- The worldwide automotive collision repair market is all set to attain about USD 197 billion by 2020. Innovations in the sectors of claims, indemnity and automotive aftermarkets have caused new contemporary procedures and renovationpractices to grow. This has significantly broadened the scope of automotive collision repair in passenger and business automobiles. The unexplored and disorganized automotive collision repair market in Asia Pacific serves as a primary prospect for vital automotive collision repair sellers.
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Innovations in collision repairand indemnity have been prominent and effective in the tactical rearrangment of the way inwhich damage claims and vehicle accidents are dealt with. The automotive collision repair market was anticipated at about USD 167 billion in 2013. It is likely to experience stable expansion through the forecast period. Innovations in technologies and growing indemnity subscriptions are also estimated to steer the sales of the automotive collision repair market over the future.
Enhanced safety characteristics in modern automobiles have caused less fatalities on roads. On the other hand, damage to automobiles owing to accidents has augmented. This has directly affected the income of the market.
The automotive collision repair market has been fragmented on account of three categories. These include vehicles, products and geographies. The vehicles market comprises heavy-duty vehicles and light-duty vehicles. This categorization came into effect in view of loading capabilities of vehicles. The products automotive collision repair market is inclusive of clear coatings, paints, and other consumables. The geographies market consists of Europe, North America, rest of the world and Asia Pacific.
Post-accident repair of light-duty vehicles added more than 70 percent of the income to the entire market in 2013. Increasingcommercial heavy-duty vehicles have also boosted the demand for the automotive collision repair market.
Coatings and paints are utilized to make up for scratches and dents in respect to vehicles being damaged. Consumables include specialty chemicals, like abrasives and adhesives utilized in renovating the external parts of vehicles. Additional parts and other vehicular constituents captured more than 65 percent of the marketin 2013. Acquirement strategies are predicted to have a primary effect on the market.
The North American and European automotive collision repair markets are expected to experience huge demand during the coming years. Moreover, damages caused by tornadoes, storms and hurricanes in the United States have caused huge life and property losses in the region. Vehicles in these regions have suffered huge damage owing to the fury of nature. This factor has also intensified the demand for the automotive collision repair market. Financial car producers in the emergent regions of China and India follow procedures that result in comparatively increased damage to vehicles.
Moreover, the automotive collision repair market in Asia Pacific is too disorganized. The region has only tiny autonomous body shops and dealer-owned workshops that provide renovation services. Maturing vehicular fleets and growing automobiles on roads are the other prime factors, positively affecting the worldwide market. Escalating demand for automotive collision repair products across various geographical regions is also likely to amplify the demand for the automotive collision repair market through the forecast period.
Information Source: Grand View Research
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