Automotive Collision Repair Market Size By Product (Crash Parts, Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Vehicle (Passenger Cars, LCV, HCV, Two Wheelers), By Source (New OEM, Aftermarket, Recycled, Remanufactured), By Auto Body Shops (Dealer Owned Shops, Independent Repair Shops), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
The automotive collision repair market is likely to register lucrative growth owing to technological advancements in automotive repair technology and rising prevalence of road accidents due to poor safety laws. Since cars have become extremely complex over the past few years, automotive collision repairs have also become complex affairs.
Nowadays, the collision repair technicians have to deal with high-tech materials and technologies that are embedded in the vehicle by the manufacturer, which creates the need for extremely specialized repairs. These are done with the help of computer programs, providing thorough information on what all parts are needs, the cost of parts and labor, and procedures for the repair.
Additionally, the body shop also needs to carry out a detailed analysis of the full degree of the harm, particularly since some of it might be hidden and might cause the vehicular systems to malfunction in future. This shift in vehicle anatomy has created a demand for a more sophisticated vehicle repair service, which would be pushing considerable growth into the automotive collision repair industry in coming years.
The automotive collision repair market is bifurcated in terms of product, vehicle, source, auto body shops, and regional landscape.
Based on product, the automotive collision repair market is classified into finishing compounds, abrasives, adhesives & sealants, paints & coatings, and crash parts. The abrasives segment is likely to register a steady CAGR over 2% during the forecast timeline. These generally play a major role in the quality as well as efficiency of each collision repair technician’s work.
In addition, coated and non-woven abrasives are utilized to refinish auto bodies. Steel wool, finishing pads, sponges, abrasive papers, rubbing compound, pencils, and emery cloths are all abrasives which are used for prepping and polishing.
In terms of vehicle, the overall automotive collision repair market is categorized into two-wheelers, HCV, LCV, and PCV. The two-wheelers segment is estimated to register around 2.5% over the analysis period owing to the immense number of road accidents in emerging economies of Asia Pacific and Latin America.
With respect to source, the automotive collision repair market is segmented into remanufactured, recycled, aftermarket, and new OEM. The remanufactured segment is projected to grow at a moderate CAGR of over 2.5% over the assessment period.
Based on auto body shops, the automotive collision repair market is divided into independent retail shops and dealer owned shops. Among these, the independent retail shops are likely to dominate with the largest market share of almost 80% during the review period.
From a regional frame of reference, the Latin America automotive collision repair market is estimated to register a healthy CAGR of over 3.5% through the forecast period owing to high prevalence of road accidents in the region due to poor road safety laws. The Middle East & Africa region will witness steady growth owing to increasing presence of service providers.
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