is going to register growth in Europe?
Europe is expected to register growth at the rate of 4% in the automotive collision repair services market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and South Korea will continue to be at the forefront regarding rendering automotive collision repair services.