The Europe Automotive Collision Repair Market would witness market growth of 1.6% CAGR during the forecast period (2021-2027).
Several reasons such as technical improvements causing an increase in the average age of vehicles, an increase in the average miles traveled per vehicle, and an increase in people's awareness of road safety are projected to fuel the expansion of the automotive service market. Furthermore, a surge in used car sales opens up a slew of prospects for important participants in the automotive repair industry.
The most crucial reason to get the car thoroughly inspected and repaired after an accident is to ensure self and others' safety on the road. While the car may appear to be in good working order, internal components could be faulty, resulting in a dangerous malfunction while driving.
The presence of significant automakers, such as Mercedes and BMW, is largely responsible for the region's growth. Furthermore, the region is witnessing high penetration levels of automotive cars with better safety features, as well as the rising penetration of electric and hybrid vehicles. The repair and maintenance market in Germany is growing rapidly as a result of increased R&D expenditure in automobile parts for OEMs and aftermarkets. Automotive collision repair technology assists businesses in optimizing their appraisal and repair processes, allowing them to cut repair cycle time by identifying problems and finding solutions faster.
The Germany market dominated the Europe Automotive Collision Repair Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $17.5 billion by 2027. The UK market is poised to grow at a CAGR of 0.8% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 2.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Automotive Collision Repair Market Size will Hit $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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