The latest report by IMARC Group, titled “Automotive Collision Repair Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global automotive collision repair market size reached US$ 190.4 Billion in 2022. Automotive collision repair refers to various restorative and replacement procedures performed on vehicles damaged in an accident. It involves painting, denting, restoring, repairing, and replacing consumable products to adhere to the stringent safety standards established by the governing authorities and manufacturers. The materials used in automotive collision repair usually include tires, batteries, wear and tear parts, air filters, cabin filters, oil filters, wiper blades, collision body, starters, and alternators.
Global Automotive Collision Repair Market Trends:
The market is primarily driven by the rising instances of road accidents and fatalities across the globe. In addition, the expanding automotive industry and the rising sales of hybrid and electric vehicles (H/EVs) and conventional cars have further encouraged individuals to avail collision repair services. Besides this, manufacturers are widely adopting 3D printing technology to manufacture complex automotive components and prototypes. This, coupled with the introduction of do-it-yourself (DIY) kits consisting of complex and customized spare parts for consumers, is positively influencing the market growth. Moreover, the rising popularity of automobile insurance policies with economical premium rates and the inflating income levels of consumers are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 216.0 Billion by 2028, exhibiting a CAGR of 2.2% during the forecast period (2023-2028).
- Based on the product type, the market has been classified into paints and coatings, consumables, and spare parts.
- On the basis of the service channel, the market has been segregated into OEMs, aftermarkets, and others.
- Based on the vehicle type, the market has been segmented into passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and two-wheelers.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 3M Company, Automotive Technology Products LLC, Caliber Collision, Continental AG, Denso Corporation, DuPont de Nemours Inc., Eastman Chemical Company, Faurecia SE, Honeywell International Inc., IAC Group, Magna International Inc., Robert Bosch GmbH and Tenneco Inc.
|Base Year of the Analysis
||Product Type, Service Channel, Vehicle Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3M Company, Automotive Technology Products LLC, Caliber Collision, Continental AG, Denso Corporation, DuPont de Nemours Inc., Eastman Chemical Company, Faurecia SE, Honeywell International Inc., IAC Group, Magna International Inc., Robert Bosch GmbH and Tenneco Inc.
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