The global automotive collision repair market was valued at approximately $198 billion in 2024. It is forecasted to grow steadily, reaching an estimated $232.90 billion by 2033. This growth corresponds to a compound annual growth rate (CAGR) of 1.86% over the forecast period.
Factors contributing to this market expansion include increasing vehicle ownership, advancements in automotive technology, and rising demand for repair and maintenance services following collisions. The market encompasses a range of services such as bodywork, painting, and mechanical repairs.
**Why this matters**
Understanding the growth trajectory of the automotive collision repair market is important for industry stakeholders, including manufacturers, service providers, and investors. The steady increase reflects ongoing demand for vehicle maintenance and repair, which has implications for employment, technological innovation, and supply chain dynamics in the automotive sector.
Source: News Source