Dublin, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The "Vehicle Wash System Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for vehicle wash systems is projected to grow at a CAGR of 7% during the forecast period of 2022 to 2030. It is anticipated that the market for vehicle wash systems will as a result of the growing preference of consumers toward automation and the convenience with which vehicles may be washed and cleaned.
The expanding number of heavy vehicles used in the construction and mining sectors is one of the primary aspects that is anticipated to be one of the major factors that is likely to boost the growth of the global market for automatic vehicle washing systems in the following years.
Another driver that is expected to fuel market growth is the ongoing expansion of the automotive industry, which is being driven by the growing need for convenience. The Society of Indian Automobile Manufacturers (SIAM) reports that between the years 2020 and 2021, a total of about 2,711,457 passenger vehicles and 568,559 commercial vehicles were sold in the country of India. It is anticipated that this pattern will carry on during the entirety of the projection period, not only in India but also in other regions of the world. It is further positioned to promote sales in various markets around the world.
The Pandemic Had an Adverse Impact on the Market, yet the Market is Set for Revival
The emergence of COVID-19 has caused widespread disruption in the automotive industry. Because of this, production facilities have been forced to close, and as a result, sales volume has decreased. In addition, it is anticipated that there would be a decline in demand for commercial as well as passenger automobiles in the year 2020. As was to be predicted, this decline will have a negative impact on the vehicle wash equipment sector.
Consumer Preference, Ease, and Simplicity are the Key Factors Driving the Market Growth of the Vehicle Wash Market
Consumer preferences are the primary factor driving growth in the vehicle wash system market. More sophisticated vehicle washing technologies are being adopted at a faster rate than more traditional ones. The vehicle wash systems are in high demand in the countries of North America and Europe, while the developing economies of the Asia-Pacific region offer attractive potential for expansion to the makers.
Increasing Number of Miles Driven
According to the information that was compiled by Enerdata, a programme that is run by the European Union, a number of nations, including Austria, France, and Spain, have seen an increase in the distance that people drive in their automobiles. The rise in commercial vehicle utilization can be partially attributed to the expansion of commercial trading operations.
Because of this increase in the number of miles travelled by each vehicle, each vehicle is subjected to a greater quantity of dirt, grit, snow salt, and other such elements. These are the kinds of things that cause a vehicle's performance and aesthetic appeal to deteriorate, which in turn leads to an increase in the demand for cleaning services. As a result, growth in the global market for car and truck washes is being driven by increases in both the number of cars sold and the number of miles driven by vehicles.
Regulations on Water Usage Motivating Use of Professional Vehicle Wash Facilities
The reduction in the amount of water that is wasted at professional vehicle wash facilities is one of the primary causes that is driving the increase in the number of vehicle washes performed at those centres. The growing human population and the number of vehicles on the road have both contributed to an increase in the amount of strain that is being placed on a resource that is already in short supply. Although water is a plentiful resource, there is a very small amount of it that may be utilised for a wide range of activities.
Touchless Wash Systems Evidencing Increased Demand
The sensitive nature of vehicle paint has contributed to an increase in demand for touchless car washing systems, which fall under the umbrella of exterior car washing technologies. It provides thorough cleaning in addition to speedy and inexpensive washing services, all of which are expected to contribute to an increase in market demand of twenty percent over the next few years.
Many vehicle wash systems available in the market are touch-free. These systems were designed to respond to different vehicle models with increased speed and efficiency, and it washes vehicles in a manner that is comparable to that of a soft-touch car wash or a conventional wash.
A Significant Initial Investment to Moderately Constrain the Market Growth
The need for a large initial investment can be a barrier to overall expansion in the car wash industry. The costs of investment include a variety of additional expenses, including those related to land, documentation, site work, construction, equipment, promotion, and marketing.
These up-front fees inhibit market expansion because they make it more difficult for new market participants to enter the market. Due to the extremely expensive price of automatic vehicle washing systems, businesses located in less developed nations may be unable to afford to purchase and install such systems.
Roll Overs to Leads with 35% Market Share
The roll overs segment of the market accounted for 35% of the total market share in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6% between the years 2022 and 2030. The effectiveness of rollovers is the primary reason for the increase in demand. In addition, there is a good chance that demand will increase as a result of end-users' increasing emphasis on efficiency.
Automotive Segment Dominating the Current Market
The automotive segment that includes commercial and passenger vehicles dominated the market with 35% of market share in 2021, is also anticipated to dominate the highest sales valuation during the forecast period of 2022-2030. This is due to the fact that the automotive market is growing at a faster rate than any other market. This can be attributable to the increased need for repairing and maintaining vehicles, as well as the utilisation of more sophisticated washing technology and equipment. It is anticipated that this market segment will expand at a compound annual growth rate of 5% during the forecast period.
