The Automotive Collision Repair Market size is expected to surpass around US$ 220.1 billion by 2030, growing at a CAGR of 2.5% over forecast period 2021 and 2030.
Ottawa, Sept. 06, 2021 (GLOBE NEWSWIRE) — Ottawa, Sept 06, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the global automotive collision repair market size was valued at USD 185.9 billion in 2020. Increasing consumer spending for luxury as well as comfort product for previously owned vehicles to enhance it aesthetics and comfort level is one of the primary factors that accelerates the market growth for automotive collision repair in the coming years.
Automotive manufacturers focus prominently on the product differentiation along with collaboration with other globally renowned players to expand their customer reach. Further, rising international trade activities are likely to propel the number of heavy commercial fleet across the world that in turn prospers the growth of automotive collision repair market. This also increases the availability of the state-of-art service garages & automotive repair shops equipped with advanced technologies for repairing, painting, body repair, and denting of the vehicle.
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On the other hand, introduction to advanced driver assistance systems (ADAS), anti-lock braking technology, collision detection systems, and sensors have prominently reduced the rate of road fatalities and accidents that hampers the market growth for automotive collision repair market. Further, the government bodies of various regions also support the integration of such advanced technologies in the upcoming models of vehicles, this also likely to restrict the market growth significantly during the forthcoming years.
The automotive industry is amongst the most exposed sectors to the coronavirus outbreak and is currently facing unprecedented uncertainties in the market. The COVID-19 has significantly impacted the supply chain as well as the product delivery system on the global scale in the automotive industry. Apart from this, changes in the buying behavior of consumers have created more uncertainty to the vehicle sale and have serious implications on the growth of automotive industry in the near future. This all factors also negatively impact the growth of automotive collision repair market.
The paints & coatings product segment expected to register the fastest growth over the forecast period owing to rising environmental concern for the use of synthetic coating materials and other refinishing products used in the automobiles. Further, technological advancements in the paints & coating products that meets the rising aesthetic demand as well as better protective material that prevent scratches and other harm to the outer body parts of the automobile are some of the prime factors that excels the market growth for automotive collision repair during the forecast…
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