Market Research Report
Automotive Collision Repair Market Size By Product, By Vehicle, By End-Use, By Auto Body Shops, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2026
|Published by||Global Market Insights Inc.||Product code||569742|
|Published||Content info||215 Pages
Delivery time: 2-3 business days
|Automotive Collision Repair Market Size By Product, By Vehicle, By End-Use, By Auto Body Shops, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2026|
|Published: January 22, 2020||Content info: 215 Pages||
Automotive Collision Repair Market Size By Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Vehicle (PCV, LCV, HCV, Two Wheelers), By End-Use (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, 2019 - 2026.
The global automotive collision repair market is anticipated to depict a commendable growth rate through 2026. This growth can be mainly attributed to the expanding automotive sector spanning developing and developed countries.
The automotive collision repair market, in terms of the product spectrum, is segmented into crash parts, paints & coatings, abrasives, adhesives & sealants, finishing compounds and others. Among these, the crash parts segment is expected to show a robust growth trend. The segment accounted for a share of over 30% in 2018.
Crash parts also called cosmetic parts, are plastic parts or sheet metal that are usually installed on the exterior surface of an automobile. Crash parts exclude mechanical parts like filters, batteries, engine parts, shock absorbers, and mufflers. These are generally used in aftermarket parts.
Aftermarket parts are used vehicle repair activities that take place after the automobile has been in an accident, the insurance company generally has the option to use these parts instead of original manufacturer parts.
Over the years, aftermarket parts have gained popularity and acceptance, thereby resulting in growth of crash parts segment.
Use of finishing compounds in the automotive repair industry has increased considerably. Car polishing is considered an important process in maintaining the appearance of vehicles. It prepares the surface of the car for sealing and waxing, gets rid of scratches on the windshield and also removes contaminants from surfaces coated or made from chrome.
Moreover, the use of finishing compounds also enhances the aesthetics of the vehicle. The segment is likely to show a CAGR of 2.7% through 2026 owing to the increasing adoption of vehicle polishing compounds in the industry.
The other product segment includes components like spare parts, tools, and equipment. The segment held a share of 15% in 2018 thereby contributing substantially to the market growth. Tools are generally used for body repairing, paint preparation and paint finishing.
Furthermore, various personal equipment products are also there including protective eyewear, respirators, and hearing protection to meet strict auto body shop safety requirements.
The demand for two-wheelers including mopeds and motorcycles is rising in Asian countries and is expected to drive segment growth. The segment is expected to witness a CAGR of around 1.6%. Increasing occurrence of vehicle accidents and need for repair of these damaged vehicles is enhancing the automotive collision repair market.
With respect to source the market is segmented into new OEM, aftermarket, recycled and manufactured. Among these, improvements in the design as well as functionality of remanufactured parts coupled with product innovations would help expand segment share over the study timeframe. The segment represents around 4.5% share in the overall industry size.
Moreover, remanufactured parts is a $7 billion business at retail and has been growing slowly over the past three decades.
Based on auto body shops, the independent repair shops segment is anticipated to witness a CAGR of 2.0% by 2026, primarily owing to their less cost as compared to dealer owned shops. This growth can also be attributed to the fact that customers can directly meet with the mechanic who is working on their vehicle.
Furthermore, these are typically small garages but have been ranked higher on customer satisfaction, quality, price, timely repair and courteousness, thereby leading to growing demand for independent repair shops.
From a regional frame of reference, the LATAM automotive collision repair market boasts of a share of over 7% in the overall market.
Furthermore, the Middle East and Africa collision repair market will also witness a CAGR of around 2.1% through 2026. The increasing number of aging vehicles across the region has led to the growing demand for collision repair products, impelling product sales in the process.