PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1389778
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1389778
According to Fairfield Market Research, the Automotive Collision Repair Services Market achieved a revenue of US$ 142 billion in 2024. The market's growth in 2024 was fueled by advancements in shop technology and servicing equipment. With customers increasingly focused on extending the lifespan and performance of their vehicles, the market is expected to expand at a higher growth rate in the coming years, reaching a total valuation of US$ 220 billion by 2031.
Driving Factors for the Automotive Collision Repair Services Market
Country-wise Analysis
United States: Leading in the Aftermarket for Automotive Parts
The United States holds a prominent share in the global market, with approximately 85% of sales generated from the North American market. The country's high rate of road accidents, with around 13 car accidents occurring every minute according to the U.S. Bureau of Labor Statistics, has contributed significantly to the demand for collision repair services. Moreover, the presence of over 40,000 collision repair shops in the U.S. further fuels market growth. Key players in the market are expanding their networks of authorized repair shops, driving market expansion in the country.
China: A Lucrative Market for Automotive Collision Repair Services
China, a hub for the automotive industry, offers a highly profitable market for automobile part manufacturers, suppliers, and service providers. Despite a slowdown in new vehicle sales in recent years, the collision repair services market in China continues to experience incremental growth. This growth is attributed to the presence of a large and aging vehicle fleet in the country.
Competitive Landscape
The automotive collision repair services market operates in a perfectly competitive environment, with an excess supply from global players. The market is highly fragmented, with small- and medium-sized players accounting for over 70% of the global market share. Recent years have seen market participants adopt expansion strategies, including acquisitions, mergers, and collaborations. Industry participants are also introducing innovative growth strategies, such as offering subscription-based maintenance services to customers.
Key Companies Profiled
Key Segments Covered in Automotive Collision Repair Services Market
By Vehicle Type
By Service Provider
By Product Type
By Region