Collision Repair Market to Surpass $340B
Jan. 29, 2020—The market valuation of automotive collision repair will rise to $340 Billion by 2026 according to a recent valuation by Global Market Insights. Independent collision repair shops will witness growth with facilities offering economical repairing services. Many large fleet consumers prefer independent repair shops over dealer-based shops, owing to low service costs.
The availability of multiple high-quality medium and large workshops with advanced collision repairing techniques for painting, denting, and body repair will drive automotive collision repair market growth, according to the report.
Key findings include:
- Rising accident rates in heavy commercial vehicles are driving the demand for collision repair products. Improper maintenance of these vehicles leads to component and parts failures contributing to accidents. The increasing requirement for refurbishment, corrosion coatings, paint removal, and large body repairs are expected to boost the segment penetration.
- Recycled collision repair parts will witness steady growth, with the growing demand for developing environment-friendly automotive products. Substantial reduction in the amount of resources owing to the elimination of multiple manufacturing processes will positively influence the adoption of recycled automotive products.