The global automotive collision repair market size is expected to reach USD 208.0 billion by 2025
Automotive Collision Repair Market Size Analysis Report By Product (Paints and Coatings, Consumables, and Spare Parts), By Vehicle Type (Light-duty, Heavy-duty), By Service Channel (DIY, OE, DIFM), And Segment Forecasts, 2014 - 2025
LONDON, March 19, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5360476
The global automotive collision repair market size is expected to reach USD 208.0 billion by 2025, according to a new study by Grand View Research, Inc. It is expected to exhibit a CAGR of 2.7% during the forecast period.
Technological advancements in claims, insurance, and the automobile aftermarket have led to development of innovative repair techniques and processes, which have significantly widened the scope for growth of passenger and commercial vehicles. Leading manufacturers, including Daimler AG (Germany) and BMW Group (Germany), are using advanced 3D printing technology for manufacturingspare parts and associated automobile components.
For instance, Rolls-Royce Dawn 2016 is expected to use 3D printing technology to fabricate mounting brackets for wire hoses and fiber-optic cables. Moreover, organizations such as U.S. National Automotive Service Task Force (NASTF) have established a Collision Repair Committee (CRC) to recognize, address, and resolve repair/service flaws and help vehicle repair centers accomplish complete and safe automotive restoration for vehicle owners.
Paints, clear coatings, and other consumables such as auto components and spares are widely used in the automotive collision repair market. In case of automotive body damages, coatings and paints are used to cover dents and scratches.
Growing penetration of gas and hybrid electric cars is expected to further drive the industry with a new generation of vehicles being introduced in novel service repair regimens. The untapped and unorganized automotive collision repair market in Asia Pacific is expected to provide growth opportunities for key vehicle repair vendors.
Further key findings from the report suggest:
• Necessity to buy insurance coverage for a vehicle, as stated by transport authorities and administrations across different countries, is expected to drive the automotive collision repair market over the forecast period
• Europe dominated the global automotive collision repair market in 2016 and accounted for over 45% of the global market
• The paints and coating segment is estimated to expand at a CAGR of 3.4% over the forecast period
• Key players in the automotive collision repair market 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.
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