The Asia Pacific Automotive Collision Repair Market would witness market growth of 2.2% CAGR during the forecast period (2021-2027).
Organizations have reaped several benefits as a result of technological improvements. Also, digitization has provided the customers with more customized service, faster delivery, and direct access to assistance. There are several benefits of having a collision repair professional check and fix the vehicle. The collision repair professional discovers a solution to lower the cost of repairs. Furthermore, the assistance of a collision repair professional is employed to examine car problems and identify the best remedy feasible with new components after extensive study.
The Indian automobile sector contributes significantly to the country's GDP. With the arrival of major car brands into the country, the market for auto repair and maintenance services is rapidly expanding. With the expanding number of on-road automobiles in India, authorized service shops that handle automotive collision repair are increasing. In India, passenger vehicle sales are expected to skyrocket. In India, as the number of automobiles on the road grows, so does the demand for repair and maintenance services.
The China market dominated the Asia Pacific Automotive Collision Repair Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $18.5 billion by 2027, growing at a CAGR of 0.3% during the forecast period. The Japan market is estimated to witness a CAGR of 1.6% during (2021 - 2027). Additionally, The India market would exhibit a CAGR of 2.8% during (2021 - 2027).
Based on Product, the market is segmented into Spare Parts, Consumables and Paints & Coatings. Based on Service Channel, the market is segmented into OE, do-it-yourself (DIY), and DIFM. Based on Vehicle Type, the market is segmented into Light-duty Vehicle and Heavy-duty Vehicle. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Collision Repair Market is Projected to reach USD 208.3 Billion by 2027, at a CAGR of 1.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Automotive Technology Products LLC, International Automotive Components (IAC) Group, 3M Company, Continental AG, Robert Bosch GmbH, Honeywell International, Inc., Denso Corporation, Tenneco, Inc., Magna International, Inc., and Faurecia (Groupe PSA).
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