Europe Automotive Collision Repair Market size surpassed USD 67.4 billion in 2020 and is set to register a growth of over 2% between 2021 and 2027. A gradual increase in vehicle ownership for private vehicles and increasing average travel for commercial vehicles will drive the market growth.

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The spread of COVID-19 has resulted in massive disparities and disruption of socio-economic outlays in many European countries. The region is one of the hardest hit by the virus owing to the high number of aged population. The contagious nature of the virus has resulted in the imposition of travel curbs and sometimes even complete lockdowns, and this, in turn, has resulted in massive dip in demand especially for automobiles, decreasing the demand for automotive collision products.

Europe Market, By Product

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The paints & coatings segment is expected to grow at a CAGR of 2.1% during the forecast period. Paints & coatings are incorporated in the exterior of vehicles, which may include several different paints and protective coatings. Typical examples of paints & coatings in automotive collision refers mainly addresses the exterior application. During collision, exterior aesthetics are the most affected and impacted areas of a vehicle.

Europe Market, By Vehicle

 

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The passenger car segment held over 60% of the regional market share in 2020 owing to the expansive service and repair networks of some of the largest companies such as Robert Bosch. High per capital income coupled with high average savings has contributed to the demand for private vehicles, which, in turn, results in increased urban vehicle density, increasing the chances of collisions and accidents.

Europe Market, By Source

As aftermarket companies are increasing their portfolio of products to serve the wider segment of customers, the size of aftermarket segment will experience more than 2.3% growth rate through 2027. The provision of superior and reliable products & services to customers is expected to keep the aftermarket subsegment in prime position in terms of growth rate.

The aftermarket segment growth will also be impelled by increasingly interested consumers in Europe to repair their own vehicles. The rising labor costs coupled with product costs have resulted in the adoption of DIY approach for many collision repairs in the country. E-commerce also plays a major role as more complex parts are easily available online.

Competitive Industry Landscape

Some of the key companies engaged in the manufacturing of collision repair products in Europe are 3M, Caliber Collision, Denso Corporation, Continental Corporation, ATP Automotive, Eastman Chemical Company, Dupont, Faurecia, Honeywell International Inc., Henkel AG & Co., KGaA, Jonson Control Inc., Mann + Hummel, Huntsman Corporation, Magna International, Martinrea International Inc., Mitsuba Corporation, Robert Bosch GmbH, Tenneco Inc., and Valeo. The industry participants are adopting various strategic initiatives, such as acquisitions, mergers, and product launches, to widen their business reach and achieve an advantageous position in the market.