Automotive Collision Repair Market to hit $280bn by 2024

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Collision Repair in Automotive Industry
Statistics, Analysis Forecast To 2024
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Key Insights from Automotive Collision Repair
Market

• Increasing demand for rebuilding, refinishing,
  and reprocessing of automobile components after
  accidents is positively affecting the automotive
  collision repair market size over the forecast
  period. Continuous technological advancements in
  ancillary products coupled with supplementary
  services such as painting, denting, and body
  maintenance services will further augment the
  industry demand.
• Finishing compounds are expected to exhibit
  growth rate of approximately 4 during the
  projected time line. Paints coatings are the
  commonly used products in the auto refinishing
  industry. This wide acceptance can be credited to
  rising road congestion that poses risk of minor
  dents, scratches, and small crashes resulting in
  restoring of vehicle to its original color.
• Passenger cars are expected to dominate the
  automotive collision repair industry over the
  forecast timeframe. Technological advancements
  such as 3D stereo photogrammetry for accurate
  measurement and documentation of the accident
  damage will contribute in revenue generation.

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Continued...

• OEMs accounted for highest revenue share with
  over 65 in 2017 owing to the consumers high
  trust level towards the brand manufacturers.
  Predilection towards warranty provided and
  customers brand loyalty is enhancing its
  dominance. The original products offer multiple
  benefits including better performance, longer
  product lifecycle, and reliability than the
  counterparts, further escalating the segment
  share in the automotive collision repair
  business.
• Aftermarket automotive collision repair industry
  is anticipated to exhibit a CAGR of over 3 from
  2018 to 2024. This growth can be primarily
  attributed to its cost effectiveness as compared
  to the original manufacturers auto parts.
  Aftermarket parts are developed by the
  third-party companies specializing in
  manufacturing of the auto components that may
  compete the original parts quality and
  specifications.

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U.S. Automotive Collision Repair Market, By End
Use, 2013-2024, (USD Billion)

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Major Companies in Automotive Collision Repair
Market

• 3M Company
• ZF Friedrichshafen AG
• Honeywell International Inc.
• Federal-Mogul Holdings Corporation
• Denso Corporation
• Continental Corporation
• Bosch
• Faurecia

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Industry Coverage

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Regional Insights in Automotive Collision Repair
Market

• Europe automotive collision repair market share
  is predicted to be valued at over USD 112 billion
  till 2024. Increasing demand of painting
  coating from various nations is accountable for
  catapulting the regional growth till 2024.
  Increasing replacement of damaged plastics
  metal parts will significantly contribute in
  revenue generation.

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