Automotive Collision Repair Market revenue to surpass USD 340 Bn by 2026: Global Market Insights, Inc.
SELBYVILLE, Del., Jan. 28, 2020 -- According to the latest report "Automotive Collision Repair Market by Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), Vehicle (PCV, LCV, HCV, Two Wheelers), End-Use (New OEM, Aftermarket, Recycled, Remanufactured), Auto Body Shops (Dealer Owned Shops, Independent Repair Shops), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of automotive collision repair will rise to $340 Billion by 2026. A continuous focus on offering environment-friendly and cost-effective products to the consumer will induce collision repair demand.
Growing commercial vehicle fleets with rising trade activities are escalating revenue generation. The emergence of e-commerce activities is proliferating transportation and logistics demand. Moreover, the availability of multiple high-quality medium and large workshops with advanced collision repairing techniques for painting, denting, and body repair will drive automotive collision repair market growth.
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The availability of abrasives in various shapes and sizes for easier application in complex structures will drive the product demand. Abrasives offering easier accessibility and cooler sanding processes significantly reduce the overall rework time, thereby enhancing operational productivity.
Rising accident rates in heavy commercial vehicles are driving the demand for collision repair products. Improper maintenance of these vehicles leads to component and parts failures contributing to accidents. The increasing requirement for refurbishment, corrosion coatings, paint removal, and large body repairs are expected to boost the segment penetration.
Recycled collision repair parts will witness steady growth with the growing demand for developing environment-friendly automotive products. Substantial reduction in the amount of resources owing to the elimination of multiple manufacturing processes will positively influence the adoption of recycled automotive products.
The automotive collision repair market will foresee strong growth with industry participants expanding their product lines and service network to serve a larger consumer base. For instance, in May 2017, Valeo introduced cabin air filters, clutch segments, and a range of automotive gaskets for commercial & passenger vehicle aftermarkets. Furthermore, the low cost of aftermarket products further induces high product demand.
Independent collision repair shops will witness a steady growth with facilities offering economical repairing services. Many large fleet consumers prefer independent repair shops over dealer-based shops owing to low service costs. Moreover, independent collision repair shop owners are offering warranties through various parts suppliers as well as associations to escalate sales.
Europe constitutes a significant share in global demand for collision repair products. The requirement for periodic maintenance & servicing of automobiles will support regional growth during the forecast timeframe. The presence of several automotive OEMs including Volkswagen, BMW, and Daimler, among others, offering a wide range of vehicles & customized services for customers will further boost the regional share for automotive collision repair market.
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Some major findings of the automotive collision repair market report include:
Ø Asia-Pacific to register strong growth for collision repair parts due to lack of strict traffic regulations.
Ø Technological advancement to enhance repair efficiency and ensure vehicle integrity.
Ø Installation of driver assistance systems to restrict automotive collision repair industry expansion over the study timeframe.
Ø Industry players are undergoing product portfolio expansion to serve a larger consumer base. Key industry players include 3M, DuPont, Eastman Chemical Company, Henkel, Honeywell, Huntsman Corporation among others.
Table of Contents (ToC) of the report:
Chapter 3. Automotive Collision Repair Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2026
3.3. Industry ecosystem analysis
3.3.1. Component Suppliers
3.3.2. Service providers
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
18.104.22.168. Auto body shops
3.3.5. Vendor matrix
22.214.171.124. Global presence
3.4. Pricing analysis
3.4.1. By region
3.4.2. Cost structure analysis
3.5. Technology landscape
3.5.2. Automotive Sanding System
3.6. Regulatory landscape
3.7. Average industry prices for minor and major collision repair services
3.8. Minor and major repair incidents/Propensity to fix for minor and major collisions
3.9. Major/minor auto body repairs
3.10. Minor v/s major damage repair costs
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.2. Industry pitfalls & challenges
3.12. Innovation & sustainability
3.13. Growth potential analysis, 2018
3.14. Porter's analysis
3.15. Competitive landscape, 2018
3.15.1. Company market share analysis, 2018
3.15.2. Strategy dashboard
3.16. PESTEL analysis
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Collision Repair Market growth predicted at 2.5% till 2026: GMI
Europe constitutes a significant share in global market demand for collision repair products. The requirement for periodic maintenance & servicing of automobile will support regional growth during the forecast timeframe.
Collision Repair Market Size
Advanced Driver Assistance System (ADAS) Market Statistics
SOURCE Global Market Insights, Inc.