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Friday, 01 July 2016 17:24

Report Predicts Auto Collision Repair Market Size May Reach $211B by 2022

Global automotive collision repair market size is expected to reach USD 211.17 billion by 2022, according to a new research report by Global Market Insights, Inc.

According to the report, automakers are using more aluminum and carbon-based products because of stringent government-mandated mileage goals. Regulations in developed regions include bans on potentially hazardous paints and coatings. For example, the new National Emission Standards for Hazardous Air Pollutants (NESHAP) 6H rule by the EPA is expected to impact auto body shops using paint that contains Hazardous Air Pollutants (HAPs), which are found in many automobile paints, clear coats and primers.

Governments and transportation authorities across several countries have made it mandatory for automobile buyers to purchase insurance coverage in case of any damage to the insured vehicle and the driver. Insurance companies often try to control repair costs by encouraging car owners/policyholders to use body shops with which they have agreements, including discounted labor costs, paint and parts prices.

Growing transportation of passengers and goods has resulted in considerable commercial and public transport vehicle demand. These have higher insurance requirements, which is forecasted to propel the automotive collision repair market size.

Increased safety requirements and the incorporation of advanced telematics has led to fewer accidents, which may hamper demand. Additionally, the presence of volatile organic compounds in paints and coatings, among other environmental factors, is projected to restrain revenue generation potential over the coming years.

U.S. automotive collision repair market size is forecasted to exceed USD 42 billion by 2022.

To view the full report, visit https://www.gminsights.com/industry-analysis/automotive-collision-repair-market.

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