Albany, NY -- (SBWIRE) -- 05/01/2018 -- Automotive collision repair market includes the repair services and materials used for the re-building of an automobile after an accidental damage. Increasing road accidents and damages to vehicles due to natural calamities are all unfortunate events propelling the growth of automotive collision repair market. In addition, insurance, accident claims and advancement in technology of automotive repair equipments and services has led to the further development of automotive collision repair market.
Paint, coatings, spare parts and consumable among other automotive components are the major materials used for automotive collision repairs. Paints and coatings are used to cover any sort of scratch and dents of vehicles after its damage. Some of the paint and coating materials include colored paints, scratch resistant coatings and refinishing materials. Engine motor oil and resin materials are two of the major consumable products. Spare parts include repair materials, crash parts, mechanical parts and tools.
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Rising concern for road safety and increasing stringent automobile standards and guidelines are the major driving factors for the automotive collision repair market. The growth in the global automotive collision repair market is directly related to the growth of the global automobiles market. In addition, increasing production and usage of hybrid and electric vehicles are set to increase the application areas of automotive collision repair, globally.
Therefore, with the increasing sales and aging of automobiles globally, the demand for automotive collision repair are set to grow. In regions such as Asia Pacific and Latin America, an immense rise in the usage of passenger vehicles is expected over the forecast period, which is set to bolster the growth of the automotive collision repair market in such areas.
The automotive collision repair market can be classified by product, by application and by geography. The product segment can be classified into paint and coatings, spare parts, others. By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
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In the automotive collision repair market, Europe is the leading market in the world, where Germany holds the largest market share. North America is the second largest market in the world, where the U.S., is the most significant market. Asia Pacific, is the third largest market. However, the unorganized automotive repairing market of India and China are the key opportunity areas for global automotive collision repair companies.
In most of the Asia Pacific countries, there is lack of strict traffic rules due to which the number of road accidents and car damages are higher compared to countries of North America and Europe. Automotive collision repair workshops and companies in the Asia Pacific region charge way higher than local automotive repair shops due to which the local and unorganized collision repair shops are highly preferred by automobile users. The automotive collision repair markets of Middle East and Africa, and Latin America are expected to show significant growth in the coming years.
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The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before.
Key players in the global automotive collision repair market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: BASF, 3M, Continental Corporation, DuPont, Bosch, Honeywell International, DENSO, ZF Friedrichshafen and Federal-Mogul Holdings, among others.