Albany, NY -- (SBWIRE) -- 04/25/2019 -- Automotive collision repair services refer to repair and maintenance services for automobiles, which may include services for vehicles in case of accidents and damages. Collision repair services include all sorts of imperfections, from small dents and damages to severe fatal road accidents. Automobile collision repair services involve the process of restoring ruined parts and components of a vehicle and returning it to its complete genuine condition. Restorations must be accurate, so the vehicle replicates the respective manufacturing company's representative example of production model.
Damage or accident inclusions may cover total replacement of parts and components or just painting and denting of the vehicle's surface. There are numerous local shops and company-owned outlets that offer automotive collision repair services to global automotive fleet in operation. Growth of automobile sales in the global market is a prominent driver for the automotive collision repair services market. Globally, the damage rate of automobiles has surged due to increasing incidences of accidents and traffic rules violations. Furthermore, automobile damages due to impacts and accidents have increased to a high extent throughout the globe, this is directly impacting market growth and acting as the prominent driver for the overall automotive collisions repair services market. Developments in insurance, claims and the automobile aftermarket have led to the expansion of new repair methods and recent processes, which have meaningfully broadened the scope across commercial and passenger vehicle classes. Manufacturers and insurance companies are tying up to offer customized insurance policies to consumers at the time of purchasing a new vehicle.
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Automotive Collision Repair Services Market: Dynamics
The automotive collision repair services market has witnessed various advancements in recent years as deployment of new methods and technologies for automotive diagnosis and remanufacturing of some of the reliable parts and components, which can be installed with perfection and precision in an automobile. Some key automotive market players have come up with company-owned service centers and shops for genuine auto parts as a part of business strategy to capitalize on this collision repair services market opportunity. Additionally, new manufacturing technologies, such as 3D printing or additive manufacturing have empowered manufacturers to produce the most complex and difficult parts and components with ease and in very less manufacturing time. Also, the market for automotive collision repair services has increased due to development in the overall automotive sector, as consumers are more attracted towards safety and riding comfort. Moreover, in developed nations, high standard of living and growing disposable income have enabled consumers to replace faulty and damaged parts and components, even when they are slightly damaged, as consumers are more aesthetically conscious for their vehicles. Furthermore, growth in racing and adventure sports, such as dirt racing and off-road driving are expected to fuel growth of the overall automotive collision repair services market in the coming future. Increasing standard of living with high comfort levels has brought the automotive collision repair services market in great demand, and hence, this market is forecasted to grow yet more rapidly in the future.
Automotive Collision Repair Services Market: Segmentation
The automotive collision repair services market can be segmented by product type, sales channel, and vehicle type.
By product type, the automotive collision repair services market can be segmented as:
- Paints & Coatings
- Parts and Components
By sales channels, the automotive collision repair services market can be segmented as:
- Company Owned Outlets
By motorcycle type, the automotive collision repair services market can be segmented as:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
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Automotive Collision Repair Services Market: Regional Outlook
The automotive collision repair services market can be divided into seven different geographical regions/divisions: North America, Latin America, Western and Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, and Middle East and Africa. North America and Europe have a high standard of living with luxurious lifestyles and high disposable incomes, this has led to the growth of automotive collision repair services in the respective regions as the consumers have the capability to replace the defective components. Moreover, Consumers are very conscious to repair their vehicles after an accident or mishap, moreover customers have developed a liking towards the comfortable and smooth riding experience after completion of servicing and repairs. Paints and coatings have a high replacement rate in automobiles, which may arise from small scratches to heavy damages, thus the automotive collision repair services market is expected see rapid growth in all developed and developing countries in the future. Emerging economies in the APEJ region, countries like India and China, is the target market for all the automotive industries thus the growth of the automotive collisions repair services will depend on the APAC region. Additionally, in countries such as China, India and Brazil automobiles are considered as a basic mode of transportation and hence, there is enormous growth potential for the automotive collision repair services market in the near future.
The automotive collision repair services market is anticipated to grow with a significantly growing CAGR in the coming future owing to the increasing number of consumers opting for these services in motorcycles and bikes globally. Furthermore, new technologies and inventions in automotive collision repair services will foster growth in the global market.
Automotive Collision Repair Services Market: Market Participants
Examples of some of the market participants in the global automotive collision repair services market identified across the value chain include:
- ABRA Auto Body & Glass
- Service King
- Caliber Collision
- Robert Bosch GmbH
- Honeywell International Inc.
- Federal-Mogul Corporation
- Denso Corporation
- ZF Friedrichshafen AG
- Bridgestone Corporation
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