The global Automotive Collision Repair Market size is expected to reach USD 220.12 billion by 2028, according to a new study by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 2.1% from 2021 to 2028. Technological advancements in claims, insurance, and the automobile aftermarket have led to the development of innovative repair techniques and processes, which have significantly widened the scope for the growth of passenger and commercial vehicles. Numerous leading manufacturers, including Daimler AG (Germany) and BMW Group (Germany), are using advanced 3D printing technology for manufacturing spare parts and associated automobile components.
For instance, Rolls-Royce used 3D printing technology to fabricate mounting brackets for wire hoses and fiber-optic cables. Moreover, organizations such as the U.S. National Automotive Service Task Force (NASTF) have established a Collision Repair Committee (CRC) to recognize, address, and resolve the repair/service flaws and help vehicle repair centers accomplish a complete and safe automotive restoration for vehicle owners.
Paints, clear coatings, and other consumables, such as auto components and other spares, are widely used in the market. In the case of automotive body damages, coatings and paints are used to cover dents and scratches. The growing penetration of gas and hybrid electric cars is expected to further drive the industry with a new generation of vehicles being introduced in the novel service repair regimens. The untapped and unorganized market for automotive collision repair in the Asia Pacific region is expected to provide growth opportunities for the key vehicle repair vendors.
The increasing number of automobiles on the road in Asia Pacific countries, such as India and Japan, is expected to drive the regional market for automotive collision repair. Governments and transport authorities across different countries have made it mandatory for automobile buyers to buy insurance coverage in cases of any damage to the insured vehicle and the driver. The increase in the new vehicle sales that will require collision and comprehensive coverage is expected to benefit insurers.
Related Press Release@ Automotive Collision Repair Market Report
Automotive Collision Repair Market Report Highlights
- The necessity to buy insurance coverage for a vehicle, as stated by transport authorities and administrations across different countries, is expected to drive the growth of the market over the forecast period
- Europe dominated the global market in 2020 and accounted for over 43% of the global market share
- The paints and coating segment is estimated to expand at a CAGR of 2.6% over the forecast period
- Automakers are using more aluminum and carbon-based products because of the stringent government-mandated mileage goals. These changes go far beyond just exterior panels. The new material manufacturing requires much less energy and produces a more precisely formed product that allows for sharper and better-defined body lines making part replacements easier for collision repairers
- The key market players 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