The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Automotive Collision Repair Market.
It was estimated prior to this unanticipated outbreak Automotive Collision Repair Market will reach CAGR of 3.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Automotive Collision Repair Market Insights
Automotive Collision Repair market is likely to witness a steady CAGR of 3.3% during the forecast period. The increasing population, rising per capita income, and growing automobile sales are driving the growth of the market.
Market Share Analysis
Automotive Collision Repair Market Share: By Product Type
Based on the product type, the market is segmented as crash parts, paints and coatings, adhesives & sealants, abrasives, finishing compounds, and others. The crash parts’ segment is expected to dominate the market during the forecast period, owning to rising road accidental rates. These are designed and produced to the same specifications and tolerances as the actual parts on the vehicles and cater to the stringent road-safety requirements.
Automotive Collision Repair Market Share: By Vehicle Type
Based on the vehicle type, the automotive collision repair market is segmented as passenger cars, LCV, HCV, and two wheelers. The passenger cars segment dominates the market, due to the rising road traffic in the developing economies, strong presence of vehicle repair centers offering restoration and refurbishment services.
Automotive Collision Repair Market Share: By Source Type
Based on the source type, the market is segmented as new OEM, aftermarket, recycled, and remanufactured. The new OEMs segment is expected to grow at the highest growth rate, due to provision for easier replacements, insurance policies, and warranty offered by OEMs, along with the improved durability and reliability offered with ease in installation.
Automotive Collision Repair Market Share: By Auto Body Shops Type
Based on the auto body shops type, the automotive collision repair market is segmented as dealer-owned shops and independent repair shops. The dealer owned shops is expected to dominate the market owing to the growing preference for dealer-owned shops on account of easy availability of reliable and superior quality spare parts.
Automotive Collision Repair Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest growing automotive collision repair market during the forecast period. Rising road congestion coupled with increasing number of automobile sales in China and India, are surging the demand for two-wheelers in the developing economies of Asia-Pacific along with lenient road safety laws leading to road accidents, which are expected to drive the market.