Categories: Automotive and Mobility
Automotive collision repair refers to the materials, methods, and services used to rebuild or repair a vehicle after it has been damaged in an accident. The automotive collision repair market is expected to rise during the forecast period as a result of advancements in automotive repair technology and increased vehicle owner awareness of safety, which has resulted in an increase in automobile insurance subscription.
The automotive collision repair market is predicted to increase significantly over the forecast period, owing to rising automobile sales and the introduction of a lot of technologically advanced vehicles. The number of car owners has increased as a result of increased urbanisation and low interest rates on car loans. According to OICA, car sales in 2017 increased by over 3.1 percent to 96.8 million, up from 93.9 million in 2016.
Furthermore, concerns about road safety have prompted consumers to purchase various auto insurance policies, which has fueled the worldwide automotive collision repair industry. The development of driver assistance systems such as front collision warning, on the other hand, may limit the market's growth.
Paint and coatings are predicted to rise significantly in the product segment during the projection period, owing to their widespread use in auto refinishing processes. The demand for protective automotive materials such as teflon coatings, ceramic coatings, and resin materials is likely to drive the paint and coatings industry forward. Due of their great aesthetic value, this market is expected to develop in the next years.
Due to increased demand for alternate transportation choices such as carpools, light-duty cars are expected to dominate the automotive collision repair market throughout the forecast period. During the projection period, government attempts to increase fuel economy are expected to aid the sale of light-duty vehicles. The introduction of electric vehicles such as the Chevrolet Bolt is a significant step toward reducing gasoline use and improving fuel efficiency. Increased usage of light-weight materials like aluminium in automobile manufacture is predicted to boost the light-duty vehicle market, which will benefit the auto collision repair industry.
The automobile collision repair market is predicted to be led by Europe, followed by North America and Asia Pacific. Due to the invasion of automobiles laced with modern safety features and rigorous requirements imposed by the EU Commission for automobile safety, Europe is expected to develop steadily over the projection period. Automatic emergency braking, intelligent speed assistance, and lane keeping assist are some of the obligatory features that must be available in automobiles made by 2021, according to the EU Commission. Because of the increase in the number of commercial automobiles in the region, the expansion of the automotive collision repair market in the Asia Pacific region is likely to be rapid. According to the International Council on Clean Transportation (ICCT), China sold more than 40% of the global output of electric vehicles in 2016.
DuPont, Honeywell International Inc., Faurecia, Denso Corporation, BASF, Caliber Collision, 3M, Service King, Robert Bosch Gmbh, Federal-Mogul Corporation, Bridgestone Corporation, Henkel AG & Co., and ABRA Auto Body & Glass are among the major players in the global automotive collision repair market.
To maintain their market supremacy, key players continue to invest in product development. In March 2016, 3M Automotive's aftermarket division released a revolutionary series of heavy-duty vehicle Standard Operating Procedure (SOP) for collision repair. Furthermore, firms are engaging in numerous mergers and acquisitions in order to increase their market share. For example, ProCare Automotive LLC announced in May 2018 that it had merged with Austin Motor Mile Collision (AMM Collision) in order to expand its business.