The global automotive collision repair market is expected to be worth US$198.89 billion by 2029, with a compound annual growth rate of 2.1 per cent from 2023 to 2029, according to a report by Maximize Market Research (MMR).
MMR said Asia-Pacific held the highest market share in 2022, a trend that is expected to continue during the forecast period. “Infrastructure development across various countries and [an] increasing accidental rate due to a rising number of vehicles running on-road have instigated the demand for additional organised automobile body shops in the region,” said MMR.
According to the report, repair centres that focus on efficiency and productivity, combined with the introduction of new materials used in vehicle production, will also likely boost repair service demand.
Additionally, rising disposable income in various emerging economies such as India, China, Brazil and Mexico will stimulate industry growth over the projected time span.
Regions covered by the study:
- Asia-Pacific: Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia
- Europe: France, Germany and Italy, as well as the UK, Turkey and Russia
- North America: United States, Mexico and Canada
- South America: Brazil and Argentina
- The Middle East and Africa: The GCC (Gulf Cooperation Council) countries, South Africa and Nigeria