US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Automotive Collision Repair MarketThe global automotive collision repair market size was valued at USD 176.3 billion in 2018 and is projected to expand at a CAGR of 2.3%, from 2019 to 2025. The growth can be attributed to the advancements in automotive repair technology. For instance, various manufacturers are adopting advanced 3D production capabilities. The main objective for using 3D printing technology in automobiles is for economic fabrication of complex automotive components and prototypes. The trend among consumers of repairing automobiles on their own at home by using guide or manuals of Do-It-Yourself (DIY) kits offered by automotive retailers, is anticipated to boost the DIY segment. Growing sales of hybrid and electric cars along with the conventional cars has triggered the demand for complex, customized spare parts thereby resulting in upsurge in repair services offered by OEM segment. In addition, OEMs offering complex or branded spare parts through different distribution channels such as resellers and distributors amongst others are anticipated to boost the growth in the DIFM segment. In 2018, the cost incurred for an average car repair reached the highest in U.S. Moreover, nationwide average repair costs have experienced a slight growth in the country over last five years, while comprehensive losses have seen a significant increase, followed by liability losses. Also, unpredictable weather conditions such as strong winds, floods, and hail, where vehicle owners are given little warning to move their vehicles to a safer location have increased collision losses. Thus, the resultant rise in the number of insurance claims for any loss caused due to natural calamities are anticipated to drive the market for automotive collision repair. OEMs have developed several channels to distribute their branded parts to different service departments. Rising demand for hybrid and electric cars is expected to further drive the demand for specific tools and spare parts used in such vehicles. This is anticipated to impel growth of the market in the forthcoming years. Increasing number of insurance dependent users and certain government regulations related to automotive collision repair are hampering market growth. The Department of Insurance in U.S. has implemented regulations related to automotive collision repair for protecting the collision repair claims with insurance companies. Also,fromthe California Department of Insurance, one of the prominent consumer protection agencies; the insurance benefactors claimed more than USD 310.0 billion over a year in 2018. Every state has implemented regulations that make vehicle insurance coverage mandatory for the vehicle owners. Product
Type Insights of Automotive Collision Repair MarketBased on products, the automotive collision repair market is segmented into paints and coatings, consumables, and spare parts. Paints and coatings and consumables include colored paints, scratch-resistant coatings, refinishing materials, engine motor oil, and resin materials. Spare parts used in the automobile service delivery include crash parts, repair materials, supplementary mechanical parts, restoration materials, and tools. Rapidly evolving paints and coatings technology, which meets the latest protective automobile materials and aesthetic demands, is the key reason for the segment growth. Paints and coatings is anticipated to witness increased adoption in high-volume markets over the forecast period, owing to the surging environmental concerns pertaining to the use of harmful synthetic coatings and refinishing materials.
Service Channel InsightsThe service channel segment has been further categorized into Do-It-Yourself (DIY), Do-it-for-Me (DIFM), and Delegating-to-OEM (OE). The DIY segment is expected to register the highest CAGR in Asia Pacific over the forecast period, followed by South America. In 2018, the segment acquired the highest share in the North America market for automotive collision repair, owing to growth in countries such as U.S. and Canada. Several companies have initiated production of complete kits that provide DIY solutions to the users. The DIY segment of Federal-Mogul Holdings generated the highest revenue in 2018. Increased preference of customers for warranty is one of the major factors that support the dominance of OE in the market for automotive collision repair. OEMs offer products with benefits such as longer product lifecycle, reliability, and better performance. These factors are expected to strengthen market position of OEMs over the forecast period. Vehicle
Type Insights of Automotive Collision Repair MarketOn the basis of vehicle type, the market for automotive collision repair has been bifurcated into heavy-duty and light-duty vehicles. The light-duty vehicles include vehicles with maximum Gross Vehicle Weight Rating (GVWR) <8,500 lbs. The segment covers sedans, Sport Utility Vehicle (SUVs), hatchbacks, and light-duty trucks. Whereas, the heavy-duty vehicles include vehicles with maximum GVWR above 26,000 pounds. The segment covers commercial vehicles and multi-axle vehicles such as buses, tank truck, heavy-duty trucks, and tractors. In 2018, the light-duty vehicle segment held the largest market share majorly due to strict regulations related to light weight components or downscaling of auto components by replacing iron and steel components with light weighing materials such as carbon fiber and aluminum. In addition, government initiative for improving fuel economy and availability of alternative fuel vehicles boosting the sale of light-duty vehicles are also expected to drive growth of the segment. Hence, these factors would indirectly boost the growth of the global market for automotive collision repair in the forthcoming years.
Regional Insights of Automotive Collision Repair MarketThe increasing number of vehicle sales is leading to significant growth in Asia Pacific. An upsurge in vehicular damage due to lack of stringent driving regulations in the region is further driving the growth. Asia Pacific is perceived to be a source of components for local companies and multinationals, who aim to supply low-cost components to prominent vehicle manufacturers. Europe accounted for majority of the revenue share in 2018 and is expected to witness a steady CAGR over the forecast period, owing to the penetration of vehicles with enhanced safety features and stagnated sales. North America is expected to witness a similar growth. Furthermore, growing penetration of hybrid and electric vehicles is anticipated to improve the overall demand over the forecast period.
Market Share Insights of Automotive Collision Repair MarketThe key players offering exclusive automotive aftermarket products and supplies for automotive collision repair service centers 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. In March 2016, the 3M Automotive Aftermarket Division launched a new series of commercial truck Standard Operating Procedure (SOP) for collision repair. This standard operating procedure provides guidance for operating a wide range of products and corroborates the reparations.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Automotive Collision Repair Market Research ReportThis report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global automotive collision repair market report based on vehicle type, product type, service channel, and region:
Product Type Outlook (Revenue, USD Billion, 2019 - 2030)
- Paints & Coatings
- Spare Parts
Service Channel Outlook (Revenue, USD Billion, 2019 - 2030)
- Do-It-Yourself (DIY)
- Do-It-For-Me (DIFM)
- Original Equipment (OE)
Vehicle Type Outlook (Revenue, USD Billion, 2019 - 2030)
- Light-duty Vehicle
- Heavy-duty Vehicle
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope & Assumptions 1.3 List of Data SourcesChapter 2 Executive Summary 2.1 Industry snapshot & key buying criteria, 2014 - 2025 2.2 Segmental TrendsChapter 3 Automotive Collision Repair Industry Outlook 3.1 Market Segmentation & Scope 3.2 Value Chain Analysis 3.3 Market Dynamics and Market Driver Analysis 3.3.1 Market Dynamics 3.3.2 Market D | read more...