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The global automotive collision repair market is expected to reach $219.6bn by 2026, according to a new report.

Published by Polaris Market Research, the report, 'Automotive collision repair market size, 2019-2026', is 123 pages and uses data from 2015 to 2017 to make its outlook projections. Sections include: product outlook, vehicle types, end-use, regional outlooks and the competitive landscape for the future. A single-use purchase of the report is US$3950.

It finds stiffening safety standards will support further growth, while the growing popularity of hybrid and electric vehicles will also offer market opportunities, as will the digitalisation of services.

The global automotive collision repair market size was valued at US$174.48 billion in 2018 and is anticipated to grow at 3.1 per cent during the forecast period. A factor driving business sector development is the advancement of paints and coatings technology, however the detrimental environmental effects arising out of using cheap synthetic coating and refinishing materials hampers market growth to a certain extent.

The expansion of hybrid and electric vehicles also boosts the development of the automotive collision market. The rise in driverless cars and a spurt in demand for electric vehicles increase the demand for automotive collision repair.

With increasing sales and aging of vehicles globally, automotive collision repair market is on the growth path. Another growth area is the adoption of 3D printing technologies that retouch parts by economic fabrication of complex automotive components and prototypes. Growing sales of electric and hybrid cars along with conventional cars has resulted in customised spare parts that have created an upswing in repair services on offer by the OEM segment. Plus, a gearing-up of demand for electric and hybrid vehicles will drive market for specific tools and spare parts used in such vehicles.

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