Industry Overview
Global automotive collision repair market size is expected to attain
USD 196 billion by 2020, growing at a CAGR of over 2% from 2014 to 2020.
Aging fleets of automobiles and increasing number vehicles on roads are
the major factors that are estimated to have a positive impact on the
global collision repair market.
Transport authorities and government in various regions are taking
stringent measures for automobile buyers to purchase insurance cover.
Growing vehicle sales with collision and comprehensive coverage is
likely to benefit insurance companies. In case of accidental events,
repair centres are expected to get advantage owing to the mandate of
repairing the financed vehicles. These factors are expected to fuel
automotive collision repair market growth over the next few years.
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Commercial vehicles involve high cost of repair. Increasing intercity
as well as intra city transportation of passengers along with goods is
projected to increase the number of commercial and public transport
vehicles. In case of severe damage, vehicles are offered various
consumables such as spare parts, paints as well as coatings by repair
centres. Asia Pacific market is likely to facilitate industry
participants with potential avenues owing to increasing sales of
automotives in the region.
Growing implementation of driver assistance system namely forward
collision is anticipated to prevent accidental situations and assist in
circumventing collision repairs. Thus, hamper the industry growth.
Sophisticated telematics are now used for monitoring and reporting
condition of vehicles to the company servers. Local technicians find
difficult to troubleshoot the problem. This results in the loss of
business for local repair centres and it likely to impact automotive
collision repair industry growth.
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Product Overview
Paints and coatings was the leading automotive collision repair market
product segment and were valued over USD 34 billion in 2013. It is
estimated to grow at a CAGR of 2% over the forecast period. Rapid
advancements in paints and coating coupled with increasing aesthetic
demands. These factors are driving the demand growth over the forecast
period.
Consumables were valued at USD 23 billion in 2013. It is projected to
exceed over USD 27 billion by 2020, growing at a CAGR of over 1.5 %
from 2014 to 2020 owing to wide scale usage of abrasives and adhesives
during repairs.
Vehicle Type Overview
Light-duty vehicles were the leading segment and were valued over USD
118 billion in 2013. It is expected to exceed USD 140 billion by 2020,
growing at a CAGR of over 2% from 2014 to 2020. The growth can be
attributed to increasing public transport needs.
Heavy-duty vehicles are valued over USD 48 billion in 2013. It is
estimated to reach up to USD 56 billion, growing at a CAGR of over 1.5 %
from 2014 to 2020. The can be attributed to the high loading capacity.
Regional Overview
Asia Pacific automotive collision repair market was valued over USD 36
billion in 2013 and is estimated to grow at a CAGR of over 4% from 2014
to 2020. Revenue is set to exceed USD 45 billion by 2020, owing to
developing economies accompanied by steady growing demand for
automobiles.
North America is expected to grow at a CAGR of over 2% from 2014 to
2020. U.S. was valued at USD 30 billion in 2013. It is anticipated to
grow at a CAGR of over 1.5% from 2014 to 2020. The growth can be
attributed to erratic weather conditions.
Competitive Market Share
Key industry participants in global automotive collision repair market
share include ZF Friedrichshafen, Federal-Mogul Corporation,
Continental Corporation, Valeo, Faurecia and 3M among others.
Valeo’s product line effectively caters to the needs of body repair
professionals for repairing damages caused due to collisions. Typical
parts include condensers, cooling fan units, locks, optical units, and
radiators. Federal-Mogul Motorparts’ "Garage Gurus," an all-inclusive
technical education platform provides on-demand, online, and on-site
support and training available to several shop owners, service writers,
and technicians. Federal-Mogul Motorparts is a prominent supplier of
quality branded replacement parts and original equipment.
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