Automotive Collision Repair Market - Aging fleets of automobiles and increasing number vehicles on roads are the major factors that are estimated to have a positive impact on the global collision repair market.
Transport authorities and government in various regions are taking stringent measures for automobile buyers to purchase insurance cover. Growing vehicle sales with collision and comprehensive coverage is likely to benefit insurance companies. In case of accidental events, repair centres are expected to get advantage owing to the mandate of repairing the financed vehicles. These factors are expected to fuel automotive collision repair market growth over the next few years.
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Commercial vehicles involve high cost of repair. Increasing intercity as well as intra city transportation of passengers along with goods is projected to increase the number of commercial and public transport vehicles. In case of severe damage, vehicles are offered various consumables such as spare parts, paints as well as coatings by repair centres. Asia Pacific market is likely to facilitate industry participants with potential avenues owing to increasing sales of automotives in the region.
Growing implementation of driver assistance system namely forward collision is anticipated to prevent accidental situations and assist in circumventing collision repairs. Thus, hamper the industry growth. Sophisticated telematics are now used for monitoring and reporting condition of vehicles to the company servers. Local technicians find difficult to troubleshoot the problem. This results in the loss of business for local repair centres and it likely to impact automotive collision repair industry growth.
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Product Overview
Paints and coatings was the leading automotive collision repair market product segment and were valued over USD 34 billion in 2013. It is estimated to grow at a CAGR of 2% over the forecast period. Rapid advancements in paints and coating coupled with increasing aesthetic demands. These factors are driving the demand growth over the forecast period.
Consumables were valued at USD 23 billion in 2013. It is projected to exceed over USD 27 billion by 2020, growing at a CAGR of over 1.5 % from 2014 to 2020 owing to wide scale usage of abrasives and adhesives during repairs.
Vehicle Type Overview
Light-duty vehicles were the leading segment and were valued over USD 118 billion in 2013. It is expected to exceed USD 140 billion by 2020, growing at a CAGR of over 2% from 2014 to 2020. The growth can be attributed to increasing public transport needs.
Heavy-duty vehicles are valued over USD 48 billion in 2013. It is estimated to reach up to USD 56 billion, growing at a CAGR of over 1.5 % from 2014 to 2020. The can be attributed to the high loading capacity.
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