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European Automotive Collision Repair Market revenue to hit $80 Bn by 2027
Published Date: 2021-05-08
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European Automotive Collision Repair Market size is predicted to cross USD 80 billion by 2027, according to a latest forecast report by Graphical Research. The increasing number of vehicles on the road and increasing city density are expected to drive the market demand.
In Europe, the per capita ownership of vehicles is high relative to other regions. The countries including Poland are also experiencing increase in the economic output, further fueling the industry demand. The region contributed to roughly one-third of the global automotive collision repair market owing to its high-density cities, increasing vehicle sales, and the expanding the EU commercial road network.
The presence of major companies and their engagement in expanding as their service networks are increasing in remote areas. 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 region has been severely hit by the coronavirus outbreak. The consumer demand & vehicle production dipped to historical lows and is expected to hurt the automotive collision industry in the immediate and long term. The region is one of the most intensely hit regions across the globe with initial high caseloads in countries including Italy, France, and Germany. The outbreak has resulted in many companies implementing remote work, reducing work-related travel significantly. As auto travel decreased to historical levels, fewer vehicles on the road meant less collision repair requirements. The industry is expected to rebound due to the development of proper government SOPs and guidelines.
Browse detailed statistical insights from the report, “Europe 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 estimated to witness over 2.1% CAGR from 2021 to 2027, which is the third highest in terms of growth rate and second highest in terms of market share. Vehicle exterior aesthetics are the most affected areas in event of vehicle collision, driving the demand for paints & coatings.
The LCV segment is anticipated to observe healthy growth through 2027 attributed to the increasing vehicle demand. Europe has a vast network of interconnecting international road networks for trade and economics. This expansive road network, which connects countries including France, Germany, Italy, and Switzerland depends on land-based goods transfer. The increasing globalization has boosted the sale of vehicles, increasing the demand from collision repair.
The recycled source segment is poised to showcase promising growth of 2.1% till 2027. The increasing consumer awareness and cost-effective repair are expected to encourage the recycled source demand.
Some of the key players in Europe automotive collision repair market include 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 European 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:
Europe Market, By Product
- Crash parts
- Paints & coatings
- Adhesives & sealants
- Finishing compounds
Europe Market, By Vehicle
- Passenger Cars
Europe Market, By Source
- New OEM
The above information has been provided for the following countries:
- Rest of Europe