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Automotive Washer System Market Expand At The Fastest Cagr Of 3% During The Forecast Period 2019-
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Automotive Washer System Market: Key Research Findings
Automotive washer system market size recorded in 2018 – Over US$ 10 Bn
The global automotive washer system market is projected to observe moderate growth in revenues during 2019-2029, at an estimated 3% CAGR.
Increasing sales of new vehicles, coupled with robust demand for washer system components in the aftermarket, is prominently fueling the sales of automotive washer systems.
The global automotive aftermarket is projected to be valued at around US$ 1.2 Tn by 2020, witnessing a CAGR of nearly 4% over 2016–2020.
Increasing demand for automotive components replacement will remain a significant factor, supplementing the growth of the automotive washer system market.
The additional cost of new automotive washer system technologies is anticipated to moderately hamper market growth, as the customer base, particularly in developing economies, is reluctant to invest in newer and high-priced technologies.
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Top Factors Shaping the Automotive Washer System Market
Windshield Wipers Receiving Strong Demand in Aftermarket
On the basis of component, the automotive windshield wipers segment is expected to account for a substantial volume share throughout the forecast period. Windshield wipers have significant demand from the automotive washer system aftermarket, as they have a relatively higher replacement rate.
In terms of value, wiper motors are expected to remain prominent throughout the forecast period in the global automotive washer system market. On the other side, pumps and reservoirs are expected to sustain steady sales over the forecast period in the global automotive washer system market.
Focus on Clear Visibility Intensifying
The increase in the demand for wiping systems has expanded to dry and icy conditions, which has increased the growing demand for effective wiping systems in cold countries, with additional features such as defrosting and heating. Antifreeze washer fluids help remove snow and ice, leading to clear visibility.
Ice and snow on the windshield or windows has the potential to cause serious accidents, and to avoid such a situation, a defroster system can help keep snow or ice from building up on the windscreen with the help of an antifreeze window washer fluid, using several well-positioned nozzles. There are significant growth opportunities for small, medium, and large players that deal in washer systems. The number is projected to increase in the near future, as both, vehicle manufacturers and buyers look forward to focus more on quality.
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Technology-based Innovations Prevalent in Line with Latest Market Trends
Smart integration of technologies, increasing application of rear camera automotive washer systems, increasing adoption of headlamp automotive washer systems in semi-luxury and mid-sized cars, and advancements in wiper blade and nozzle design are cited as some of the most prominent and impactful trends identified in the global automotive washer system industry, currently. Moreover, significant opportunities exist for automotive washer system manufactures through expansion in developing economies.
Recent vehicle recalls due to faulty washer systems, and regulations mandating the use of headlamp automotive washer systems are highly likely to create significant pressure on the supply side, which would subsequently push innovations in the development space of cost-efficient, durable, and reliable automotive washer systems.
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Automotive Washer System Market Structure Analysis
The global automotive washer system market is fairly consolidated.
Organized players account for more than 30% share in the global automotive washer system market, even though there are numerous small players creating a competitive environment for well-established players.
Top players operating in the automotive washer system market have been focusing on mergers and acquisitions of small and established players to strengthen their presence in the automotive washer system market.
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