Automotive Collision Repair Market to Reach $275 Billion in 5 Years
Nov. 4th, 2019—The current automotive collision repair market is valued at about $236 billion, but that figure is set to rise to $275 billion by 2024. According to a recent report from Reuters, the rise is likely due to increased traffic congestion and more road accidents and vehicle damage. A global shift toward more personal mobility is also leading to an increased forecast.
As car sales rise, the proliferation of auto repair service centers committed to enhancing efficiency and productivity using contemporary tools and materials is also a contributing factor, as well as multi-branded service centers that offer lower costs and warranties. Tools such as spectrophotometers and premier automotive sanding systems and processes such as mobile appointments and digital recommendations are also speeding collision repair growth.
Europe is the top automotive collision repair market due to the variety of global manufacturers and contributors within its borders. According to the European Automotive Manufacturers Association, commercial and passenger car vehicle owners rely heavily on OEMs. The Asia Pacific market will also continue to grow due to rising vehicle production.