Collision Repair Market Worth $220B by 2024
Sept. 20, 2017 — The “Automotive Collision Repair Market” statistics report by Global Market Insights, Inc. concluded that the automotive collision repair market is predicted to surpass $222 billion by 2024.
Technological advancements in ancillary products coupled with supplementary services such as painting, denting and body maintenances will further augment the industry demand.
Finishing compounds are expected to grow over three percent over the projected time line. Paints & coatings are the most commonly used products in the auto industry.
Light duty vehicles are expected to dominate the automotive collision repair market until 2024. Technological advancements including 3D stereo photogrammetry for accurate measurement and documentation of the accident damage will contribute in revenue generation. Moreover, associations like NASTF-National Automotive Service Task Force in the U.S. have formed a Collision Repair Committee (CRC) that supports in recognizing, addressing, and resolving the service gaps. It will help auto body shops achieve a complete and safe vehicle restoration.
Original Equipment Manufacturers (OEMs) will account for highest revenue share by 2024 owing to the consumer's high trust level towards the brand manufacturers. Predilection towards warranty offered and customer's brand loyalty are other factors that will support the OEMs dominance.
Aftermarket is anticipated to exhibit a maximum compound annual growth (CAGR) of over four percent from 2017 to 2024. Aftermarket parts are developed by the third-party companies specializing in manufacturing of the auto components that may match the original parts quality and specifications.