Automotive Collision Repair Market Size

Automotive Collision Repair Market Size

Automotive Collision Repair Market size exceeded USD 250 billion in 2020 and is projected to register over 2.5% CAGR between 2021 and 2027. Rising sales of light duty vehicles will bolster the industry growth.

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Rising consumer spending on luxury and comfort goods is shifting customer preferences towards personally-owned vehicles. Automobile manufacturers are engaged in product differentiation and collaborations with international players to serve a larger number of consumers. The increasing fleet of commercial vehicles owing to rising trade activities has augmented the number of vehicles in use. The availability of state-of-the-art automotive repair & service garages with advanced repair techniques for painting, denting and body repair will drive the market demand.

Ongoing initiatives by automotive industry participants to reduce the probability of accidents and lower the number of on-road fatalities will limit automotive collision repair industry. For instance, the incorporation of technologies such as Advanced Driver Assistance Systems (ADAS), collision avoidance sensors, and radar technology, enables automated protection & braking of such vehicles, thereby reducing the probability of damages.

Automotive manufacturers are integrating general collision avoidance systems to mass-market models for avoiding collisions. Additionally, stringent government regulations and policies have led to industry players incorporating advanced safety technologies to improve vehicle safety significantly. Automobile manufacturers are also implementing safety technologies as a basic safety standard features in their vehicles to attract customers.