North America Remains as a Global Leader
North America and Europe together contribute to over 47% of market revenues with North America taking a lead. The expansion of the market can be linked to the ownership of vehicle washes by small and medium-sized enterprises in the North American region, as well as ownership of vehicle washes by medium- and large-sized petroleum corporations in the European region. In addition, it is anticipated that the vehicle wash system would show a double-fold rise in the economies of China, Japan, and South-East Asia in the Asia-Pacific region. This is due to the increasing demand for vehicle wash systems in a variety of industries, including aerospace, mining, and others.
Key questions answered in this report
- What are the key micro and macro-environmental factors that are impacting the growth of vehicle wash market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Vehicle Wash System market?
- Which is the largest regional market for vehicle wash market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving vehicle wash market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the vehicle wash market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Vehicle Wash System Market: Business Outlook & Market Dynamics
3.1. Introduction
3.2. Global Vehicle Wash System Market Value, 2020 - 2030, (US$ Million)
3.3. Key Trends Analysis
3.4. Market Dynamics
3.4.1. Market Drivers
3.4.2. Market Restraints
3.4.3. Key Challenges
3.4.4. Key Opportunities
3.5. Impact Analysis of Drivers and Restraints
3.6. See-Saw Analysis
3.7. Attractive Investment Proposition
3.8. Porter's Five Force Model
3.8.1. Supplier Power
3.8.2. Buyer Power
3.8.3. Threat Of Substitutes
3.8.4. Threat Of New Entrants
3.8.6. Competitive Rivalry
3.9. PESTEL Analysis
3.9.1. Political Landscape
3.9.2. Economic Landscape
3.9.3. Technology Landscape
3.9.4. Legal Landscape
3.9.5. Social Landscape
3.10. Competitive Landscape
3.10.1. Market Positioning of Key Vehicle Wash System Market Vendors
3.10.2. Strategies Adopted by Vehicle Wash System Market Vendors
4. Vehicle Wash System Market: By System, 2020-2030, USD (Million)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Tunnel
4.3.2. Roll Overs
4.3.3. Touch-less
4.3.4. Pressure Washer
5. Vehicle Wash System Market: By Vehicle Type, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Automotive
5.3.2. Passenger Vehicle
5.3.3. Commercial Vehicle
5.3.4. Railways
5.3.5. Aerospace
5.3.6. Off Highway
6. Vehicle Wash System Market: By End User, 2020-2030, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2021 Versus 2030
6.3. Market Segmentation
6.3.1. Independent
6.3.2. Franchised Service Station
6.3.3. Authorized Car Dealership
7. Vehicle Wash System Market: By Sales Channel, 2020-2030, USD (Million)
7.1. Market Overview
7.2. Growth & Revenue Analysis: 2021 Versus 2030
7.3. Market Segmentation
7.3.1. Aftermarket
7.3.2. OEM
8. North America Vehicle Wash System Market, 2020-2030, USD (Million)
9. UK and European Union Vehicle Wash System Market, 2020-2030, USD (Million)
10. Asia Vehicle Wash System Market, 2020-2030, USD (Million)
11. Latin America Vehicle Wash System Market, 2020-2030, USD (Million)
12. Middle East and Africa Vehicle Wash System Market, 2020-2030, USD (Million)
13. Company Profiles
13.1. Ryco Solutions, Inc.
13.1.1. Company Overview
13.1.2. Financial Performance
13.1.3. Product Portfolio
13.1.4. Strategic Initiatives
13.2. Coleman Hanna
13.2.1. Company Overview
13.2.2. Financial Performance
13.2.3. Product Portfolio
13.2.4. Strategic Initiatives
13.3. Autec, Inc.
13.3.1. Company Overview
13.3.2. Financial Performance
13.3.3. Product Portfolio
13.3.4. Strategic Initiatives
13.4. Wash Tec Group, Aquarama S.r.l.
13.4.1. Company Overview
13.4.2. Financial Performance
13.4.3. Product Portfolio
13.4.4. Strategic Initiatives
13.5. Sonny's Enterprises LLC
13.6.1. Company Overview
13.6.2. Financial Performance
13.6.3. Product Portfolio
13.6.4. Strategic Initiatives
13.6. PDQ Manufacturing, Inc.
13.6.1. Company Overview
13.6.2. Financial Performance
13.6.3. Product Portfolio
13.6.4. Strategic Initiatives
13.7. Otto Christ AG
13.7.1. Company Overview
13.7.2. Financial Performance
13.7.3. Product Portfolio
13.7.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/ycxc3
