Finishing compounds from automotive collision repair market will exhibit growth rate of approximately 4% from 2018 to 2024.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- Europe automotive collision repair market is anticipated to be valued at USD 112 billion over the projected time span. Rising demand for paintings and coatings from several countries is augmenting regional growth till 2024. Increasing replacement of metal parts and damaged plastics will further contribute in revenue generation.
OEMs segment in the automotive collision repair market held more than 65% of the revenue share in 2017. This dominance can be credited to consumer's trust level towards the brand manufacturers. Customer preference towards brand loyalty and warranty period will enhance the industry share over the forecast timeline.
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Proliferating demand for refinishing, reprocessing, and rebuilding of vehicle parts after accidents are strengthening the industry over the study time span. Continuous technological improvements in ancillary products and services such as denting, painting, and automobile body maintenance will positively impact the automotive collision repair market till 2024.
Shifting trend of consumers towards shared mobility is likely to intensify automobile sales across the globe. These vehicles experience higher wear and tear than private vehicles, thereby amplifying industry growth rate over the forecast timeframe. Rising complexities associated with software and electronic parts in new vehicle models are multiplying investments required for handling repair services. These challenges are limiting the reach of small & independent automobile workshops.
Finishing compounds from automotive collision repair industry will exhibit growth rate of approximately 4% from 2018 to 2024. Paints & coatings is observed to be commonly used material in the auto refinishing application. This rising penetration can be attributed to increasing road traffic which poses risk of scratches, minor dents, and small crashes, further driving the industry growth.
Passenger cars segment is predicted to account for maximum revenue share in the automotive collision repair market over the forecast timeline. Innovations such as 3D stereo photogrammetry used for documentation and precise measurement after accidental damage will significantly contribute in enhancing industry.
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Dealer owned auto body shops are set to pose CAGR of more than 2.5% during the study period. Increasing dealer retail network accompanied with transparent policy system is spurring the segment growth. Warranty coverage and high-quality work will further drive the automotive collision repair market growth rate from 2018 to 2024.
Automotive collision repair market participants are ZF Friedrichshafen AG, Denso Corporation, 3M Company, Federal-Mogul Holdings Corporation, Bosch, Honeywell International Inc., Continental Corporation, and Faurecia. Industry participants are investing heavily in technology improvement for widening their global presence. For instance, ZF Friedrichshafen utilizes 5% of its sales annually in research activities.
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