July 24, 2018—The collision repair market revenue is predicted to be valued at $280 billion by 2024, according to a report by Global Market Insights Inc., reported Markets Insider.
Proliferating demand for refinishing, reprocessing, and rebuilding of vehicle parts after accidents are strengthening the industry over the study time span, according to the report.
Continuous technological improvements in ancillary products and services such as denting, painting, and automobile body maintenance will positively impact the automotive collision repair market till 2024.
Finishing compounds from collision repair market will exhibit growth rate of approximately 4 percent from 2018 to 2024. Paints and coatings is observed to be commonly used material in the auto refinishing application, according to the report. This rising penetration can be attributed to increasing road traffic which poses risk of scratches, minor dents, and small crashes, further driving the industry growth.
