Ocean View, Delaware -- February 7, 2017 -- A new report from Global Market Insights predicts the global collision repair market will reach approximately $264 billion CAD within the next five years.
The report “Automotive Collision Repair Market Size By Vehicle Type (Heavy-duty, Light-duty), By Product (Consumables, Paints & Coatings), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, China, India, Japan, Brazil), Application Potential, Competitive Market Share & Forecast, 2015 – 2022” predicts that a demand for improved repair quality and the increasing sales of technologically advanced cars will fuel growth in the collision sector.
The report notes that the advent of new safety technologies such as lane departure warning systems, autonomous emergency braking and other advanced driver assistance systems, are expected to reduce the number of collisions as well as severity. However, those advanced systems are also expensive to repair. This will help fuel growth in the sector.
The report also notes that repairing vehicle structures equipped with new sensors and technologies requires a high level of expertise and investment, which may in turn lead to restrictions on independent and/or smaller shops.
On the plus side, Global Market Insights predicts increased traffic, especially in densely populated urban areas. In turn, this is expected to lead to an overall increase in the incidence of low-speed collisions. In turn, this creates increased demand for small repairs and refinishing.
According to Global Market Insights, the report also contains historic market data from 2012 to 2015, a detailed analysis of regulatory trends, drivers, industry pitfalls, challenges and growth opportunities for participants, how technology and innovation trends will evolve by 2024 and the position of leading companies in the market, including an examination of their sustainability, competency, production capacity and strategic outlook.
The report is available for purchase from Global Market Insights through this link.