Automotive collision repair services include denting, repair, painting, replacing, or refurnishing accidentally damaged vehicles. Collision repair is generally financed by insurance companies under accidental claims. The workshops have tie-up with the insurance companies to serve the customers and provide the repair service
Automotive Collision Repair Services Market – Competitive Landscape
In 2017, Robert Bosch GmbH collaborated with Mitchell Diagnostics System to develop a diagnostic system for the collision repair market. The diagnostic system is expected to help assess vehicle damage quickly and derive more accurate results.
Robert Bosch GmbH
Established in 1886, Robert Bosch GmbH is a major supplier of automotive parts to the aftermarket. The company has presence in 120 locations worldwide, and it operates through the following major business segments: Mobility solution, consumer good, industrial technology, energy and building technology.
Established in 1902, 3M is headquartered in Maplewood, Minnesota, U.S. The company manufactures and supplies various cleaning and painting products for the automotive industry. The company operates in various other business verticals such as healthcare, mining, oil & gas, construction, and energy. The company has manufacturing plants located in 37 countries around the world.
DENSO CORPORATION is a key player that specializes in the manufacture of automotive parts. It is also a major supplier to the collision repair service market. It operates through six business segments: Automotive, biotechnology, industrial systems, healthcare, cold care, and security products.
Founded in 1915, ZF Friedrichshafen is a leading supplier of automotive products to the aftermarket industry for collision repair services. The company has offices in 230 locations spread across 40 countries worldwide.
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Automotive Collision Repair Services Market Dynamics
Safety guidelines and traffic rules compliance to maintain vehicle in good working condition drive the automotive collision repair services market
The automotive collision repair services market is driven by compliance and safety guidelines to maintain the vehicle body parts under operational standards. Standard traffic rules necessitate proper functioning of the vehicle parts to ensure the road safety, which compels consumers to repair their vehicle, thereby driving the automotive collision repair market
Increasing penetration of motor insurance and rise in number of vehicles drive the automotive collision repair services market
Increasing penetration of motor insurance in developing countries in Latin America and Asia Pacific is likely to boost the automotive collision repair services market. Rise in consumer affordability and increased awareness about ‘own damage’ and ‘collision cover’ insurance are estimated to drive the automotive collision repair services market.
The shift in consumer preference from basic own damage to collision cover insurance is expected to boost the automotive collision repair services market. The U.S. has over 250 million vehicles on road, while China has more than 300 million vehicles. Increased number of vehicles on road has propelled traffic congestion and raised the chances of dents and scratches, thereby driving the automotive collision repair services market.
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This post was originally published on The Market Plan