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%.
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.
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.
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.
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.
Automotive Collision Repair Services Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global automotive collision repair services market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the automotive collision repair services market structure. This market research report represents exclusive facts and figures about how the automotive collision repair services market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market, are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the automotive collision repair services market over the forecast period.
The study is relevant for manufacturers, stakeholders, distributors, suppliers, and investors, and can help them understand applicable strategies to grow in the automotive collision repair services market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the automotive collision repair services market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro- as well as microeconomic factors that are impacting the growth of the automotive collision repair services market. The study also offers actionable insights based on the future trends in the automotive collision repair services market. Furthermore, regional players and new entrants in the automotive collision repair services market can also use the information presented in this report to make business decisions and gain momentum in the market.
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 PMR’s Automotive Collision Repair Services Market Report
Automotive Collision Repair Services Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the automotive collision repair services market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources referred to by analysts during the evaluation of the automotive collision repair services market study include facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers, to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies in the automotive collision repair services market to make PMR’s projections on the growth prospects of the automotive collision repair services market more accurate and reliable.