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.
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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