Collision Repair Market to be Valued at $275B by 2024

Nov. 21, 2018—Collision repair in the automotive market is set to grow from its current market value of $236 billion to more than $275 billion by 2024, according to a new global market insights report.

Growing intercity and intracity goods transportation is likely to influence commercial vehicle fleets. Rising passenger car use has surged on-road traffic,  leading to vehicle accidents and crashes.

The collision repair in automotive market involves multiple sales-valuation models. For instance, numerous automotive retailers have introduced "Do-It Yourself (DIY)" packages for the consumers that prefer self-repairing their own vehicles

Shifting consumer preference toward advanced automobiles with rising disposable income is transforming automotive aftermarket industry as well, the report indicated. Ongoing developments such as the implementation of wireless technologies require innovative machinery and high expertise to address vehicle maintenance. A rapidly changing economy with continuous technological advancements, particularly in the emerging nations, will support collision repair in automotive market revenue generation.