Global Accident Repair Market To Grow $202.24 Billion By 2024

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The advancements in the insurance claims, insurance itself, and automobile aftermarket repair have led to the development of new repair techniques and modern processes. This has led to the widening of scope in the passenger and commercial vehicles.

As per research by Grand View Research, the aftermarket repair market is set to grow rapidly with advanced 3D production capabilities which are being utilized by many manufacturers.

global automobile accident repair market reach billions 2024

Take Rolls-Royce Dawn 2016 which is expected to use the 3D printing technology for fabrication of mounting brackets for wire hoses and fibre-optic cables. With new cutting-edge technologies on spares, the post-sales repair market is bound to grow.

Other manufacturers like Daimler AG (Germany) and BMW Group (Germany) are utilising the 3D production capabilities in producing spare parts and associated automobile components.

Paints, clear coatings, and consumables like auto parts and other spares are being used extensively in the accident repair markets. With autonomous and electric vehicles taking centre stage in the automobile industry, the technology will further increase the cost in the aftermarket repair regimens.

The increase in automobiles in countries of Asia Pacific region which includes countries like India and Japan is expected to push the regional repair market. The key players include Continental Corporation, Bosch, DENSO Corporation, DuPont, Federal-Mogul Holdings, and 3M.

Read more on: #auto news
Story first published: Friday, August 26, 2016, 12:46 [IST]
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