Automotive Collision Repair Services Market Size to Surpass US$ 230.4 Billion by 2033: Persistence Market Research

Automotive Collision Repair Services Market Size to Surpass US$ 230.4 Billion by 2033: Persistence Market Research

/EIN News/ — New York, June 21, 2023 (GLOBE NEWSWIRE) — The Global Automotive Collision Repair Services Market size was valued at US$ 123.9 Billion for 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2023. With increasing customer expectancy towards increasing vehicle life, the market is expected to expand with a higher growth rate during the upcoming period and is expected to reach US$ 230.4 Billion by 2033. The market is driven by the increasing number of road accidents, the growing demand for used vehicles, and the rising adoption of advanced technologies in collision repair.

The automotive collision repair services market plays a crucial role in the automotive industry, providing repair and maintenance services for vehicles involved in collisions or accidents. This research report aims to analyze the current state and future prospects of the automotive collision repair services market. It provides insights into market trends, key players, growth drivers, challenges, and opportunities.

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The automotive collision repair services market has witnessed significant growth in recent years, driven by factors such as increasing road accidents, rising vehicle sales, and the growing demand for vehicle aesthetics. The market is characterized by the presence of both independent collision repair shops and authorized dealer-owned repair centers. The market is expected to continue its upward trajectory in the coming years, fueled by technological advancements, the adoption of advanced repair techniques, and the increasing complexity of modern vehicles.

Growing Demand for Sustainable Solutions

  • Increasing focus on environmentally-friendly repair practices, including the use of eco-friendly paints and sustainable materials.
  • Implementation of energy-efficient processes and equipment in collision repair facilities.

Digitalization and Online Platforms

  • Emergence of online platforms connecting customers with collision repair service providers.
  • Integration of digital tools for scheduling appointments, tracking repair progress, and providing real-time updates to customers.

Here are some of the key drivers and trends in the automotive collision repair services market:

  • Increasing number of road accidents: The number of road accidents is increasing globally, due to factors such as rising urbanization, increasing traffic density, and distracted driving. This is leading to an increase in the demand for collision repair services.
  • Growing demand for used vehicles: The demand for used vehicles is increasing globally, due to factors such as the economic downturn, the rise of online marketplaces, and the increasing affordability of used vehicles. This is leading to an increase in the demand for collision repair services for used vehicles.
  • Rising adoption of advanced technologies in collision repair: Advanced technologies such as 3D scanning, laser welding, and robotic painting are being increasingly adopted in the collision repair industry. These technologies are helping to improve the accuracy, efficiency, and quality of collision repair services.

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Key Vendor Analysis

Some of the major players operating in the global automotive collision repair services market include 3M, Service King, BASF, Robert Bosch, Gerber Collision & Glass, Continental AG, AMM Collision, Abra Auto Body & Glass, Honeywell International Inc., Denso Corporation., Other Prominent Players.

Recent Developments

  • ABRA Auto Body & Glass acquired Collision Masters in 2022. This acquisition will help ABRA to expand its service network in the United States.
  • Caliber Collision Centers acquired 151 collision repair centers from Service King in 2022. This acquisition will help Caliber to expand its service network in the United States.

The market is segmented by product type, vehicle type, service channel, and region.

  • By product type, the market is segmented into paints & coatings, consumables, and spare parts. The spare parts segment is expected to show significant growth during the forecast period. The high number of road accidents leading to damage of integral components such as bumpers, grilles, and fenders, and other dents & scratches are fuelling the demand for replacement spare parts.
  • By vehicle type, the market is segmented into light-duty vehicles and heavy-duty vehicles. The light-duty vehicles segment is expected to dominate the market during the forecast period. This is due to the high number of light-duty vehicles on the road and the increasing demand for these vehicles in developing countries.
  • By service channel, the market is segmented into OEM (handled by original equipment manufacturers) and independent repair shops. The OEM segment is expected to dominate the market during the forecast period. This is due to the fact that OEMs have a strong brand reputation and offer high-quality repair services.
  • By region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to exhibit the highest growth during the forecast period. This is due to the high number of road accidents in the region, the increasing demand for used vehicles, and the rising adoption of advanced technologies in collision repair.

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Market Challenges

  • High cost of collision repair
  • Lack of skilled technicians
  • Stringent government regulations

Market Opportunities

  • Growing demand for electric and autonomous vehicles
  • Increasing focus on vehicle safety
  • Development of new technologies for collision repair

PMR Study about Automotive Industry

The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.

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Originally published at https://www.einpresswire.com/article/640695754/automotive-collision-repair-services-market-size-to-surpass-us-230-4-billion-by-2033-persistence-market-research