by The Automotive Collision Repair market is estimated to be valued at US$ 183.78 Bn in 2023 and is expected to exhibit a CAGR of 2.37% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The automotive collision repair market involves the repair and restoration of damaged vehicles after a collision or accident. It includes various services such as bodywork, paintwork, and mechanical repairs. The market is driven by the increasing number of road accidents and the rising demand for efficient repair services. With the advancements in technology, the adoption of advanced repair technologies such as paintless dent repair and computerized measuring systems is increasing. These technological advancements enable quicker and more accurate repairs, leading to the growth of the market.
Market Dynamics:
The automotive collision repair market is driven by two main factors. Firstly, the increasing number of vehicle accidents globally is fueling the demand for Automotive Collision Repair Market Size. As the number of vehicles on the road increases, the chances of accidents also rise, leading to a higher need for repair services. Secondly, the growing adoption of advanced technologies in the automotive repair industry is boosting market growth. Advanced repair technologies such as computerized measuring systems, laser frame alignment, and paintless dent repair provide better accuracy and efficiency in repairs, reducing the overall repair time. These factors are expected to drive the growth of the automotive collision repair market over the forecast period.
Segment Analysis:
The automotive collision repair market can be segmented based on the type of repair services offered, which include paintless dent repair, automotive glass repair, wheel and tire repair, and others. Among these segments, the paintless dent repair segment is expected to dominate the market. Paintless dent repair is gaining popularity due to its cost-effectiveness and faster repair time compared to traditional methods. This segment is driven by factors such as increasing consumer demand for cosmetic repairs, advancements in paintless dent repair technology, and the growing number of automotive repair centers offering this service. The paintless dent repair segment is also expected to witness significant growth due to the rise in road accidents and an increasing number of insurance claims for repairs.
PEST Analysis:
Political: The political factors affecting the automotive collision repair market include regulations and policies related to safety standards, emissions, and vehicle manufacturing. Government regulations on collision repair practices and the enforcement of safety measures impact the market.
Economic: Economic factors such as GDP growth, disposable income, and consumer spending patterns influence the demand for collision repair services. Economic recessions or downturns can affect the affordability and willingness of consumers to repair their vehicles.
Social: Changing consumer preferences and increasing concerns about vehicle safety and appearance drive the demand for collision repair services. The rise in road accidents and awareness among consumers regarding the importance of timely repairs also impact market growth.
Technological: Technological advancements in automotive repair techniques, tools, and materials drive the market. The adoption of advanced technologies such as paintless dent repair, robot-assisted repair systems, and high-quality automotive coatings positively impact the market.
Key Takeaways:
The global automotive collision repair market is expected to witness high growth, exhibiting a CAGR of 2.37% over the forecast period of 2023-2028. This growth can be attributed to increasing road accidents, rising consumer demand for cosmetic repairs, and advancements in repair technologies.
In terms of regional analysis, North America is the fastest-growing and dominating region in the automotive collision repair market. The region has a well-developed automotive industry and a large number of automotive repair centers. Additionally, the increasing number of road accidents and stringent safety regulations in the region contribute to market growth.
Key players operating in the automotive collision repair market include 3M, Automotive Technology Products LLC, Caliber Collision Centers, Continental AG, Denso Corporation, DRiV Incorporated, Faurecia, Gerber Collision & Glass, 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 ZF Friedrichshafen AG. These key players contribute to market growth through their expertise in repair technologies, strong distribution networks, and strategic partnerships.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
