Report: Auto Body Repair Market Set to Surpass $220B by 2030
March 2, 2022—According to a news release by Precedence Research, the global automotive collision repair market size is expected to pass the $220 billion mark by 2030.
The release notes that rising international trade activities are likely to propel the number of heavy commercial fleet across the world, which in turn will help drive the growth of the auto collision repair market. This also increases the availability of the state-of-the-art service garages and automotive repair shops equipped with advanced technologies for repairing, painting, body repair, and denting of the vehicle.
The paints and coatings product segment is expected to grow at the fastest clip, with increased environmental concerns for the use of synthetic coating materials and other refinishing products. Further, tech advancements in the segment that can do a better job of preventing scratches and other harm to the automobile are some of the prime factors that are expected to push the surge in pricing.
Somewhat surprisingly, the news release says do-it-yourself (DIY) work is anticipated to experience the fastest growth in the next decade.The release cites the increasing trend for customers self-servicing their vehicles for minor repair and painting. In addition, various companies also offer DIY kits along with the vehicles to attract large volume of customers.