ROMANS GROUP’S ANNUAL RANKING AND ANALYSIS INDICATES CONTINUED INDUSTRY NORMALIZATION FOLLOWING COVID-19
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When looking at the data from 2023 more specifi cally, the report notes that as the industry continues to move away from COVID-19’s impact, it also continues to normalize itself. For Canada, this normalization is represented by a tidal addressable market (TAM) value of $4.5 billion in 2023, up from $3.95 billion in 2022.
Additionally, when looking at other key highlights from the year, the report further indicates that “while dealership bodyshop sales increased in 2023 and through the fi rst six months of 2024, the percentage of dealers operating collision repair facilities continued to decline.”
Moreover, Romans Group concludes that, with regard to physical growth and the benefits and risks to all, consolidators continue to be able to quickly, efficiently and effectively integrate expansion and acquisitions. “Th is includes managing and navigating new market dynamics and sale, growing their client and revenue base, the ability to balance ongoing insurance DRP and OEM certification program requirements, leveraging supplier relationships and the economics of purchasing power, as well as their ability to effectively integrate their systems and business operating models within their new single-and-multiple-location markets,” reads the report.
And, when looking more closely at the Canadian market, in late 2023, Quebec became the first province to pass a law on consumers’ right to repair that includes the automotive industry.
Alongside this, the country continued to make strides in electric vehicle (EV) adoption with Environment and Climate Change Minister Steve Guilbeault reinforcing in early 2024 that Canada has finalized its Electric Vehicle Availability Standard, phasing out new internal combustion engine (ICE) vehicle sales and requiring 100 percent of vehicle sales to be zero-emission by 2035.
Th e full version of A 2023 Profile of the Evolving U.S. and Canada Collision Repair Market includes more than 70 charts and graphs throughout more than 90 pages with historical trends and future outlooks. Th e report can be purchased by contacting Mary Jane Kurowski of Th e Romans Group LLC at maryjane@romans-group.com.
