PCV leads automotive collision repair market owing to the increasing vehicle production across the globe. Rising preference towards SUVs and crossovers along with availability of multiple vehicle models at lower costs will ensure its dominance over study timeframe. Moreover, automobile manufacturers are focusing on improving the car servicing experience by introducing premium lounge and other services for enhancing the overall customer experience.
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Europe leads automotive collision repair market owing to presence of major automobile industry players. According to European Automobile Manufacturers Association, passenger car and commercial vehicle owners rely heavily on OEMs.
Asia Pacific will witness strong growth with increasing automotive production across the region. Further the presence of major automobile manufacturers engaged in offering multiple variants including SUVs, sedans, hatchbacks, and crossovers are further supporting the industry growth till 2024.
The paints and coatings segment accounts for significant share in the automotive collision repair market owing to the increasing requirement to maintain vehicles aesthetics for longer time period. Further, dents and scratches owing to vehicle accidents will support the segment share. Adhesives and sealant will witness steady growth with its application for lightweight composite materials.
Growing organized multi-brand car service centers offering economical vehicle repair will support the industry growth till 2024. Industry participants are engaged in offering quality servicing and repair alternatives along with extended warranty services, thereby supporting the revenue generation. Further, industry is witnessing shifting trend from OEMs to more affordable aftermarket and recycled products similar branded and private label products.
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Aftermarket segment will showcase substantial growth rate owing to the availability of services, parts, and labor at lower costs compared to the OEMs. Customers with vehicles over the age of three years prefer to opt for aftermarket solutions owing to similar performance and expiration of the vehicle’s warranty.
Automotive Collision Repair Market by Product
- Paints & Coatings
- Adhesives & Sealants
- Finishing Compounds
Automotive Collision Repair Market by Vehicle
Automotive Collision Repair Market by End-use
- New OEM
Increasing traffic congestion leading to road accidents and vehicle damage will drive industry share over the forecast timeframe. Rising vehicles demand across the globe owing to shifting preference towards personal mobility will further escalate automotive collision repair market share.
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Major industry participants operating in the automotive collision repair market place include 3M, ZF Friedrichshafen AG, Honeywell International Inc., Federal Mogul Holdings Corporation, Denso Corporation, Bosch, Faurecia, and Continental Corporation. Industry players are engaged in long term partnerships and agreements with automobile OEMs to strengthen their foothold. For instance, in May 2016, Denso Corporation collaborated with Hino Motors U.S.A. for supplying diesel engine components such as particulate filters to its dealership network for easier servicing of their vehicles.