Automotive Collision Repair Service Market to Hit US$ 272.8 Billion by 2034, Growing at a 3.4% CAGR | Fact.MR Analysis
Rockville, MD, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, states that the global automotive collision repair service market has been calculated at a value of US$ 195.27 billion for 2024 and is forecast to reach a value of US$ 272.8 billion by 2034, with a projected CAGR of 3.4% from 2024 to 2034.
Incorporation of advanced technologies such as artificial intelligence (AI), augmented reality (AR), and computer-aided diagnostics is enhancing the precision and efficiency of collision repairs, offering more accurate diagnostics and streamlined repair processes.
There is growing emphasis on sustainability within the automotive collision repair service market. Practices such as the use of eco-friendly materials, energy-efficient processes, and recycling initiatives are gaining traction as environmental consciousness is becoming a prominent trend.
In densely populated urban areas, the proximity of vehicles sharing limited road space increases the likelihood of accidents. Factors such as hurried commuting, complex road networks, and diverse modes of transportation are contributing to an intricate traffic landscape. Consequently, this intricate mix of vehicular activities is increasing the risk of collisions, ranging from minor fender-benders to more severe accidents requiring substantial collision repair services.
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Key Takeaways from Market Study:
- Global demand for automotive collision repair services is forecasted to increase at a CAGR of 4% from 2024 to 2034.
- The United States market is estimated at US$ 44.94 billion in 2024.
- The market for automotive collision repair services in Italy is projected to reach a valuation of US$ 20.77 billion by 2034-end.
- Revenue from automotive part and component repair services is projected to reach US$ 165.32 billion by 2034-end.
“Continuous growth in global vehicle ownership is generating lucrative opportunities for leading automotive collision repair service providers,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Collision Repair Service Market:
Denso Corporation, Takata Corporation, ODU GmbH & Co. KG, Faurecia, Martinrea International Inc., Mitsuba Corporation, Federal-Mogul LLC, 3M, Honeywell International, Inc., Automotive Technology Products, LLC, Continental AG, International Automotive Components Group, Mann Hummel Group, Johnson Controls, Inc., Magna International, Inc., Robert Bosch GmbH
Competitive Analysis:
The key players in the automotive collision repair service market are differentiating themselves through advanced technology integration, global expansion, and strategic partnerships.
Investing in strategic marketing initiatives and effective branding campaigns is helping key market players maintain a strong market presence. This includes targeted online and offline advertising, participation in industry events, and the creation of compelling brand messages that resonate with customers.
Some market leaders are also pursuing global expansion strategies, entering new markets, and acquiring or partnering with regional market players. This move is expanding their customer base and strengthening their market position.
Automotive Collision Repair Service Industry News:
- In April 2022, 3M declared its acquisition of LeanTec's technology assets, a company specializing in digital inventory management solutions for the automotive aftermarket segment in Canada and the United States.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive collision repair service market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on product type (parts and components, paints and coatings), vehicle type (passenger vehicles, commercial vehicles), and service provider (independent repair shops, franchised repair shops, authorized repair shops), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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