San Francisco, Nov. 04, 2015 (GLOBE NEWSWIRE) -- Global Automotive Collision Repair Market is expected to be valued at USD 196.97 billion by 2020, as per a new research report by Radiant Insights, Inc. The industry is expected to witness significant growth owing to increasing number of on-road vehicles along with aging fleet of automobiles. Difference between total loss and repairs made is anticipated to drive demand.
Paints and coating products were valued at USD 34.76 billion in 2013, with growth estimates of 2.4% from 2014 to 2020 due to increasing use of abrasives and adhesives in repair works. Stringent initiatives are being taken by government and transport authority regarding purchase of insurance cover. Growth in vehicles sales along with comprehensive coverage is likely to fuel industry demand. In addition, repairing centers are estimated to get benefits owing to compulsion on repairing of financed vehicles.
Escalating intra-city and intercity transport of passengers and goods is expected to impact the public transport and commercial vehicle numbers on road. In case of loss, repair centers offer consumables namely spare parts, paints & coatings. However, escalating driver assistance systems such as forward collision warning is expected to hinder the automotive collision repair market.
Browse Full Research Report With TOC On "Automotive Collision Repair Market Size, Share, Report, 2020" at: http://www.radiantinsights.com/research/automotive-collision-repair-market
Key report insights suggest:
- Asia Pacific is estimated to be the fastest growing region. It is estimated to reach at USD 48.45 billion by 2020, due to increasing demand for automobiles along with development in economies.
- U.S. automotive collision repair market was valued at USD 32.92 billion in 2013, with forecast of USD 38.06 billion by 2020, at a CAGR of 2.1%. The growth can be attributed to unpredictable weather conditions.
- Other products include replacement materials and spare parts and were valued at 108.69 billion in 2013, with growth expectation of 2.35% from 2014 to 2020. The increasing usage of spare parts is driving the demand growth.
- Light-duty vehicles are predicted to be the fastest growing segment, with CAGR estimated at 2.5% from 2014 to 2020, owing to growing public transport needs. Heavy-duty vehicles were valued at USD 48.45 billion in 2013 and are estimated to grow at a CAGR of 2.3 % from 2014 to 2020 owing to increasing demand for high loading capacity vehicles.
- Major automotive collision repair market partners include Federal-Mogul, ZF Friedrichshafen, Continental Corporation, Faurecia, 3M and Valeo among others.
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Global Automotive Collision Repair Product Overview (Revenue, USD Billion, 2012 - 2020)
- Coatings & Paints
Global Automotive Collision Repair Vehicle Type Overview (Revenue, USD Billion, 2012 - 2020)
- Light-duty vehicle
- Heavy-duty vehicle
Global Automotive Collision Repair Regional Overview (Revenue, USD Billion, 2012 - 2020)
- North America
- o U.S.
- o Canada
- o Mexico
- o Germany
- o UK
- o France
- o Italy
- o Czech Republic
- o Poland
- o Romania
- Asia Pacific
- o China
- o India
- o Japan
- o Indonesia
- o South Korea
- Latin America
- o Brazil
Related reports by Radiant Insights:
- 3D Scanning Market – http://www.radiantinsights.com/research/3d-scanning-market-analysis
- Engineering Services Outsourcing Market - http://www.radiantinsights.com/research/engineering-services-outsourcing-market
About Radiant Insights
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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Source: Radiant Insights