(MENAFN- Ameliorate Digital Consultancy) The automotive collision repair services market is expected to generate US$123.9 billion in sales by the year 2022, according to Persistence Market Research. The market is expected to expand in 2022 because to the shop technology and servicing equipment's continuing improvement. The market is anticipated to grow at a faster rate in the following years due to rising customer expectations for longer vehicle lives, and is projected to reach US$ 230.4 billion by 2033, growing at a CAGR of 6.4% from 2023 to 2033.
The automotive collision repair services market refers to the market for services related to the repair and restoration of vehicles that have been damaged in collisions. These services include body repair, paint repair, and mechanical repair. The market is driven by the increasing number of vehicles on the road, as well as the growing frequency of collisions. Key players in the market include Caliber Collision Centers, CARSTAR, and ABRA Auto Body & Glass. The market is expected to grow in the coming years, as the number of vehicles on the road continues to increase and the demand for collision repair services rises. Additionally, the growing adoption of advanced technologies such as ADAS (Advanced Driver Assistance Systems) is expected to further boost the market.
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Automotive Collision Repair Services Market: Key Takeaways
Despite technological disruption of accident-avoidance equipment (such as collision avoidance systems and technology), distracted driving has resulted in increased number of collisions. Owing to the relatively larger fleet of passenger vehicles all across the globe, the passenger vehicles segment is estimated to generate maximum revenue among vehicle types throughout the forecast period. The scenario with respect to vehicle type in North America is a bit different. The light commercial vehicles segment accounts for nearly half of the overall market share. Components such as radiators, condensers, hoods, and bumpers are identified to have relatively higher replacement rates, as these are most prone to damage during a collision. Though the parts & components segment is expected to account for a dominant market share, higher growth is expected for the paints and coatings segment. Advanced color development and high customer expectations characterize today's refinishes. Geographically, the Asia Pacific region is anticipated to account for maximum share in the global automotive collision repair services market throughout the forecast period. Regions such as China, India, and ASEAN, witnessing significant growth in automotive sales and vehicle parc, are expected to register relatively higher growth in the global automotive collision repair services market.
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Automotive Collision Repair Services Market: Competitive Landscape
3M, Denso Corporation, and Service King are identified as prominent players in the global automotive collision repair services market. Consolidation has witnessed a significant decline, though that was inevitable after the feverish pace it had been going at. This pace has slowed down due to increasing number of small- and medium-sized players investing in the collision repair industry. Despite all the consolidation, small independent repair shops account for more than one-third of the overall automotive collision repair services market landscape. Owing to the presence of a large number of players across the globe, the market for automotive collision repair services is considered to be significantly fragmented.
3M Service King BASF Robert Bosch Gerber Collision & Glass Continental AG AMM Collision Abra Auto Body & Glass Honeywell International Inc. Denso Corporation Others
Lucrative Opportunities for Local Repair Shops
The automotive collision repair services market is estimated to project considerable opportunities for locally-owned repair shops. As most of the small-sized or locally-owned repair shops don't offer a complete range of repair and maintenance services, they can follow a competitive strategy of specializing at any particular service. Additionally, small local shop owners can engage themselves in partnerships or standardized contracts with fleet operators and leasing firms to provide repair and maintenance services at lower prices.
Key Segments Covered in Automotive Collision Repair Services Market
By Vehicle Type
Passenger Vehicles Light Commercial Vehicles Heavy Commercial Vehicles
By Service Provider
Independent Repair Shops Franchised Repair Shops Authorized Repair Shops
By Product Type
Parts and Components Paints and Coatings
By Region
North America Latin America Europe East Asia South Asia & Pacific Middle East & Africa
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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