Industry
Overview
Global automotive
collision repair market size is expected to attain USD 196 billion by 2020,
growing at a CAGR of over 2% from 2014 to 2020. Aging fleets of automobiles and
increasing number vehicles on roads are the major factors that are estimated to
have a positive impact on the global collision repair market.
Transport authorities
and government in various regions are taking stringent measures for automobile
buyers to purchase insurance cover. Growing vehicle sales with collision and
comprehensive coverage is likely to benefit insurance companies. In case of accidental
events, repair centres are expected to get advantage owing to the mandate of
repairing the financed vehicles. These factors are expected to fuel automotive
collision repair market growth over the next few years.
Commercial vehicles
involve high cost of repair. Increasing intercity as well as intra city
transportation of passengers along with goods is projected to increase the
number of commercial and public transport vehicles. In case of severe damage,
vehicles are offered various consumables such as spare parts, paints as well as
coatings by repair centres. Asia Pacific market is likely to facilitate
industry participants with potential avenues owing to increasing sales of
automotives in the region.
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Growing implementation
of driver assistance system namely forward collision is anticipated to prevent
accidental situations and assist in circumventing collision repairs. Thus,
hamper the industry growth. Sophisticated telematics are now used for
monitoring and reporting condition of vehicles to the company servers. Local
technicians find difficult to troubleshoot the problem. This results in the
loss of business for local repair centres and it likely to impact automotive
collision repair industry growth.
North America automotive collision repair market
size, by product, 2012-2020 (USD Billion)
Product
Overview
Paints and coatings was
the leading automotive collision repair market product segment and were valued
over USD 34 billion in 2013. It is estimated to grow at a CAGR of 2% over the
forecast period. Rapid advancements in paints and coating coupled with
increasing aesthetic demands. These factors are driving the demand growth over
the forecast period.
Consumables were valued
at USD 23 billion in 2013. It is projected to exceed over USD 27 billion by
2020, growing at a CAGR of over 1.5 % from 2014 to 2020 owing to wide scale
usage of abrasives and adhesives during repairs.
Vehicle
Type Overview
Light-duty vehicles
were the leading segment and were valued over USD 118 billion in 2013. It is expected
to exceed USD 140 billion by 2020, growing at a CAGR of over 2% from 2014 to
2020. The growth can be attributed to increasing public transport needs.
Heavy-duty vehicles are
valued over USD 48 billion in 2013. It is estimated to reach up to USD 56
billion, growing at a CAGR of over 1.5 % from 2014 to 2020. The can be
attributed to the high loading capacity.
Regional
Overview
Asia Pacific automotive
collision repair market was valued over USD 36 billion in 2013 and is estimated
to grow at a CAGR of over 4% from 2014 to 2020. Revenue is set to exceed USD 45
billion by 2020, owing to developing economies accompanied by steady growing
demand for automobiles.
North America is
expected to grow at a CAGR of over 2% from 2014 to 2020. U.S. was valued at USD
30 billion in 2013. It is anticipated to grow at a CAGR of over 1.5% from 2014
to 2020. The growth can be attributed to erratic weather conditions.
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