Global Collision Repair Market Expected to Hit $247 Billion by 2022

Global Collision Repair Market Expected to Hit $247 Billion by 2022

The global collision repair market is expected to reach nearly $247 billion by 2022, expanding at a compound annual growth rate of 3.8 percent percent, according to Crystal Market Research.

The global collision repair market is expected to reach nearly $247 billion by 2022, expanding at a compound annual growth rate of 3.8 percent percent, according to Crystal Market Research.

The market was valued at approximately $163 billion in 2012, according to the research firm.

“Escalating road accidents and damages they caused to vehicles and the damage due to natural disasters are all unfortunate events driving the automotive collision repair industry growth,” the research firm says. “Additionally, technological innovations in automotive repair services and equipment, accident claims and insurance have contributed to the additional growth of the automotive collision repair industry.”

The forecast includes collision repair services as well as materials such as coatings and crash parts.

Growth in the global collision repair market “is directly linked to the expansion of the global automobiles industry,” according to Crystal Market Research.

“Moreover, rising usage and production of electric and hybrid vehicles are determined to boost the application scope of automotive collision repair, worldwide,” the research firm asserts. “Hence, with the rising sales and maturing of automobiles worldwide, the automotive collision repair demand is set to expand. In regions like Latin America and Asia Pacific, a huge rise in passenger vehicles utilization is anticipated during the forecast years, which will strengthen the automotive collision repair industry growth in these regions. Also, expansion in the automotive field and growing private equity funding in automotive collision repair workshops and companies will influence the global market growth.”

You May Also Like

NABC Donates Recycled Ride to Deserving Las Vegas Family

The NABC, GEICO and Caliber Collision recently donated a refurbished 2019 Toyota Camry to a Las Vegas resident and his adopted family.

The National Auto Body Council NABC), along with GEICO and Caliber Collision, recently donated a refurbished 2019 Toyota Camry to a Las Vegas resident and his adopted family during the pre-race festivities of the Pennzoil 400 at Las Vegas Motor Speedway. The donation was made via the NABC's Recycled Rides program.

Exit Strategies: Personal Vision & Financial Planning

The most critical first step in an exit or transition plan is to develop a financial plan and personal vision of what your life will look like post-business.

Collision Repairers: Will You Take the Oath?

Today’s collision repairers are challenged with a new set of concerns, one being the need to follow OEM repair procedures.

Three Generations Keep Trains Running on Time at CARSTAR Jacobus

CARSTAR Jacobus Founder Jerry Jacobus and son Dave share a passion for collision repair and also model railroading.

Auto Body Repair: The Right Way, the Wrong Way and Another Way

In a perfect world, every repairer would make the right decisions in every repair, but we don’t live in a perfect world.

Other Posts

Dent Wizard Hires New Senior VP of Strategic Growth & Development

Adrian Gonzalez will be charged with driving growth through mergers and acquisitions.

CCC Report Analyzes Labor Pressures, Vehicle Complexity

Report shows advanced technology is contributing to costlier repairs, higher claims costs and longer cycle times.

Crash Champions Continues Steady Expansion Across Idaho

Crash Champions has announced the acquisition of Hoffman Auto Body in Boise, Idaho.

NABC Donates Recycled Ride to Tucson, Ariz. Family

The NABC, Allstate, Maaco and  Meineke Car Care recently donated a refurbished vehicle to a deserving Tucson, Ariz.-area mom.