SEATTLE, April 16, 2020 (GLOBE NEWSWIRE) -- An automotive washer system aids in maintaining clear vision of other vehicles on road. There are two major automotive washer systems installed in an automotive vehicle namely headlamp washer system and windshield washer system.
Statistics:
The Automotive Washer System market is estimated to account for US$ 20,170.4 Million in value and 1,605,941,291.2 Thousand units in volume in 2019 and is expected to grow at a CAGR of 4.9 % over the forecasted period 2020-27.
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Market Drivers:
Increasing production of passenger vehicles is expected to propel growth of the global automotive washer system market over the forecast period. For instance, according to The European Automobile Manufacturers Association, 16.5 million passenger cars were made in the European Union in 2018 compared to 16.1 million in 2015.
Moreover, increasing demand for commercial vehicles is also expected to aid in growth of the market. For instance, according to The European Automobile Manufacturers Association, over 2.6 million commercial vehicles were produced in the European Union in 2018.
Market Opportunities:
Increasing disposable income is expected to offer lucrative growth opportunities for players in the global automotive washer system market. For instance, according to the Bureau of Economic Analysis, the personal income in the U.S. increased U$ 106.8 billion (0.6 percent) in February 2020 and disposable personal income increased US$ 88.7 billion (0.5 percent) and personal consumption expenditures increased $27.7 billion (0.2 percent).
Moreover, increasing preference for SUVs is also expected to aid growth of the market. For instance, according to International Energy Agency, there are now over 200 million SUVs around the world as of January 2020, up from about 35 million in 2010, accounting for 60% of the increase in the global car fleet since 2010.
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Key Takeaways:
- Among the regions, Asia Pacific is expected to dominate the market during forecast period. Asia Pacific region accounted for 41.9% in 2019 followed by Europe and North America respectively. Asia Pacific region constitutes world’s 60% population and is expected to grow at a CAGR of 0.98% during the forecast period. Increasing Population increases the needs for mobility. Moreover due to the emerging economies such as China and India the Industries such as Automotive is expected to show a tremendous growth in the forecast period. Owing to all these reasons the Asia Pacific region is expected to show a significant growth during the forecast period.
- Among Vehicle Type segment, Passenger Cars sub-segment is expected to dominate the global Automotive Washer market over the forecasted period 2020-27. This is owing to the increasing sale of passenger cars around the globe. For instance according to Coherent Market Analysis the Passenger Cars market accounted for 55.7 Million units in 2019 and is expected to grow at a CAGR of 5.8% during the forecast period. As the demand for Passenger Cars is increasing the need for washer systems is also expected to increase.
- Among product type segment Windshield Wiper System sub segment is expected to create a lucrative opportunity for Global Automotive Washer System market. Windshield Washer System helps to remove the dust, rain and debris from the vehicles front window. The Windshield Washer system is required in every vehicle type such as PC, LCV and HCV. As the sales of Automobiles is increasing the, the demand for the Windshield Washer System is also expected to increase during the forecast period.
Competitive Landscape
Major players operating in the global automotive washer system market include, Kautex Textron GmbH & Co. KG, Robert Bosch GmbH, Trico Products Corporation, Denso Corporation, Mergon Group, Valeo SA, Mitsuba Corporation, Continental AG, Ningbo Joyson Electronic Corp, and HELLA KGaA Hueck & Co.
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Key Developments
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2019, Nippon Wiper Blade Co Ltd., a subsidiary of Denso Corporation, merged with Asahi Manufacturing Co. Ltd., also a subsidiary of Denso Corporation.
Major players in the market are also focused on expanding their manufacturing capabilities. For instance, in February 2019, HELLA KGaA Hueck & Co. started a second electronics plant in India.
Market Segmentation
- By Component
- Nozzles
- Reservoirs
- Hose & Connectors
- Pumps
- Windshield Wipers
- Wiper Motor
- By Vehicle Type
- PC
- LCV
- HCV
- By Technology
- Electrical
- Mechanical
- By Sales Channel
- OEM
- AM
- By Product Type
- Windshield Wiper System
- Headlamp Wiper System
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa)