Light duty vehicle has registered strong growth in the United Kingdom Automotive Collision Repair Market- 6Wresearch
The light duty vehicle is gaining traction over the forecast period on the back of growing car ownerships in the country. United Kingdom Automotive Collision Repair Market grew at a significant rate in recent years owing to the moderate increase in private vehicle ownership and increasing vehicle miles of heavy-duty vehicles. The industry has a fast-evolving environment with consistent upgradations in technology and requires significant competence. Thus, resulting in consolidation and concentration of market share with players with higher resources and presence, over the past decade the number of body shops and small enterprises has witnessed a sharp decline.
According to 6Wresearch, United Kingdom Automotive Collision Repair Market size is projected to grow at a CAGR of 5.9% during 2022-2028. The United Kingdom Automotive Collision Repair Market is currently at the growth stage. Though automotive market in UK is reaching levels of saturation, technological advancement with adoption of high value components would continue to propel market growth. The rising inflation amid geopolitical tensions and increasing energy prices would further increase the cost of spare parts and other components along with increased labour cost. Thus, resulting in a sharp increase in cost of services over the coming years.
According to Ravi Bhandari, Research Head, 6Wresearch, “The paint and coatings segment is the growing segment as they are widely used for automotives with different types of painting and protective coatings such as glass coatings and electrodeposition coatings etc. has led to increase in the prices of repairing of body work services.”
Competitive prices, ease of purchase, and home delivery are the reasons customers are preferring DIY over others making it the growing segment during the forecast period.
“United Kingdom Automotive Collision Repair Market (2022-2028)” report provides an in-depth analysis with 25 figures and 4 tables, covered in 73 pages. United Kingdom Automotive Collision Repair Market report thoroughly covers market by vehicle type, product type, Service Channel, and region. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.