The automotive industry has experienced a lot of changes in the past decade, one of the reasons the global body repair tool is expected to register significant growth in the foreseeable future, according to a new report by Fact. MR.
The global market for body repair tools appears to be fragmented and comprises numerous manufacturers. An ever-growing automotive fleet and complex design and bodywork in the latest vehicles are forcing the body repair tool manufacturers to introduce better body repair tools in the market.
The pace at which new technical developments and integration are affecting the automotive industry has forced body repair tool manufacturers to expand their research and development endeavors. Although the body repair tool market is expected to experience global growth for the foreseeable future, higher cost of body repair tools could hinder that growth. A growing preference for luxury vehicles that offer high performance is fueling the demand for high-end body repair tools. Growing electric vehicle (EV) and plug-in hybrid electric vehicle demand could reinforce the demand for body repair tools in the global market.
The global body repair tool market is divided into seven geographical regions: North America, Europe, Latin America, South Asia (which includes India, Thailand, Indonesia, Malaysia, Philippines, rest of South Asia), Middle East and Africa, and East Asia (which further includes China, Japan and South Korea). The body repair tool market for Oceania incorporates Australia and New Zealand. Owing to the significant automotive fleet and wide array of body repair tool manufacturers, East and South Asia are expected to hold a noteworthy share in the global market. Due to positive trends in the automotive industry in the Middle East and Africa, these countries also hold a significant share in body repair tool market. Together, Latin America and Middle East and Africa appear to be the growing regions that could present a noteworthy opportunity for the body repair tool market. The body repair tool market in Japan also has potential for considerable growth. As a result of the rising demand for EVs in Europe, the body repair tool market is expected to grow significantly over the forecast period.
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