As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,by Product, Service, Vehicle Type, and Region); the Global Automotive Collision Repair Market accounted for USD 187.2 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Automotive Collision Repair Market”
Automotive Collision Repair, also known as repair and reinstallation operations, is conducted on vehicles damaged in an incident, such as coloring, denting, repairing, welding, restoring, alignment, replacing, and refinishing structural or cosmetic components of automobiles. These structural or cosmetic components include bumpers, glass windows, and car doors. There are various materials used in Automotive Collision Repair, like automotive spare parts, paints, and scratch-resistant coatings. It also includes engine motor oil, crash parts, and mechanical tools & parts. These services are provided through company-owned outlets or local garages. In the last few years, the number of road accidents has increased, resulting in increasing awareness regarding the insurance of vehicles. Because of lots of new technological advancements seen in the past few years, people prefer to drive passenger cars. The new 3D printing technology is low-cost and effectively reduces hazardous emissions which, in turn, boosts the growth of the Automotive Collision Repair Market.
COVID-19 has had a significant impact on the automotive sector worldwide. Due to nationwide lockdowns in Asia-Pacific and Europe, some car manufacturing companies were forced to close for several days. Automotive firms' supply chains and demand for automotive products were both seriously affected. Furthermore, the cost imbalance caused by COVID-19 is projected to hinder the sale of new automotive components. As a result of economic restraints, buyers may prefer to buy second-hand automotive parts. Furthermore, the growing demand for cost-effective parts for vehicle maintenance is likely to increase as the sale of automotive repaired components grows.
Regional Outlook of Automotive Collision Repair Market:Europe is the Most Potential
Europe held the potential share in the Automotive Collision Repair Market in 2021 and is expected to retain its dominance over the forecast period. The growth in this region is due to the presence of the largest automotive manufacturers in the region, such as BMW & Mercedes. In addition, the increasing penetration of electric and hybrid vehicles is augmenting the growth of the Automotive Collision Repair Market in this region.
Asia Pacific is the fastest-growing region in the Automotive Collision Repair Market during the forecast period, owing to the growing number of vehicle sales in the region. In addition, an increase in vehicle damage because of a lack of severe driving regulations is fuelling the regional growth of the Automotive Collision Repair Market in coming years. Local enterprises and multinationals see the region as a source of components intending to supply low-cost components to major vehicle manufacturers, which in turn, propels the growth of the Automotive Collision Repair Market in this region.
Some of the key players in the Global Automotive Collision RepairMarketinclude-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, Takata Corporation, and others.