San Francisco, 24 May 2019 - The global automotive collision repair market size is expected to reach USD 208.0 million by 2025, according to a new study by Grand View Research, Inc. It is projected to register a CAGR of 2.3% during the forecast period. Technological advancements and the subsequent development of innovative repair techniques are anticipated to boost the growth. For instance, a new production technology, such as 3D printing of automotive parts, is extensively being deployed by key players to optimize their production costs, with 3D printing enabling efficient fabrication performance and reduction of emission toxicity.
In addition, growing adoption of the alternative fuel vehicles is anticipated to propel the market in the forthcoming years. The U.S. government has implemented several initiatives to support the sales and use of alternative-fuel vehicles such as cars and trucks that run on hydrogen and natural gas. For instance, in California, air quality is an important concern on account of which, the Federal Clean Air Act by the California Air Resources board was implemented to reduce the vehicle emissions.
The market poses promising growth prospects throughout the forecast period, owing to the combination of numerous factors such as the increasing investments and research undertaken by the manufacturers to customize and diversify the products. For instance, 3M Automotive Aftermarket Division and West Coast Customs, a car customization company entered into a partnership to use 3M refinishing products such as abrasives, body fillers, adhesives, coatings, paint finishing, and spray paint guns for primer. This enabled the manufacturers to enter the car customization market.
Introduction of new generation of vehicles in the novel service repair regimes is boosting the demand for gas and hybrid electric cars, which is expected to further drive overall growth of the automotive collision repair market. Furthermore, the unorganized and untapped market in Asia Pacific is anticipated to create growth opportunities for the major vehicle repair vendors which is expected to boost the growth of the overall market in the forthcoming years.
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Further key findings from the report suggest:
- Incorporation of advanced telematics such as automotive telematics or vehicle telematics act as a challenge to market growth. In automotive industry, telematics permits manufacturers to use in-vehicle equipment such as navigation devices, communication systems, GPS, and event data recorders offer a wide range of information and services
- Europe held the largest share of over 44% of the automotive collision repair market in 2018
- Regulations for alternative fuel vehicles were implemented to reduce the current tax rate for advanced technology vehicles. Government agencies have implemented rules for passenger cars which is expected to positively impact component sales
- The key market players 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.
Grand View Research has segmented the global automotive collision repair market based on vehicle type, product type, service channel, and region:
Automotive Collision Repair Product Type Outlook (Revenue, USD Million, 2014 - 2025)
- Paints & Coatings
- Consumables
- Spare parts
Automotive Collision Repair Service Channel Outlook (Revenue, USD Million, 2014 - 2025)
- Do-It-Yourself (DIY)
- Do-It-For-Me (DIFM)
- Original Equipment (OE)
Automotive Collision Repair Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
- Light-duty Vehicle
- Heavy-duty Vehicle
Automotive Collision Repair Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa
Access Official Press Release Of This Report: www.grandviewresearch.com/press-release/global-automotive-collision-repair-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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