The growing demand for quality repair services is one of the primary factors driving the automotive collision repair market forward.

NEW YORK CITY, NY, UNITED STATES, September 25, 2024 /EINPresswire.com/ -- The automotive collision repair market report assesses the competitive scenario of the market, examining all the established players and new market entrants.

The market for automotive collision repair is on a growth trajectory. The automotive collision repair market size, which was valued at USD 198.02 billion in 2023, is poised to reach USD 238.74 billion by 2032. It is anticipated to exhibit a CAGR of 2.1% from 2024 to 2032.

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Market Overview:

Automotive collision repair refers to the restoration of different automotive services and parts after a collision. It restores the metal work, welding, and painting of a vehicle to its pre-accident condition after it’s been damaged in an accident or other incidents. Automotive collision repair starts with the assessment of the collision damage. After insurance coordination, the vehicle is disassembled to repair and restore the impact of the collision. Once done, the automobile is reassembled and sent for a final inspection.

Automotive collision repair technicians use several tools and systems to repair the vehicle’s body and parts. These systems are equipped with scissor lifts and drive-on ramps to make car fastening quick and easy. Also, they have a straightening bed structure that offers easy access to the vehicle’s chassis. Ongoing potential for innovation, especially in areas such as electric vehicle repair and the integration of advanced technologies, presents significant opportunities for automotive collision repair market growth.

Market Report Scope:
• Market Size Value in 2023: USD 198.02 billion
• Revenue Forecast in 2032: USD 238.74 billion
• CAGR: 2.1%
• Base Year: 2023
• Historical Data: 2019–2022
• Forecast Period: 2024–2032

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Competitive Landscape:
• 3M
• Continental AG
• Denso Corporation
• Faurecia
• Federal-Mogul LLC
• Honeywell International, Inc.
• International Automotive Components Group
• Johnson Controls, Inc.
• Magna International Inc.
• Martinrea International Inc.
• Mitsuba Corporation

These players focus on providing comprehensive collision repair services to cater to the needs of insurance firms and vehicle owners. Besides, independent repair shops play a key role in providing comprehensive pricing and personalized services to their communities.

Some of the top market developments are:

• In July 2023, Classic Collision announced the acquisition of Dayton Collision Centre in Dayton, Tennessee. It marks a significant expansion for the company within the state. Also, it aligns with the company’s successful track record of operational expansion.

Growth Drivers:

• Rising Vehicle Ownership: Growing vehicle ownership rates, especially in developing nations, are having a significant impact on the demand for collision repair services. With more vehicles on road, the likelihood of accidents increases proportionally and contributes to the increased demand for automotive collision repair services.

• Diverse Partnership Landscape: The automotive collision repair market growth relies heavily on a diverse partnership landscape that spans several sectors. Automakers, original equipment manufacturers, insurance companies, and technology providers collaborate closely to ensure customers get genuine and timely automotive collision repair services.

Challenges:
• Increasing Complexity: With the incorporation of advanced technologies, materials, and safety systems in vehicles, repairing collision damage becomes progressively more intricate and demanding. The growing complexity of modern automobiles presents a major challenge to the demand for auto collision services.

Regional Landscape:
The research report covers all the major regions and sub-regions of the market. It offers insights into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
• North America: North America accounted for the largest automotive collision repair market share in 2023. The large population in North America, along with a high rate of vehicle ownership, leads to a high concentration of vehicles on the road. With more vehicles on the road, the collision frequency and need for collision repair services increases accordingly in the region.

• Europe: Europe is anticipated to witness the fastest CAGR from 2024 to 2032. The region is at the forefront of technological advancements in the automotive sector. The increased complexity of collision repair services due to vehicles becoming more technologically advanced drives the market demand in the region.

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Market Segmentation:
By Product Outlook:
• Paints and Coatings
• Consumables
• Spare Parts

By Vehicle Type Outlook:
• Passenger Vehicles
• Commercial Vehicles
• Two-Wheelers

By End-Use Outlook:
• OEMs
• Aftermarket
• Others

By Region Outlook:
• North America (US, Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea, Australia)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR's Automotive Collision Repair Market Report Coverage from Different Publications:
The global automotive collision repair industry is expected to reach USD 238.74 billion by 2032, exhibiting a CAGR of 2.1% during the forecast period.

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About Polaris Market Research & Consulting, Inc:
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