Rising consumer preference for well-equipped and technologically advanced automobiles is driving Collision Repair Market worldwide. Increasing urbanization has subsequently led to a gigantic rise in the sale of automobiles. This has in turn created a massive ground for the road accidents to occur frequently, consequently driving collision repair market size. The industry includes paint and chemical products, auxiliary equipment, and body shops to renew vehicles to its original factory conditions. Collision repair industry, having registered a revenue of USD 170 billion in 2014, is anticipated to exhibit a striking growth curve at a CAGR of 3% over the period 2016 -2024.
Based on vehicle types, global collision repair market is bifurcated into heavy duty and light duty vehicles. Driven by the growing industry demand for alternative transportation along with favorable government regulations pertaining to improved fuel quality, light duty collision repair industry is expected to prosper rapidly in the years ahead. It is estimated to record a revenue share of USD 140 billion by 2024.
The wear and tear repair requirement is higher in shared mobility vehicles, owing to their technical complexities, which in turn, is likely to complement collision repair market demand.
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Paints & coatings and consumables are the basics products used for collision repair. Small crashes due to heavy traffic, especially in urban areas are fueling the demand for paints & coatings collision repair industry. It accounted for 20% of the revenue share in 2014 and the product demand is expected to surge in the coming years.
Below are the regional highlights influencing the market over 2016-2024:
• The recent hike in automobile sales in Asia Pacific provides a massive growth prospect for collision repair market to flourish in this region. India being one of the major revenue contributors, is expected to drive regional demand over the forecast span.
• Germany collision repair market is slated to grow noticeably at an annual rate of 2% over 2016-2024. The robust growth in this region can be credited to the rising consumer adoption of advanced restructuring services coupled with the introduction of high-quality products used for minor dents, bodyworks, and painting purposes.
Prominent players dominating the industry include BASF, 3M, Continental, ABRA Auto Body & Glass, Caliber Collision, and Service King.
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Global collision repair industry based on retailers is fragmented into unauthorized, authorized, and small workshops for restructuring services. Authorized collision repair market is further classified into multi-brand and single brand workshops. Authenticity and prime quality services provide authorized channel a competitive edge over other independent unauthorized workshops.
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