Wiper Motor Aftermarket Opportunities, Capital Investment, Top Players Survey and Trend Report By 2021
Wiper Motor Aftermarket by Vehicle Type (Passenger Cars, & Commercial Vehicles), and Region (Europe, North America, Asia-Pacific & RoW) – Global Forecast to 2021″, is projected to grow at a CAGR of 2.78%, from USD 2.31 Billion in 2016 to USD 2.65 Billion by 2021.
Key Players of Wiper Motor Aftermarket:
The wiper motor aftermarket eco-system comprises established global wiper motor manufacturers. Major manufacturers include Valeo S.A. (France), Robert Bosch GmbH (Germany), Magneti Marelli (Italy), DOGA Automotive (Spain) and WAI Global (U.S.A.). The eco-system also includes regional automotive associations such as Society of Indian Automotive Manufacturers (SIAM), Japan Automotive Manufacturers Association (JAMA), European Automobile Manufacturers Association (ECEA) and the Independent Automotive Aftermarket Federation.
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Passenger Cars: Fastest-Growing Vehicle Segment
The passenger cars segment of the Wiper Motor Aftermarket is estimated to register the highest CAGR during the forecast period. This growth is driven by the need for clear visibility, in adverse weather conditions. The wiper motor must be in working condition at all times to maintain a clear view during adverse conditions.
This condition is driving the demand for routine maintenance of parts. This would likely boost the passenger car Wiper Motor Aftermarket.
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Europe: Largest Regional Segment
The wiper motor aftermarket has been segmented into Europe, North America, Asia-Pacific, and Rest of the World (RoW). Europe is estimated to lead the Wiper Motor Aftermarket. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), European vehicles sales were approximately 19 million units in 2015-an increase of 2.4% from 2014. The increase in vehicle sales will create potential aftermarket in the near future. The average age of the vehicle fleet in Europe is approximately 8-9 years, because the owner’s held on their vehicle for longer duration. Approximately 55-60% of passenger cars in Europe are older than 5 years, these vehicles are subjected to adverse condition and need regular maintenance. The need for regular maintenance widens the target aftermarket which acts as driver for the Wiper Motor Aftermarket.