The global Automotive Collision Repair market was valued at USD 73.4 billion in 2017 and is anticipated to grow at a CAGR of 2.9% during the forecast period. Automotive collision repair is the re-building and repairing of a vehicle after it has been damaged in an accident. It involves the repair services and the materials required for the repairing process. The materials used for automotive repairs generally include paints, coatings, spare parts and other refinishing materials used to repair dents and scratches. Repair materials, crash parts, mechanical parts and tools are the spare parts used for automotive repairs.
Rising need for road safety and the subsequent standards and guidelines for automobile safety are major drivers for the automotive collision repair market. Moreover, natural calamities and increasing road accidents leading to damaged vehicles trigger the market growth. Another factor driving the market growth is the rapid evolution of paints and coatings technology which conforms with the protective automobile materials and aesthetic demands. However, increase in environmental effects resulting from the use of lower quality synthetic coating and refinishing materials hampers market growth to a certain extent. The increase in the use of hybrid and electric vehicles also boosts the growth of the automotive collision market. The growing development of autonomous cars, and increasing demand of electric vehicles increases the demand for automotive collision repair.
Europe Automotive Collision Repair Market Share, By Product, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The global Automotive Collision Repair market is segmented on the basis of product, vehicle type, end-use, and geography. Based on the product, the market is segmented into paints and coatings, consumables, and spare parts. Spare parts accounted for the highest share in the global Automotive Collision Repair market in 2017 owing to increasing incidents of road accidents on the road.
The end-use segment is categorized into New OEM, Aftermarket, Recycled, and Remanufactured. New OEM dominated the global market in 2017. Increased reliability on OEM products coupled with warranty issued by manufacturers drives the growth of this segment.
The vehicle types in the global automotive Collision Repair market include passenger vehicles, commercial vehicles, and two-wheelers. Passenger vehicles segment dominated the global market in 2017 owing to rising demand of luxury vehicles, and growing adoption of electric vehicles.
Europe Automotive Collision Repair Market, By Product, 2017 - 2026(USD Billion)
The Automotive Collision Repair Market comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. The Europe Automotive Collision Repair Market accounted for the largest share in the global Automotive Collision Repair market in 2017. The primary factors driving market growth in this region include rising demand for luxury automobiles, increasing development of autonomous vehicles, and stringent government regulations regarding vehicular and road safety.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The Automotive Collision Repair market is highly competitive with the presence of a large number of small and large vendors. The leading players in the market include Denso Corporation, Continental AG, 3M, Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmbH, Federal-Mogul LLC, Automotive Technology Products LLC, Caliber Collision, and Henkel AG & Co., KGaA.