Wiper Motor Aftermarket Soaring at 2.78% CAGR By 2021
“Increasing average age of vehicles is expected to drive the wiper motor aftermarket”
The wiper motor aftermarket is projected to grow at a CAGR of 2.78% from 2016 to 2021, to reach a market size of USD 2.65 billion by 2021. The major factor driving the growth of this aftermarket include the increasing the average age of vehicles which increases the probability of components being replaced. Current vehicle models are equipped with better electrical components than their previous versions. Consequently, the current generation of wiper motors have a longer life span than their previous versions. This reduces the potential for wiper motor replacement and would act as a restraint for the aftermarket.
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“Passenger cars: Largest vehicle type segment”
Passenger cars are estimated to be the largest segment in the wiper motor aftermarket. Increasing average age of passenger cars and safety concern during the adverse weather conditions are the key factors driving the wiper motor aftermarket. The wiper motors fitted on commercial vehicles are more robust than those fitted on passenger cars. The growing demand for routine maintenance and replacement of parts would boost the wiper motor aftermarket for passenger car segment.
“Asia-Pacific: Highest growth rate for wiper motor aftermarket”
The Asia-Pacific wiper motor aftermarket is projected witness the highest growth during the forecast period. High demand and sales of vehicles, especially from countries such as Japan and India which drives the aftermarket. Increasing vehicle sales subsequently increases the total number of vehicles in use. This would help to grow the wiper motor aftermarket. In this study, the Asia-Pacific has been segmented into China, Japan, South Korea, and India.
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The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs.
The break-up of the primaries is as follows:
• By Company Type – Tier-1 -20%, Tier-2 – 50%, OEM – 10%, and Others – 20%
• By Designation – C level – 64%, D level – 27%, and Others – 9%
• By Region – North America – 9%, Europe – 58%, and Asia-Oceania – 33%
The wiper motor aftermarket is dominated by a few globally established players, such as Valeo S.A. (France) Robert Bosch GmbH (Germany), Magneti Marelli (Italy), DOGA Automotive (Spain) and WAI Global (U.S.A.). Key growth strategies adopted by these players include new product development, partnerships, agreements, joint ventures, and supply contracts.
Related Report:
Global Automotive Wiper Motor Industry Market Research Report
The Automotive Wiper Motor market revenue was xx.xx Million USD in 2013, grew to xx.xx Million USD in 2017, and will reach xx.xx Million USD in 2023, with a CAGR of x.x% during 2018-2023. Based on the Automotive Wiper Motor industrial chain, this report mainly elaborate the definition, types, applications and major players of Automotive Wiper Motor market in details. Deep analysis about market status (2013-2018), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends (2018-2023), regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analyzed scientifically, the feature of product circulation and sales channel will be presented as well. In a word, this report will help you to establish a panorama of industrial development and characteristics of the Automotive Wiper Motor market.
Read More: https://watchersofmarkets.com/products/global-automotive-wiper-motor-industry-market-research-report
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