VALLEY COTTAGE, New York, May 22, 2019 /PRNewswire/ -- Research Report Insights (RRI) has released a new market study, titled, 'Automotive Washer System Market: Global Industry Analysis 2014–2018 and Opportunity Assessment 2019–2029', examining the market for the next ten years. The report on the automotive washer system market also discusses the trends and challenges affecting the global market, along with prospective opportunities in the automotive washer system market across the value chain.
As indicated by the findings in report, the global automotive washer system market exceeded the revenues worth US$ 10 Bn in 2018, and will demonstrate modest growth over the course of coming years. The study envisages nearly 3% CAGR for the automotive washer system market revenues between 2019 and 2029.
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Electrical Automotive Washer Systems Continue to Witness Strong Gains
Application-wise, windshield automotive washer systems will retain prominence in the market throughout the forecast period. Wiper motors are estimated to be a prominent segment in the global automotive washer system market, and will reportedly hold more than one-third of the market value share throughout the forecast period. However, the windshield wipers will witness healthy growth between 2019 and 2029 in the global automotive washer system market. Windshield automotive washer systems are selling higher over other counterparts available on the market. However, the sales of headlamp automotive washer systems are more likely to witness faster growth, and exhibit a value CAGR of more than 4%, compared to the windshield automotive washer systems, over the forecast period.
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Technology-wise analysis of the market reveals that the electrical automotive washer systems currently hold over 85% value share in the total market value. Mechanical automotive washer systems on the other hand will witness a slight decline in the growth rate over the forecast period. Currently, the electrical technology segment is prominent over mechanical, and is anticipated to gain substantial BPS points over the forecast period.
A majority of automotive washer system sales are accounted by OEMs, as the production of passenger cars is estimated to increase over the forecast period. While passenger cars are estimated to encounter a massive incremental opportunity of over US$ 4 Bn over the forecast period, the need for increased performance of wiper systems and enhancement of vision is expected to create lucrative growth opportunities for the commercial vehicles segment.
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OEMs Slated to Remain Dominant in the Competition Landscape
The intensity of competition in the automotive washer system market is extremely high. Prominent players in the global automotive washer system market hold around 30-40% of the market value share. These players have long-term contracts with large-scale OEMs. The purchasing power of end users is medium, whereas, the power of suppliers of OEMs in the global automotive washer system market is high. There exists fierce competition among the top players in the global automotive washer system market, and players with larger contracts from OEMs are estimated to win in the long term.
The global automotive washer system market report highlights some of the top companies operating in the global automotive washer system market, such as Robert Bosch GmbH, Denso Corporation, Valeo SA, Continental AG, HELLA KGaA Hueck & Co, Ningbo Joyson Electronic Corp, Mitsuba Corporation, Mergon Group, Trico Products Corporation, and Kautex Textron GmbH & Co. KG, among others. Top market players 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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