The global Automotive Collision Repair Market is expected to reach USD 196.97 billion by 2020, according to a new study by Grand View Research, Inc. Advancements in insurance, claims, and the automotive aftermarket, have led to the development of new modern processes and repair techniques, which have considerably widened the scope across commercial and passenger vehicle categories. Unorganized and untapped automotive collision repair market in the Asia Pacific region poses as a major opportunity for key automotive collision repair vendors.
Advancements in insurance and automotive collision repair technologies have been influential in the strategic reorganization of the manner in which automobile accidents and damage claims are handled. Shared and standard guidelines along with electronic appraisal reviews provide enough information to the business partners to fulfill work in a transparent, compliant, and efficient manner. Moreover, organizations such as the U.S. National Automotive Service Task Force (NASTF) that has established a Collision Repair Committee (CRC) helps identify, address, and resolve the service/repair gaps to help collision repair centers perform satisfactorily complete and safe automotive collision repair for vehicle owners.
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Further key findings from the study suggest:
- Clear coatings, paints, and other consumables such as spares and other auto components are extensively used in the automotive collision repair market. Paints and coatings are used to cover up dents and scratches in the case of automotive body damage. Automotive collision repair centers across the globe procure recycled and refurbished spare parts from used and salvage cars to lower the production costs. This has led to an increased demand for recycled and reconditioned auto components and spare parts across the industry and is estimated to have a major impact on the global automotive collision repair market.
- Aged fleets of automobiles and the exponentially increasing number of vehicles on the roads are the major factors that are expected to drive the global automotive collision repair market. Automotive manufacturers from countries in the Asia Pacific region such as India and China are observed to be cutting down largely on the safety equipment and external body parts making it prone to easy damage. In addition, Asia Pacific region has highly unorganized collision repair market, providing opportunities for the global player to foster the untapped market.
- Key market players in the automotive collision repair market include Federal-Mogul Holdings, Continental Corporation, DENSO Corporation, Bosch, DuPont, and 3M. The industry witnesses frequent mergers and acquisitions in order to expand their global reach and a subsequent increased share in the automotive collision repair market.
- Intelligent diagnostics modules and advanced automotive telematics keep track of the real time data for vehicles and sync it with the company clouds. Such advanced techniques give the company-owned repair centers an edge over other independent collision repair centers owing to their knowledge of the vehicle life history. Automotive collision repair centers provide customers updates about the status of the repair or the repair production stages via a smart mobile device, making it convenient for the customers to pick up their vehicles when ready. This results in the overall enhancement of customer experience resulting in their loyalty in the long-run.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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