United States and Canada Collision Repair Parts Market: Growth Driven by Advancements in Automotive Technology and Rising Vehicle Ownership | FMI Reports

United States and Canada Collision Repair Parts Market
United States and Canada Collision Repair Parts Market

The collision repair parts market in the United States and Canada was valued at USD 33,696.5 million in 2022, marking a year-on-year growth of 3.5%. In 2023, the market is expected to reach a revenue of USD 34,990.8 million.

From 2023 to 2033, the market for collision repair parts in the United States and Canada is projected to grow at a compound annual growth rate (CAGR) of 4.2%. By the end of 2033, the market is anticipated to reach a valuation of USD 53,041.5 million.

The United States and Canada Collision Repair Parts Market is on a robust growth trajectory, fueled by the increasing number of vehicles on the road, advancements in automotive technology, and a heightened focus on vehicle safety and repair efficiency. As vehicles continue to evolve with more complex systems and materials, the demand for high-quality and durable collision repair parts is expected to surge.

In 2023, the market is poised for significant expansion as consumers, insurance companies, and automotive service providers increasingly prioritize quality and cost-effectiveness in collision repairs. Additionally, the rising preference for electric vehicles (EVs) and autonomous vehicles is expected to further reshape the demand for specialized collision repair parts, creating new opportunities for market participants.

With a growing automotive aftermarket, the United States and Canada Collision Repair Parts Market is projected to reach new heights by 2033, driven by factors such as increasing accident rates, higher vehicle production, and the rising focus on repair and replacement of damaged vehicle components. As safety regulations become stricter and repair technologies evolve, industry players are expected to continue innovating, leading to more efficient and reliable solutions for vehicle owners.

In-Depth Market Analysis: A Complete Report

Key Takeaways:

  • Market Growth: The United States and Canada Collision Repair Parts Market is expected to grow significantly in the coming years, driven by increased vehicle ownership, accident rates, and advancements in automotive repair technologies.
  • Technological Advancements: Innovations in vehicle safety, including the rise of electric and autonomous vehicles, will influence the demand for specialized collision repair parts.
  • Focus on Quality and Durability: Consumers and service providers are increasingly prioritizing high-quality repair parts, driving demand for durable and cost-effective solutions.
  • Rising Demand for Aftermarket Parts: With the growing number of vehicles in use and an increasing preference for post-accident repairs, the automotive aftermarket is expected to see substantial growth.

Key Drivers:

  • Increased Vehicle Ownership: With more vehicles on the road, the demand for collision repair parts is rising as accidents remain a common occurrence.
  • Technological Advancements in Vehicles: The rise of EVs and advanced vehicle systems is creating a need for specialized collision repair parts that meet the new standards for safety and performance.
  • Regulatory Requirements: Stricter safety regulations in both the United States and Canada are compelling manufacturers and repair service providers to use more reliable and compliant repair parts.
  • Rising Accident Rates: Increased road traffic and accident rates contribute to a steady demand for replacement parts to maintain the safety and functionality of vehicles.
  • Growth of the Aftermarket Industry: The growing preference for aftermarket collision repair parts, which often offer cost-effective solutions, is another key driver of market expansion.

Competitive Landscape

In recent years, collision repair part manufacturers have shifted their focus towards acquisitions and mergers to strengthen their presence across the United States and Canada. They are investing significantly in order to expand their production in the regional market and grab growth opportunities.Tenneco, Inc.; Magna International; LKQ Corporation; Genuine Parts Company; Dorman Products Inc.; Martinrea International Inc.; Meritor Inc.; Brogg Warner; Timken Company; Arnot INC; AP Emissions Technologies; ATP Automotive; Federal-Mogul Motorparts (Teneco); Keystone Automotive Operations (LKQ Corp)

Manufacturers are also strengthening their distribution networks to increase their customer base. They are moving towards online sales channels to further strengthen their market presence in regional as well as global markets.

Recent developments:

  • In July 2023, Palladium Heritage acquired three automotive aftermarket collision repair part businesses which include NAP San Diego, LLC, National Auto Parts, and National Auto Parts-Oakland.
  • In 2022, introduction of a new, optional ADAS career path for collision repair professionals was announced by the Inter-Industry Conference on Auto Collision Repair (I-CAR).

United States and Canada Collision Repair Parts Market Segmentation

By Product Type:

  • Body Panels
  • Interior & Exterior Component
  • Mechanical Component
  • Safety Component
  • Fluid Management Component
  • Powertrain Component
  • Others

By Vehicle Type:

  • Passenger Vehicle
  • LCV
  • HCV

By Sales Channel:

  • Authorized Dealer
  • Independent Dealer
  • Online Channel

By Country:

  • United States
  • Canada

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

Leave a comment

Your email address will not be published. Required fields are marked *