More Information @ https://bit.ly/2oBz0em Increasing demand to enhance service quality and profitability in various workshops will drive automotive collision repair market share.
Automotive Collision Repair Market in North America to exceed USD 70 billion by 2024: Global Market Insights, Inc. Latest Research Report on “Automotive Collision Repair Market”, OEMs accounted for highest revenue share with over 65% in 2017 owing to the consumer’s high trust level towards the brand manufacturers. Predilection towards warranty provided and customer’s brand loyalty is enhancing its dominance. The original products offer multiple benefits including better performance, longer product lifecycle, and reliability than the counterparts, further escalating the segment share in the automotive collision repair business. Automotive Collision Repair Market to reach USD 280 billion by 2024; according to a new research report by Global Market Insights, Inc. Aftermarket automotive collision repair industry is anticipated to exhibit a CAGR of over 3% from 2018 to 2024. This growth can be primarily attributed to its cost effectiveness as compared to the original manufacturer’s auto parts. Aftermarket parts are developed by the third-party companies specializing in manufacturing of the auto components that may compete the original parts quality and specifications. Increasing demand for rebuilding, refinishing, and reprocessing of automobile components after accidents is positively affecting the automotive collision repair market size over the forecast period. Continuous technological advancements in ancillary products coupled with supplementary services such as painting, denting, and body maintenance services will further augment the industry demand. Rapid urbanization accompanied with availability of financial assistance in form of low interest car loans has led to an increase in car owners that is likely to boost automotive production. Rising intra-city and intercity goods coupled with passenger transportation are likely to stimulate commercial automobiles on the road. This increasing road congestion will accelerate the automotive collision repair market size over the study period. Finishing compounds are expected to exhibit growth rate of approximately 4% during the projected time line. Paints & coatings are the commonly used products in the 1 | P a g e