The global wiper system market is estimated to reach USD 11.07 billion by 2025, according to a new study by Grand View Research, Inc. The growing automobile production is expected to drive the market growth over the forecast period.
The improved standard of living and increase in GDP in developing regions has stimulated the purchase of automotive vehicles thereby, fostering the demand for these products. Moreover, the development in road infrastructure in these regions has encouraged commercial transport businesses that is expected to boost the adoption of commercial vehicles.
Rain sensing wipers are expected to be used on low cost car segments due to low cost of hardware such as sensors that reduce the overall cost of the wiper system. Thus, it is presumed to raise the functional value of the vehicle that would enable higher sale. Furthermore, these wiper systems increase the safety of the vehicle by minimizing driver distraction.
The industry comprises of small and large players that have varied supply channels. The large players mainly form supply relationship with the OEM manufacturers whereas smaller players adopt channels such as B2B e-commerce platforms. The market is highly competitive due to the fragmented nature and wide availability of aftermarket products that are cost effective and saves buyer’s time.
Quality and pricing are two major factors that enable customer retention for the market players. Major players are undertaking research & development to develop sophisticated wiper systems that enables them to retain market position.
Further Key findings from the study suggest:
- The increase in disposable income in developing regions encourage the purchase of vehicles thereby fostering the market growth for wiper systems
- Rain sensing wiper system is the fastest growing type segment and witnesses a CAGR of 5.0% over the forecast period
- The growing demand for Do-it-Yourself (DIY) has encouraged vehicle owners to install wiper systems conveniently and at a lower cost
- Passenger cars is the largest application segment due to widespread adoption mainly in emerging economies. The segment is expected to grow at a CAGR of 4.9% over the coming years
- Asia Pacific is the largest and the fastest growing regional segment due to increase in the automobile production in the region
- The key industry participants include Robert Bosch GmbH, ASMO Co., Ltd., Valeo S.A., Denso, Trico Products, MITSUBA, Federal-Mogul, WEXCO Industries, Inc., DOGA S.A., PMP Auto Components Private Limited among others