Automotive Collision Repair Market to Generate Substantial Increment in Dollar Opportunities Through 2021-2027

Increase in the number of privately owned vehicles, traffic congestion and associated vehicle collisions is likely to drive automotive collision repair market forecast. In 2018, Americans spent around USD 45.8 billion in collision repair-related sales and services and 16.5% of the total spending accounted across the automotive aftermarket. Growth in vehicular traffic on roads due to consumer preference for comfortable personal cars is bringing a rise in annual motor accidents.
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Rapid urbanization rate in cities, growing population and increased motorization is the main cause of road traffic injuries and the leading causes of mortality. Lack of vehicle safety and driving regulations in developing economies is also contributing to rise in accidents, fueling automotive collision repair industry size.
Advanced tools and technology development for collision repair products has gained consumer attention. Moreover, cost-effective automotive aftermarket services will favor business growth in the coming years. It has been anticipated that global automotive collision repair market size will cross the USD 305 billion mark by 2026.
Heavy commercial vehicle accidents may significantly contribute towards automotive collision market growth on account of rising fatalities and injuries in truck accidents. According to the FMCSA (Federal Motor Carrier Safety Administration), around 415,000 crashes involving commercial vehicles were reported in the U.S. in 2015 and the accidents resulted in a total 3,852 fatalities in total. The limited view from the driver seat, narrow roads, over loading of consignments, unfamiliar roads are some of the factors resulting in HCV accidents. Rise in number of HCV accidents annually may fuel the demand for automotive collision repair parts.
Paints & coatings segment is forecast to showcase growth rate of 3.5% up to 2026 on account of the increasing customer focus on restoring vehicles with pre-collision finish. In addition, high traffic congestions in cities is resulting in minor vehicle scratches and dents, which will further boost the demand for minor paint touchups.
Recycled part segment is set to grow notably during the same time period, in part due to the growing emphasis of manufacturers on developing environment-friendly automotive collision repair parts. These players are utilizing advanced technologies to develop recycled automotive collision repair parts and products at cheaper prices to attract customers.
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Dealer-owned shops as a distribution channel will gain traction in the coming years as they offer extended warranties for the automotive collision repair products. In addition, benefits such as scheduling appointments or online bookings through mobile applications may also provide growth opportunities for dealer-owned outlets.
Asia Pacific automotive collision repair market is touted to grow at 4% CAGR through 2026 due to lack of traffic discipline and strict following of road safety regulations. Europe automotive collision repair market will register a steady growth rate over 2020-2026 on account of the presence of major automakers in the region including BMW, Daimler, Volkswagen, among others. However, imposition of strict road safety laws in the Western Europe may limit the demand for automotive collision repair parts to some extent.
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