The global automotive wiper market was valued at almost $7 billion in 2015 and is expected to reach almost $9 billion by 2020, says Technavio.
Technavio has announced its latest market research report on automotive wipers for the forecast period, 2016-2020. This market analysis, under the automotive electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global automotive wipers market during the forecast period. Some of the top vendors listed in this industry analysis include Bosch, DENSO, DOGA, Federal-Mogul, and TRICO.
In terms of geographical analysis, APAC is expected to account for the largest share of the global market and is likely to reach almost $5 billion in revenue by 2020. China, India, South Korea, Thailand, and Indonesia, and Japan will emerge as the key revenue-generators.
“The most recent trend in a vast range of consumer products is the growing popularity of DIY products. Consumers are increasingly buying the DIY product in a dismantled form from the store and installing it themselves. This trend has caught on in the global wiper systems market as well. The end-consumer, or vehicle owner, of a wiper can now pick up a wiper system, assemble the different components as per the instructions given in the manual, and install the final system without help from an expert or an engineer,” says Siddarth Jaiswal, a lead analyst at Technavio for automotive electronics.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Surge in automotive sales
The demand for wipers is indirectly influenced by the sales of automobiles. This demand, especially for passenger vehicles, is continuously increasing worldwide and is driving the demand for wiper systems. The global four wheeler production in 2015 was over 92 million units in 2015 and is expected to reach almost 109 million units by 2020. As the wiper system is an essential feature in a vehicle, it is anticipated to grow with the constant rise in four wheeler production.
Aftermarket segment promises innovation, growth potential, product diversity, and high compatibility
The aftermarket segment, which occupies a huge share of the global automotive wiper system market, means that wiper system manufacturers are less dependent on car makers for their revenue and sales. In the aftermarket segment, manufacturers of wiper systems have their own distribution channels for both global and local markets. The global automotive aftermarket segment was valued at $265 billion in 2015 and is expected to reach almost $286 billion by 2016.
Rising demand for vehicles in BRICS
An increase in the demand for wiper systems from Brazil, Russia, India, China, and South Africa (BRICS) is expected to be one of the major drivers in the global automotive wiper system market over the next few years. Economic growth has improved the financial status of the population in the BRICS countries, leading to an increase in disposable incomes, which has, in turn, increased the size of various markets, including the automobile market in BRICS.
Some of the other prominent vendors identified in this report are Valeo, Mitsuba, and WEXCO.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Wiper Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Heated Wiper Blade System Aftermarket 2016-2020
- Global Automotive Parking Sensors Market 2016-2020
- Global Commercial Vehicle Driver State Monitoring System Market 2016-2020
- Global Sensor Module Market in the Automotive Sector 2016-2020
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