The global Automotive Collision Repair Market is estimated to be valued at US$ 192.59 Bn in 2023 and is expected to exhibit a CAGR of 2.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The automotive collision repair market comprises products and services required to restore a damaged vehicle back to its pre-accident condition. This includes body repair, paint repair, dent repair, windshield repair/replacement, and other repair services. The increasing adoption of autonomous vehicle technologies is expected to fuel the growth of this market over the forecast period.
Market Overview:
The Global Automotive Collision Repair Market Size encompasses damage assessment, body and paint repair services for vehicles damaged due to collision accidents. With advancements in autonomous driving technologies, the need for collision repair services is likely to increase owing to necessity of repairs from accidents that may occur during autonomous driving.
Market key trends:
One of the key trends in the automotive collision repair market is the increasing adoption of autonomous vehicle technologies. As autonomous driving technologies are expected to reduce human errors that lead to road accidents. However, software and sensor errors could still potentially lead to accidents requiring collision repairs. For instance, in March 2018 Tesla reported its first fatality from a crash involving its autopilot system. This underscores the need for developing autonomous driving technologies fault-proof to avoid accidents but also points to the necessity of collision repair services. Other factors fueling this trend include 5G technology enabling vehicle-to-vehicle and infrastructure communication, and AI applications in accident prevention.
Segment Analysis
The automotive collision repair market is dominated by the body & paint segment. This segment accounts for over 40% of the total market share due to the high volume of body and paint repairs required after accidents. Vehicles often suffer significant damage to external body parts and paintwork in collisions, requiring repairs by body shops. The mechanical & electrical parts segment is another major segment driven by repairs of internal chassis, wiring harnesses, and electronic control modules damaged in crashes.
Key Takeaways
The global automotive collision repair market size is expected to witness high growth, exhibiting a CAGR of 2.3% over the forecast period, due to increasing motorization rates and rising road accidents worldwide.
Regional analysis: North America dominates the global market currently, owing to high vehicle parking and well-established insurance claims processes. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to improving economic conditions and rising vehicle ownership in countries like China and India.
Key players: Key players operating in the automotive collision repair market are 3M, Caliber Collision Centers, Continental AG, Denso Corporation, DRiV Incorporated, Gerber Collision & Glass, Honeywell International, Inc., International Automotive Components Group, Johnson Controls Inc., Magna International, Inc., Robert Bosch GmbH, and ZF Friedrichshafen AG. 3M is a leading supplier of paints and body shop equipment. Caliber Collision Centers is the largest auto collision repair chain in the U.S. Continental AG, Denso, and Robert Bosch are major automotive component suppliers venturing into the aftermarket.
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