Automotive Windshield Washer System Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component and Vehicle Type
The automotive windshield washer system market was valued at US$ 7,549. 9 million in 2019 and it is projected to reach US$ 8,425. 3 million by 2027; it is expected to grow at a CAGR of 6. 5% from 2020 to 2027.
New York, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Windshield Washer System Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component and Vehicle Type" - https://www.reportlinker.com/p06010030/?utm_source=GNW
The growth of the automotive sales played a substantial crucial role in the growth of the overall market globally during the past years. It is projected to remain a significant factor in powering the system demand in the coming years. Factors, such as rising disposable income, are fueling the demand for passenger vehicles in the APAC countries along with notable presence of automotive manufacturing facilities in the APAC is projected to accelerate the growth of the overall global market during the forecast period 2020 to 2027. In addition, the significant presence of existing number of passenger vehicles and commercial vehicles globally is expected to provide a steady business growth opportunities for the market players across the developed economies such as Europe and North America.
The automotive windshield washer system market is segmented based on component, vehicle type, and geography.Based on component, the market is categorized by componentinto hose and connectors, nozzles, reservoirs, pumps, and wipers.
In 2019, the pumps segment held the largest share of the market.Based on vehicle type, the automotive windshield washer system market is segmented into passenger vehicle, commercial vehicle, and off-highway vehicle.
The passenger vehicle segment held the largest market share in 2019.By geography, the automotive windshield washer system market is segmented into four major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
In 2019, Asia Pacific held the largest share. It is projected to be the fastest-growing region from 2020 to 2027.
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.
The overall automotive windshield washer system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments.It also provides the overview and forecast for the global automotive windshield washer system market based on all the segmentation provided with respect to four major regions—North America, Europe, Asia Pacific, and Rest of the World.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the automotive windshield washer system market.
Major players operating in the global automotive windshield washer system market include Robert Bosch GmbH, Bowles Fluidics, Continental AG, Denso Corporation, Doga, Hella, Kautex, Mergon Group, Mitsuba Corporation, and Trico Products Corporation.
Read the full report: https://www.reportlinker.com/p06010030/?utm_source=GNW
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