Asia Pacific Automotive Collision Repair Market to grow at 3.1% CAGR from 2021 to 2027

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Asia Pacific Automotive Collision Repair Market
to grow at 3.1 CAGR from 2021 to 2027 Graphical
Research
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Asia Pacific automotive collision repair market
size is projected to surpass USD 85.0 billion by
2027. Growing population and rapid urbanization,
along with rising per capita income of citizens
residing in the Asia Pacific countries, has
significantly increased the vehicle sales and
private vehicle ownerships in the region. This
has subsequently impelled the demand for
automotive collision repair as rise in the number
of vehicles on the roads is resulting in traffic,
congestion and higher chances of collisions. The
growing demand for automotive repair due to
vehicle collision in the region has urged several
companies to extend their operating service
network across less accessible cities. Expansive
service networks of these companies is playing a
significant role in fueling the consumer demand
for collision repairs. This is positively
influencing the market space. Amid the rising
need for collision repair services, new OEM
source is witnessing enormous demand in the
region. Developing countries in the region have
increased the expansion of automotive dealerships
and service networks across various tier 2 and
tier 3 cities which is attracting more consumers
towards OEM channels for collision repairs.
Considering the rising consumer inclination, new
OEM segment is estimated to be dominant in Asia
Pacific automotive collision repair market with
65 share.
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Get sample copy of this research report _at_
https//bit.ly/3LusZXi Although the prominent
players are expanding their services to remote
areas, they still have a limited presence in
certain rural regions. As a result, independent
body shops are in high demand in APAC. In
addition, they offer cost-effective repair
services which is fostering their growth further.
On account of this, independent body shops
segment is estimated to hold a sizeable market
share of more than 80 in coming years. Speaking
of the collision service, which is gaining
prominence in the market, paints coatings is in
huge demand. During an event of collision,
aesthetics on the vehicle exterior get most
affected and often requires extensive repair work
involving repainting and restructuring. Besides,
the tight driving in cities with bumper to bumper
traffic also causes several minor scratches and
scuffs which evokes the demand for paints
coatings during the collision repair. Considering
the burgeoning demand, paints coatings segment
is anticipated to witness a robust CAGR of 3.2
through 2027. Request for customization _at_
https//bit.ly/3Lrd9wL
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With regards to the vehicle segment, Light
Commercial Vehicles (LCVs) are gaining massive
traction. Strong presence of domestic
manufacturing companies along with growing global
trade has considerably increased the number of
commercial vehicles on the road. With increasing
sales, LCV segment is expected to record a
significant CAGR of around 3 through 2027. The
above-mentioned segments and the growth factors
are estimated to drive the business growth in the
forthcoming years. However, with worldwide
outbreak of COVID-19, the regional market was
severely hit due to a sharp decline and temporary
halt in the automobile production. Nationwide
lockdowns in countries such as China and India
strongly reduced the vehicle use and several
companies announced their shift to remote work.
Fewer vehicles on the road directly impacted the
industry. But with the condition improving in
certain parts of the region and companies trying
to restore their operations, the business outlook
will gradually improve in coming years.
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Segmentation of Asia Pacific Automotive Collision
Repair Market Asia Pacific Market, By
Product Crash parts Paints coatings Adhesives
sealants Abrasives Finishing
compounds Others Asia Pacific Market, By
Vehicle Passenger Cars LCV HCV Two-wheelers
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• Asia Pacific Market, By Source
• New OEM
• Aftermarket
• Recycled
• Remanufactured
• The above information has been provided for the
  following countries
• Asia Pacific
• China
• India
• Japan
• Australia
• Rest of Asia Pacific

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