Global Automotive Windshield Washer System Markets, 2021-2022 & 2028: Integration of Superior Components in Washer System to Gain Traction – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Automotive Windshield Washer System Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component and End User” report has been added to ResearchAndMarkets.com’s offering.
The automotive windshield washer system market is expected to grow from US$ 6435.4 million in 2021 to US$ 9234.3 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
Sustainable competitive advantage plays a significant role as many automotive windshield washer system market players offer products, components, and washer systems with few areas of differentiation amongst competitors. Therefore, a strategic investment into the development of a washer system that features low-cost, innovative, and efficient solutions can provide a significant business opportunity for the automotive windshield washer system market players in the coming years.
For instance, Ford Global Technologies LLC patented a windshield washer system during cold weather conditions during the early 2000s. Hence, continuous investment into strategic research & development, partnerships, and alliances with stakeholders will yield market-disrupting solutions and simultaneously provide several lucrative business opportunities for the market players in the coming years.
The Ontario government is investing US$9.3 million in 11 training projects to help 2,000 students and job seekers prepare for employment in automotive & advanced components manufacturing, as reported by Premier of Ontario, Doug Ford; Monte McNaughton, Minister of Labor, Training and Skills Development; Vic Fedeli, Minister of Economic Development, Job Creation and Trade; and representatives of the Automotive Parts Manufacturers Association.
In India, under the PLI Auto scheme, the government received investment proposals worth US$ 6.04 billion from 20 automotive businesses in February 2022. This scheme is estimated to generate US$ 31.08 billion in additional production. In the next years, such trends and initiatives are expected to drive automotive production, which will boost the demand for the automotive windshield washer system market.
Automakers are opening new manufacturing sites or moving existing ones in growing automotive markets to meet the growing demand for aftermarket and OEM products. According to ACEA, there are currently 301 automobile factories operational across Europe, producing passenger cars, light commercial vehicles, heavy-duty vehicles, buses, engines, and batteries, as of 2022.
After the European car industry’s production shifted to Eastern Europe, Africa became the next point for automotive production and a growing consumer market. As a result, as per the Deutsche Welle, Stellantis, the world’s fourth-largest automotive maker, plans to increase expenditure on automotive parts manufactured in Morocco from €600 million to €3 billion by 2025. The growth of OEM production plants in these nations will increase the potential for windshield washer system suppliers, which is influencing the growth of the automotive windshield washer system market.
Impact of COVID-19 Pandemic on Automotive Windshield Washer System Market
The COVID-19 outbreak has had a rapid and severe impact on the global automotive industry, including the closure of assembly plants in North America. Due to the pandemic, the production of passenger and commercial vehicles stopped in the last quarter of 2020, which further affected the market revenues of several manufacturers in the region.
The closure of assembly plants has also impacted the manufacturing of automotive windshield washer systems. However, the impact of the COVID-19 pandemic is short-term; in the next three or four years, the automotive windshield washer system market is likely to grow.
The MEA witnessed a sharp decline in the manufacturing and production of automotive components due to its heavy reliance on European and Asian countries for various automotive OEMs and aftermarket products. However, due to the presence of the automotive manufacturing capabilities of Brazil, South America witnessed a limited impact despite the region’s slower demand for passenger vehicle sales. The COVID-19 pandemic resulted in the shutdown of production plants, which has impacted the growth of the automotive industry and hampered the growth of the automotive windshield washer system market in the region.
Based on component, the automotive windshield washer system market is segmented into hose & connectors, nozzles, reservoirs, pumps, and wipers. In the year 2021, the pumps segment holds the largest market share. Based on end user, the automotive windshield washer system market is segmented into commercial vehicle, passenger vehicle, and off-road highway vehicle.
In the year 2021, the passenger vehicle segment holds the largest market share. By region, the automotive windshield washer system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific accounted for a significant share of the automotive windshield washer system market.
Key Market Dynamics
Market Drivers
- Surge in Number of Automotive Sales
- Integration of Superior Components in Washer System to Gain Traction
Market Restraints
- Challenges Associated With Durability of Components
Market Opportunities
- Continuous Technological Innovations for Sustainable Advantage.
Future Trends
- Improved Performance in Cold Weather Conditions
Company Profiles
- Robert Bosch GmbH
- Denso Corporation
- dlhBOWLES
- DOGA
- 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/lic6hv
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