DUBLIN--(BUSINESS WIRE)--The "Automotive Windshield Washer System Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Hose & Connectors, Nozzles, Reservoirs, Pumps, and Wipers) and Vehicle Type (Commercial Vehicle, Passenger Vehicle, and Off-Highway Vehicle)" report has been added to ResearchAndMarkets.com's offering.
According to this report the global automotive windshield washer system market was valued at $7,549.9 million in 2019 and is projected to reach $8,425.3 million by 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.
Rise in number of annual automotive sales globally continues to be the most significant factor contributing to the growth of the overall automotive windshield washer system market. The windshield washer system plays a crucial role in enabling visibility for the automotive driver in various weather conditions, such as snowfall, rainfall, and winds. As a result, the windshield washer system has become a significant component across commercial and passenger vehicles since their introduction in the early 1990s. Previously, the historical vehicle units sold annually as per the data provided by the Organisation Internationale des Constructeurs d'Automobiles (OICA) offer a notable surge in number of washer system sold through original equipment manufacturers (OEMs) in overall vehicles sold (in million units), especially in the past few years.
Furthermore, rising disposable income of individuals, mainly among the emerging nations in the Asia Pacific region, continues to provide a lucrative market for passenger vehicles and is subsequently expected to offer several lucrative business opportunities for the windscreen washer system market. Moreover, tropical and continental weather conditions prevailing in most Asian countries are projected to provide a steady demand for the automotive washer systems.
Geographically, APAC led the global automotive windshield washer system market with 50.7% share of the market, followed by Europe and North America. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period.
The automotive windshield washer system is segmented into component, vehicle type, and geography. Based on component, the market is further categorized into hose & connectors, nozzles, reservoirs, pumps, and wipers. The pumps segment represented a larger share of the overall market during the forecast period. Based on vehicle type, the market is further segmented into commercial vehicle, passenger vehicle, and Off-Highway Vehicle. In 2019, the passenger vehicle segment accounted for a substantial share in the global automotive windshield washer system market.
Impact of COVID-19 Pandemic on Automotive Windshield Washer System Market
As the automotive sales worldwide has profound influence on the overall growth of several associated vehicle sub-systems and components including automotive windshield washer system market. As the pandemic broke out globally - impacting numerous industrial verticals and global business conditions, the sales of automotive observed a stark decline from April to June across various geographical regions. Factors, such as nationwide lockdowns, plummeting demand for passenger vehicles, and restrictions on import & export of goods, significantly slowed down the production capabilities of several automotive OEMs globally, thereby impacting the market growth. However, the market registered a steady and favorable recovery in the subsequent months with increase in sales of passenger vehicles, especially in the recent months. Hence, the global market witnessed a moderate to high contraction in the demand across various countries globally during the pandemic.
Reasons to Buy:
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Surge in Number of Automotive Sales
- Integration of Superior Components in Washer System to Gain Traction
- Challenges Associated with Durability of Components
- Continuous Technological Innovations for Sustainable Advantage
- Improved Performance in Cold Weather Conditions
- Robert Bosch GmbH
- Denso Corporation
- HELLA GmbH and Co. KGaA
- Kautex Textron GmbH & Co. KG
- Mergon Group
- MITSUBA Corporation
- Trico Products Corporation
- Zhejiang Zhenqi Auto Parts Corp., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/j889mo