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North American Automotive Collision Repair Market revenue to reach $105 Bn by 2027
Published Date: 2021-04-27
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North American Automotive Collision Repair Market size is projected to cross USD 105 billion by 2027, according to a latest forecast report by Graphical Research. The rising population and per capita income are fueling automotive sales and contributing to the market growth.
The growing automotive sales and increasing trend of private vehicle ownership are the primary factors boosting the North America automotive collision repair market. As regional vehicle ownership is increasing, the number of vehicles plying on the roads is surging, clogging & overwhelming the traffic and road infrastructures. These vehicles on the road are increasing the chances of collisions dramatically, contributing to the market demand.
Furthermore, companies are also engaged in expanding their service network reach from tier 2 to tier 3 cities. 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 industry demand.
The regional markets were severely hit by the coronavirus outbreak. Economic activities plummeted country-wide due to the imposition of lockdowns and halted manufacturing & trade operations. This, in turn, negatively affected the market performance and witnessed a period of declined revenue generation in 2020. Nevertheless, the regional markets supported by various government initiatives are anticipated to gain momentum in the coming years.
Browse detailed statistical insights from the report, “North America Automotive Collision Repair Market Size By Vehicle (Passenger Cars, LCV, HCV, Two-Wheelers), By Product (Crash Parts, Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Source (New OEM, Aftermarket, Recycled, Remanufactured), By 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 expected to register a CAGR of 2.4% till 2027. When a collision occurs, the vehicle exterior is one of the most affected areas, comprising vehicle paints and coatings. Minor scuffs and scratches are also sometimes subjected to repair & replacement. With increasing automobiles on the roads, city driving involves several close calls bumper to bumper driving, resulting in an increased risk of aesthetical damage. Finishing compounds also have a similar role and witness increased uses, particularly in the aesthetic repair of the vehicle.
The LCV segment is predicted to show tremendous growth through 2027 owing to the increasing sales of Light Commercial Vehicles (LCVs). An increase in global trade coupled with expansive highways & transit infrastructure in U.S. and Canada has resulted in the booming sales of commercial vehicles, driving the demand for collision repair.
Some of the key players in the industry include 3M, Caliber Collision, Denso Corporation, Continental Corporation, ATP Automotive, Eastman Chemical Company, Dupont, Faurecia, Federal-Mogul Holdings Corporation, 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 North American 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:
North America Market, By Product
- Crash parts
- Paints & coatings
- Adhesives & sealants
- Finishing compounds
North America Market, By Vehicle
North America Market, By Source
- New OEM
North America Market, By Auto Body Shops
- Dealer Owned Shops
- Independent Repair Shops
The above information has been provided for the following countries:
- North America