Published Date: 2021-05-08
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APAC Automotive Collision Repair Market size is estimated to reach USD 85 billion by 2027, according to a latest forecast report by Graphical Research. The rising population and increasing urbanization and per capita income are expected to increase the market demand.
The rising vehicle sales and surge in private vehicle ownerships are anticipated to fuel the market growth. As per capita vehicle ownership is increasing, the number of vehicles operating on the roads is increasing, resulting in clogging and congestion on current road infrastructure in many Asian countries. These vehicles on the road are increasing the chances of collisions dramatically.
The expanding presence of companies to widen their operating service network to less accessible cities is further projected to fuel the Asia Pacific collision repair market expansion. As road accidents and collisions are on the rise, wider service networks of these companies are fulfilling the surging consumer demand for collision repairs. Large-scale immigrants are further propelling the product demand.
The regional markets were the most severely hit by the COVID-19 outbreak. The decrease in consumer confidence and job security had a devastating impact on the automobile industry as many consumers decided to shift their expense proprieties to essential buying. Nationwide lockdowns in countries including China and India also prompted sharp decline in the vehicle use and many companies announced their shift to remote work. Fewer vehicles on the road have directly impacted the collision repair industry as fewer vehicles on the road meant lower expectancy for collision and repair services being required.
Browse detailed statistical insights from the report, “Asia Pacific Automotive Collision Repair Market Size By Product (Crash Parts, Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), Vehicle (Passenger Cars, LCV, HCV, Two-Wheelers), Source (New OEM, Aftermarket, Recycled, Remanufactured), Auto Body Shops (Dealer Owned Shops, Independent Repair Shops), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
The paints & coatings segment is poised to witness a CAGR of 3.2% till 2027. During the event of collision, vehicle exterior aesthetics is one of the most affected areas and sometimes requires extensive repair work involving restructuring and repainting. The tight city driving with bumper-to-bumper traffic also results in many minor scuffs and scratches, contributing to the paints & coatings demand in automotive collision repair.
The LCV segment is predicted to register around 3% CAGR from 2021 to 2027 owing to the increasing sales of Light Commercial Vehicles (LCVs). The high presence of domestic manufacturing coupled with the increasing global trade has significantly increased the number of commercial vehicles on the road, driving the market growth.
Based on the source segment, aftermarket source is set to record a CAGR of around 3.5% through 2027. The increasing consumer awareness and cost-effective repair are expected to encourage the recycled source demand.
The independent body shops segment dominated over 80% Asia Pacific automotive collision repair market share in 2020. Economical repair rates and limited presence of companies in rural areas are the prime reasons for independent repair shops to play a dominant role in the collision repair industry of Asia Pacific.
Some of the key players in the industry include 3M, 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 APAC automotive collision repair market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Product
Asia Pacific Market, By Vehicle
Asia Pacific Market, By Source
The above information has been provided for the following countries:
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