According to The Business Research Company’s Automotive Collision Repair , The automotive collision repair market size has grown steadily in recent years. It will grow from <b>$202.76 billion in 2023 to $210.85 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. </b> The growth in the historic period can be attributed to increasing number of vehicles on the road, rising number of accidents, growing demand for vehicle customization, advancements in technology leading to more complex vehicles, increasing disposable income and willingness to spend on vehicle repairs.
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The automotive collision repair market size is expected to see steady growth in the next few years. It will grow to <b>$254.84 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. </b> The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing adoption of advanced driver assistance systems (adas), rising demand for lightweight materials in vehicle manufacturing, growing popularity of ride-sharing services, increasing focus on vehicle safety and regulations. Major trends in the forecast period include use of augmented reality for repair diagnostics, adoption of sustainable and eco-friendly repair practices, growth in mobile and on-demand repair services, integration of 3d printing for replacement parts, emphasis on training and certification for repair technicians.The rise in the number of subscriptions to automobile insurance is expected to propel the automotive collision repair market going forward. Automobile insurance refers to motor insurance that provides cover for loss or damage to the insured person’s vehicle such as cars, two-wheelers, or any other commercial vehicles. The rise in the number of subscriptions to automobile insurance compels automotive collision repair companies to come up with better services and products for their customers. For instance, according to an article by PolicyAdvice, an American website that provides insurance information in 2022 said that, 87% of US drivers have car insurance and the market has grown by 2.7% on an average over the past five years. Another report by Care, an Indian rating agency, in 2021 said that motor insurance is set to rise in 2022 and motor insurance premium is to grow by 6% to 8% in 2022. Therefore, an increase in the number of subscriptions to automobile insurance is expected to boost demand for automotive collision repair during the forecast period.
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The automotive collision repair market covered in this report is segmented –
1) By Product: Crash Parts, Paints and Coatings, Adhesives and Sealants, Abrasives, Finishing Compounds, Other Products
2) By Service Channel: DIY, DIFM, OE
3) By Automotive Component Shop: Authorized Repair Shops, Independent Garage
4) By Vehicle Type: Passenger Vehicles, Light Commercial VehiclesThe utilization of 3D printing technology is a key trend in the automotive collision repair market. Many companies operating in the automotive collision repair market are using 3D printing tools and solutions to sustain their position in the market and to provide the best services for their customers. For instance, in January 2022, a collection of organizations from Germany and Canada launched a new consortium for automating the process of repairing parts using 3D printing and artificial intelligence. The new project is named Artificial Intelligence Enhancement of Process Sensing for Adaptive Laser Additive Manufacturing (AI-SLAM).
The automotive collision repair market report table of contents includes:
- Executive Summary
- Automotive Collision Repair Market Characteristics
- Automotive Collision Repair Market Trends And Strategies
- Automotive Collision Repair Market – Macro Economic Scenario
- Global Automotive Collision Repair Market Size and Growth
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- Global Automotive Collision Repair Market Competitive Benchmarking
- Global Automotive Collision Repair Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Collision Repair Market
- Automotive Collision Repair Market Future Outlook and Potential Analysis
- Appendix
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