The North America Automotive Collision Repair Market would witness market growth of 1.7% CAGR during the forecast period (2021-2027).
Collision repairs begin with an estimate, which is now frequently completed with the use of computer programmes that offers specific information on what parts are required, repair techniques, and parts and labour costs. Some programmes can compare dealer and recycler inventories and make an order for the parts needed immediately. The body shop evaluates the exact degree of the damage, which can be difficult because part of it is hidden. The insurance company and the customer then engage to assess if the car can be repaired inexpensively and, if so, to sanction the work.
Institutions such as the United States' National Automotive Service Task Force (NASTF) have founded a Collision Repair Committee (CRC) to identify, recognize, and resolve repair/service flaws and assist vehicle repair centers in providing comprehensive and secure automotive restoration for car owners. To expand their customer base, certain automobile service companies are increasingly embracing artificial intelligence-based automated car inspection technology. Scope Technologies, a US-based tech firm, has created an AI-assisted automated car inspection system in partnership with Microsoft's Azure cloud computing. This full visual inspection process takes less than 5 minutes and saves around 50% of the costs.
The US market dominated the North America Automotive Collision Repair Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $40.9 billion by 2027. The Canada market is exhibiting a CAGR of 4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 3.1% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Automotive Collision Repair Market is Estimated to reach $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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