SELBYVILLE, Delaware, November 21, 2018
SELBYVILLE, Delaware, November 21, 2018 /PRNewswire/ --
Collision Repair in Automotive Market is set to grow from its current market value of $236 billion to more than $275 billion by 2024, growing at a CAGR of over 2.5%; according to a new research report by Global Market Insights, Inc. Growing intercity and intra-city goods transportation is likely to influence commercial vehicle fleets. Rising passenger cars has surged on-road traffic and leading to vehicle accidents and crashes.
Shifting consumer preference towards advanced automobiles with rising disposable income is transforming automotive aftermarket industry. Ongoing developments such as implementation of wireless technologies require innovative machinery and high expertise to address vehicle maintenance. Rapidly changing economy with continuous technological advancements, particularly in the emerging nations will support the collision repair in automotive market revenue generation.
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Regular technological innovations by the industry participants will pave an opportunistic way for the product penetration. Increasing adaption of electric and hybrid vehicles owing to surging petrol prices is changing maintenance requirements. However, the advent of new technologies including lane departure warning, night vision with pedestrian control, and automatic emergency braking system will pose a threat to the collision repair in automotive market players over the study timeframe.
The collision repair in automotive market involves multiple sales-valuation models. For instance, numerous automotive retailers have introduced "Do-It Yourself (DIY)" packages for the consumers that prefer self-repairing for their own vehicles. The industry service providers are offering consumables including paints & coatings and spare parts to serve larger consumer base. Continuous advancements in the technologies for ancillary products along with additional services such as painting, denting, and body repairs will further augment market growth.
Collision repair in automotive market from paints & coatings will witness around 2.5% CAGR over forecast period owing to rising traffic leading to rear end crash and dents. Increasing body maintenance to enhance vehicle aesthetics is escalating product demand. Industry participants are developing new technologies for environmentally friendly and durable coatings.
Adhesives and sealants will witness steady growth over the forecast timeframe with increasing vehicle safety norms and standards along with rising focus on lightweight vehicles. The auto manufacturers are adopting composite materials to keep minimize vehicle weight. Composite materials are unable to be welded or fastened and require structural adhesive. Moreover, adhesives employment for components as small as sensors and as large as vehicle chassis will enhance collision repair in automotive market revenue growth.
PCV will register USD 128 billion by 2024 with increasing passenger car sales over forecast period. According to International Organization of Motor Vehicle Manufacturers (OICA), in 2017, the overall passenger car sales across the globe grew by around 2% as compared to 2016. Moreover, shifting consumer preferences towards shared mobility is influencing vehicle demand. Shared mobility vehicles witness high wear and tear and is likely to favor collision repair in automotive market growth.
Browse key industry insights spread across 300 pages with 293 market data tables & 11 figures & charts from the report, "Automotive Collision Repair Market Size By Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds, Others), 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 (U.S., Canada, Germany, UK, France, Italy, Russia, Spain, Netherlands, Belgium, China, India, Japan, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
New OEMs leads collision repair in automotive market size with high consumer preference owing to quality, system compatibility and durability to ensure vehicle performance. The original component manufacturers are providing warranty and support to ensure brand loyalty. Further provision of benefits including reliability and better output will further escalate the segment revenue.
Independent repair shops will witness steady growth with facilities offering economical repairing services. The large fleet owners prefer independent service shops owing to low servicing cost as compared to dealer owned shops. Moreover, independent shop owners are offering nationwide warranties through the parts suppliers and the associations to enhance collision repair in automotive market size.
Asia Pacific is witness strong growth over the forecast timeframe with extensive production of automotive across the region. High vehicle sales in conjunction with car parc is supporting automotive aftermarket. Industry players are undergoing strategic collaborations to enhance regional presence.
The major collision repair in automotive market player includes 3M, Federal-Mogul Holdings Corporation, ZF Friedrichshafen AG, Denso Corporation, Honeywell International Inc., Faurecia, Continental Corporation and Bosch.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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