USD 195.20 Billion
Report ID:
SQMIG25A2115 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|
Tables:
62 |
Figures:
75
Global Automotive Collision Repair Market size was valued at USD 195.20 Billion in 2022 and is poised to grow from USD 198.91 Billion in 2023 to USD 231.23 Billion by 2031, at a CAGR of 1.90% during the forecast period (2024-2031).
The purpose of the market is to restore damaged vehicles to their pre-accident condition, ensuring safety and functionality while enhancing the aesthetic appeal. The market is driven by various factors, although it also faces certain challenges and constraints. However, there are numerous opportunities for growth and innovation within this market. The primary driving factor for the automotive collision repair market is the increasing number of road accidents and collisions worldwide. As the global vehicle population continues to grow, the likelihood of accidents rises, creating a higher demand for repair services. Despite its positive growth trajectory, the automotive collision repair market also faces certain restraining factors. One significant constraint is the increasing complexity of modern vehicles. With the integration of advanced materials, electronics, and safety systems, repairing and restoring vehicles becomes more challenging and requires specialized skills and equipment. The automotive collision repair market faces several challenges, including the shortage of skilled technicians.
With the increasing complexity of vehicle systems and technologies, there is a growing demand for qualified technicians capable of handling advanced repairs and diagnostics. The shortage of skilled labor can lead to delays in repairs and may hinder market growth. The automotive collision repair market presents significant opportunities for growth and innovation. The increasing adoption of hybrid and electric vehicles creates new avenues for specialized repair services. The global automotive collision repair market is driven by factors such as the increasing number of accidents, technological advancements in vehicles, and consumer awareness of safety. However, challenges like the complexity of modern vehicles and the shortage of skilled technicians can pose constraints. Nevertheless, there are ample opportunities for growth and innovation, particularly in the areas of electric vehicle repair and the integration of advanced technologies. The automotive collision repair market is poised for continued expansion as the demand for quality repair services remains strong.
US Automotive Collision Repair Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 195.20 Billion
Largest Segment
Light-duty vehicle
Fastest Growth
Light-duty vehicle
Growth Rate
1.90% CAGR
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The global automotive collision repair market is segmented on the basis of vehicle type, product and region. In terms of vehicle type, the market is segmented into light-duty vehicle, and heavy-duty vehicle. By product, the market is segmented into paints & coatings, consumables, and spare parts. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Collision Repair Market Analysis by Vehicle Type
In 2022, the light-duty segment emerged as the dominant force in the automotive collision repair market, accounting for a substantial revenue share of 71.6%. This segment primarily encompasses popular vehicle types like hatchbacks, sedans, SUVs, and crossover cars. Factors driving the demand for light-duty vehicles include the increasing preference for alternative transportation options, government initiatives aimed at improving fuel economy, and the availability of vehicles running on alternative fuels. As a result, the sales of light-duty vehicles are expected to witness growth throughout the forecast period.
The heavy-duty vehicles segment is projected to grow at a compound annual growth rate (CAGR) of 1.5% during the forecast period. This segment encompasses commercial and multi-axle vehicles such as trucks and buses, primarily used for the transportation of bulk products within a country or region. The increasing trade activities across different industries are anticipated to drive the demand for heavy-duty vehicles equipped with advanced technologies for efficient hauling and loading operations.
Automotive Collision Repair Market Analysis by Product
In 2022, the spare parts segment emerged as the dominant player in the automotive collision repair market, capturing a significant revenue share of 64.2%. This segment encompasses various components used in automobile service delivery, including crash parts, repair materials, supplementary mechanical parts, restoration materials, and tools. The demand for replacement spare parts is primarily driven by the high incidence of road accidents, resulting in damage to integral elements such as grilles, bumpers, fenders, dents, and scratches. Consumers are increasingly aware of the importance of maintenance and repair in improving vehicle performance and extending its lifecycle, thereby fueling the growth of the spare parts segment.
The paints & coatings segment is projected to exhibit the fastest compound annual growth rate (CAGR) of 2.7% over the forecast period. This segment's growth can be attributed to the rapid advancements in paints and coatings technology, which caters to the latest requirements for protective automobile materials and aesthetic demands. In response to growing environmental concerns, there is a rising adoption of paints and coatings that are more environmentally friendly and meet stricter regulations. The paints & coatings segment is expected to witness higher adoption in high-volume markets due to increasing awareness about the detrimental effects of synthetic coatings and refinishing materials on the environment and human health.
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In 2022, Europe emerged as the dominant region in the global automotive collision repair market, capturing a significant revenue share of 42.5%. This region is expected to maintain a steady compound annual growth rate (CAGR) over the forecast period. The growth can be attributed to several factors, including the increasing penetration of vehicles equipped with enhanced safety features and a relatively stagnant sales volume. The need for metal part replacements and repairs for damaged plastics is expected to contribute to the growth of the European market.
Asia Pacific is projected to experience the fastest CAGR of 3.6% over the forecast period. The significant growth in the automotive collision repair industry in this region can be attributed to the rising number of vehicle sales. The lack of stringent driving regulations in certain countries within the Asia Pacific region has resulted in an upsurge in vehicular damage, further driving the demand for collision repair services. The Asia Pacific region is seen as a source of components for both local companies and multinational corporations aiming to supply low-cost components to prominent vehicle manufacturers.
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Automotive Collision Repair Market Drivers
Increasing Vehicle Sales
Technological Advancements in Vehicles
Automotive Collision Repair Market Restraints
Complex Vehicle Technologies
Rising Cost of Automotive Components
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The global automotive collision repair market is highly competitive in nature, characterized by the presence of several key players striving to gain a significant market share. These companies focus on expanding their service offerings, enhancing their repair capabilities, and establishing a strong network of repair centers to cater to the growing demand for collision repair services. The competitive landscape of the market is shaped by factors such as technological advancements, partnerships, mergers and acquisitions, and investments in research and development. Partnerships and collaborations are also prominent in the competitive landscape as companies seek to leverage each other's strengths. Collaborations with vehicle manufacturers and insurance providers help streamline the repair process, ensuring efficient communication and faster claims processing. Moreover, partnerships with technology companies and equipment suppliers enable access to the latest repair technologies and tools, enhancing the company's capabilities and service offerings.
Automotive Collision Repair Market: Top Player’s Company Profiles
Automotive Collision Repair Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive collision repair market analysis, the large number of vehicles on the road and the frequency of accidents are the key growth drivers. The market analysis also considers factors such as revenue generation, market share of key players, and growth rates over a specific period. Another crucial aspect is identifying the drivers and restraints that affect the market. Drivers are factors that contribute to the market's growth, such as increasing vehicle sales, rising demand for repair services, and technological advancements in vehicles. On the other hand, restraints are factors that hinder market growth, including the complexity of modern vehicle technologies, the rising cost of automotive components, and the shortage of skilled technicians. The market analysis of the global automotive collision repair market involves studying its size, growth potential, drivers, restraints, competitive landscape, and emerging trends. This analysis provides valuable insights for businesses, investors, and industry professionals to understand the dynamics of the market and make informed decisions.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 195.20 Billion |
Market size value in 2031 | USD 231.23 Billion |
Growth Rate | 1.90% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automotive Collision Repair Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Collision Repair Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Collision Repair Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Collision Repair Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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