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| Global Automotive Collision Repair Market Size |
Automotive collision repair involves bodywork repairs including fixing dents,
scratches and structural damage caused in accidents. It provides repair
solutions for damaged vehicles through replacement of components like bumpers,
doors, hoods and repair of engine and electrical parts. The rising number of
road accidents globally has increased the need for collision repair services.
The global
Automotive Collision Repair Market is estimated to be valued at US$ 221.87 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period
2023 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing trend of road accidents has been a key growth driver for the
automotive collision repair market. As per the World Health Organization,
around 1.35 million people die each year as a result of road traffic crashes.
Moreover, between 20 million to 50 million more people suffer non-fatal
injuries. This rising number of accidents has boosted the demand for collision
repair services across the globe. Insurance companies collaborate with
collision repair centers to provide coverage for repair costs incurred in
accidents. The insurance payments streamline the revenue flow in the market.
This insurance-based aftermarket servicing has augmented the market growth over
the past few years.
Segment Analysis
The global automotive collision repair market is segmented based on service,
end-use, vehicle type, and region. By service, the repair segment dominates the
market owing to the high requirement of collision repair services. It covers
all the repair works involved post an accident. By end-use, insurance segment
holds a major share as insurance companies cover part or all of the repair
costs and offer services through their approved repair centers. By vehicle
type, passenger vehicles have the highest demand for collision repairs as they
account for most vehicles on the road.
Key Takeaways
Global
Automotive Collision Repair Market Size is expected to witness high
growth over the forecast period. The global Automotive Collision Repair Market
is estimated to be valued at US$ 221.87
Mn in 2023 and is expected to
exhibit a CAGR of 4.5% over the
forecast period 2023 to 2031.
Regional
analysis shows North America presently dominates the market. The region has
highest vehicle parc and annual vehicle miles driven which leads to more
accidents and collision repairs being required. The growing middle-class
population with increased spending power and high vehicle usage also
contributes to market growth.
Key players operating in the automotive collision repair market are 3M,
Continental AG, Denso Corporation, Federal-Mogul, Honeywell International,
Inc., Johnson Controls, Inc., Magna International Inc., Mann+Hummel Group,
Martinrea International Inc., Mitsuba Corporation, Robert Bosch GmbH,
Saint-Gobain S.A., Takata Corporation, Tenneco Inc., Thyssenkrupp AG, and ZF
Friedrichshafen AG.
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