Monday, 06 November 2017 22:47

Automotive Collision Repair Market Is Projected To Be Around $246.78 Billion By 2022

In 2012, the global Automotive Collision Repair Market was valued around $163.39 billion and is anticipated to reach approximately $246.78 billion by 2022, while maintaining a compound annual growth rate (CAGR) of 3.78 percent during the forecast period.

The automotive collision repair market involves the materials and repair services utilized for the reconstruction of an automotive after damage due to accident. Escalating road accidents and damages they caused to vehicles and the damage due to natural disasters are all unfortunate events driving the automotive collision repair industry growth. Additionally, technological innovations in automotive repair services and equipment, accident claims and insurance have contributed to the additional growth of the automotive collision repair industry.

Coatings, paint, consumable and spare parts, amongst other components of automobiles, are the key materials utilized for automotive collision repairs. Coatings and paints are employed to conceal any sort of dents and scratches on vehicles following the damage. A few of the coating and paint materials involve refinishing materials, colored paints and scratch resistant coatings. Resin materials and engine motor oil are amongst the key consumable products. Repair materials, mechanical parts, crash parts, and other tools are the spare parts.

The global automotive collision repair market is expected to witness substantial growth, while registering a significant compound annual growth rate over the forecast period of 2012 to 2022, owed to rising concern for safety on the road and escalating strict automobile measures and rules. The global automotive collision repair market growth is directly linked to the expansion of the global automobile industry. Moreover, rising usage and production of electric and hybrid vehicles are determined to boost the application scope of automotive collision repair worldwide. Hence, with the rising sales and maturing of automobiles worldwide, the automotive collision repair demand is set to expand. 

In regions such as Latin America and Asia Pacific, a huge rise in passenger vehicles utilization is anticipated during the forecast years, which will strengthen the automotive collision repair industry growth in these regions. Also, expansion in the automotive field and growing private equity funding in automotive collision repair workshops and companies will influence the global market growth.

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