In a recent published report, Kenneth Research has updated the market report for Automotive Robotics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automotive Robotics Market products.
The global Automotive Collision Repair Market is anticipated to reach around USD 222.7 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the spare parts segment dominated the global market, in terms of revenue. In 2017, Europe accounted for the majority share in the global Automotive Collision Repair market.
The automotive collision repair market requires advanced protective materials which also meet the aesthetic features of the automobile. Additionally, the rapidly evolving paints and coating technology boosts the market growth. The companies are under constant pressure of improving safety standards and guidelines and damages to vehicles which further aides market growth.
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The increasing penetration of hybrid cars and electrical vehicles will offer market opportunities for growth during the forecast period. Digitalization of automotive repair and collision services also supports market growth. The high usage of these paints and coatings may lead to low-quality distribution in various applications. This acts as a potential risk to the environment and also restricts market growth. Another factor hindering the market growth is the dependence of consumers on insurance.
The global Automotive Collision Repair market is segmented on the basis of product, vehicle type, end-use, and geography. Based on the product, the market is segmented into paints and coatings, consumables, and spare parts. The end-use segment is categorized into New OEM, Aftermarket, Recycled, and Remanufactured. The vehicle types in the global automotive Collision Repair market include passenger vehicles, commercial vehicles, and two-wheelers.
In 2017, Europe accounted for the highest share in the global automotive Collision Repair market. The primary factors driving the automotive Collision Repair market growth in the region include established automotive industry, technological advancements, and high investment in R&D. The introduction of stringent government regulations regarding vehicular safety and emissions accelerate the adoption of automotive Collision Repair in the region. The growing safety concerns, rising number of road accidents, increasing development of autonomous vehicles, and growing automotive modernization further increases the demand of automotive collision repair in the region.
The leading companies profiled in the Automotive Collision Repair Market include Denso Corporation, Continental AG, 3M, Honeywell International, Inc., Johnson Controls, Inc., Robert Bosch GmbH, Federal-Mogul LLC, Automotive Technology Products LLC, Caliber Collision, and Henkel AG & Co., KGaA. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers
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