The Global Automotive Collision Repair Service Market is anticipated to grow significantly between 2021 and 2027, with a CAGR of more than 2%. The factors anticipated to drive market growth are the rise in auto insurance subscriptions and technological developments in the automotive industry. Accident-related vehicle damage has increased, which has a direct impact on how much money is made on the global market. Do-it-yourself (DIY) kits are widely available from auto retailers for customers who prefer to fix their cars themselves at home. Numerous suburbs in Asia Pacific and South America have noticed this trend.
Introduction to Automotive Collision Repair Services
Services for auto collision repair include denting, replacement, painting, restoration, and repairs. Furthermore, in light of protection inclusion claims for vehicle collision, vehicle insurance companies typically fund collision repairs for vehicles. Additionally, some studios collaborate with insurance companies to provide their clients with services for auto collision repair.
In addition to this, there are a variety of local businesses, including organisation repair shops, that offer customers automotive collision repair services. Additionally, a rise in the number of accidents caused by drunk driving or surge rash driving will spur more interest in the market. The increasing frequency of natural disasters, riots, and traffic jams will undoubtedly result in damage to the vehicles, emphasising the need for damaged vehicle repair services.
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Road congestion and deadly car accidents have been caused by a significant increase in vehicle sales as a result of an increase in disposable income.
Additionally, accidents involving vehicles have damaged various components, such as vehicle entryways, guards, and glass windows, necessitating vehicle repairs. This is one of the primary factors that can spur market expansion.
Additionally, by expanding their coverage of locations around the world in the assistance network region, auto collision repair shops are expanding their clientele. Additionally, OEMs are working to increase their profits by giving collision repair shops explicit extra parts. All of the aforementioned factors will influence how the business develops in the years to come.
Increasing customer affordability and increased awareness of collision insurance and personal injury protection will undoubtedly define the market's future growth. Additionally, the business patterns will be supported by an increase in the penetration of vehicle protection in the developing economies of Asia Pacific and Latin America.
The size of the global market for automotive collision repair services was $181.52 billion in 2019 and $185.98 billion in 2020. It is anticipated to grow significantly by 2027, with a CAGR (compound annual growth rate) of more than 2% from 2021 to 2028.