Car Wash System Market worth USD 4.62 billion by 2027, registering a CAGR of 4.35% - Report by Market Research Future (MRFR)
New York, July 16, 2021 (GLOBE NEWSWIRE) -- Car Wash System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Car Wash System Market Research Report, type, process, components, Applications and Region - Forecast till 2027” the market is projected to be worth USD 4.62 billion by 2027, registering a CAGR of 4.35% during the forecast period (2021 - 2027), The market was valued at USD 1.34 billion in 2020.
Touchless Friction and Solar-Powered Carwash Trending in the Market
The car wash system market demonstrates flourishing growth. Growing vehicle production & sales over the past few years and rising numbers of washing centers, service stations, and increasing aftermarket activities are major car wash system market trends. With a broad range of products available in the market to protect and maintain vehicles, the market is projected to perceive a significant rise in the years to come.
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Competitive Analysis
List of the key companies profiled in the Car Wash System Market Research Report are:
- Daifuku Co.Ltd (Japan)
- WashTec AG (Germany)
- Otto Christ AG (Germany)
- Ryko Solutions Inc (US)
- Istobal
- S.A. (Spain)
- MK SEIKO CO.LTD (Japan)
- PECO Car Wash Systems (US)
- D&S Car Wash Equipment Company (US)
- Autoequip Lavaggi S.R.L. (Italy)
- Washworld Inc. (US)
The car wash system market witnesses major strategic approaches, such as mergers & acquisitions, collaboration, expansion, and technology launch. Major players make strategic investments to drive research and development activities and expansion plans.
For instance, recently, on Jun 23, 2021, Hydro Systems (part of PSG and Dover), a leading global provider of chemical dispensing and dosing solutions, announced updates to its HydroMinder range of car wash dispensers for car wash applications. Updates to the low-pressure float valve of HydroMinder dispensers expanded HydroMinder product offering and provides dilution capability down to 2500:1, allowing the use of increasingly popular ultra concentrates.
Hydro Systems' parent company Dover completed the acquisition of Innovative Control Systems, Inc. (ICS) on Jan 6, 2021. ICS is a key provider of car wash controllers, payment terminals, point-of-sale, and wash site management software solutions. The ICS addition expands Dover's participation in the secularly growing vehicle wash market and enhances its offerings, business mix & recurring revenue stream with high-value hardware & software solutions critical to vehicle wash workflows and operations.
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Advances in Relative Technologies and Efficacy of Car Wash Systems is a Major Tailwind
Also, factors such as the rising sales of luxury vehicles and the growing awareness of automotive care products drive the market's growth. Additionally, the rising adoption of automotive care services for passenger vehicles fosters the car wash system market shares. Rapid expansion of automotive industries in developing economies is definitely influencing the car wash system market size.
Volatility in Prices and Shortages of Components Hinder the Market Growth
Price volatility and the demand-supply gap in components essential in developing car wash systems are major factors impeding the growth of the market. A hand-washing culture is a major hurdle the industry is yet to overcome. Also, the availability of several low-cost counterfeit car wash systems poses challenges to market growth.
COVID-19 Impacts on the Market
The COVID-19 outbreak severely hit the car wash system industry. System developers faced various problems, such as raw materials, components, and labor shortages, and issues in flawless deliveries of end-use solutions due to disrupted supply chains. Also, shut due to the strict lockdown mandates, many washing centers, and car washers postponed their plans to invest in advanced systems and solutions.
However, the car wash system market is rapidly returning to normal, witnessing the steadily increasing demand. Market revenues are likely to pick up in many countries following the uplift of the lockdown.
Segmentation
The report is segmented into types, processes, components, applications, and regions. The type segment is sub-segmented into gantry car washes, conveyor tunnel systems, self-service car washes, and others. Simultaneously, the component segment is sub-segmented into brushes, jet spray, dryers, sensors, controllers, pumps, and others.
The process segment is sub-segmented into cloth friction and touchless. The application segment is sub-segmented into passenger cars and commercial vehicles. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
Asia Pacific is the leader in terms of the global car wash system market value. Major developing countries such as China, India, Thailand, and Indonesia have become manufacturing hubs for automotive players globally. Besides, the spurring growth of the automotive industry and economy in the region are major car wash system market trends.
With the global economy undergoing unprecedented level of shift, the income levels of individuals have been steadily increasing, resulting in increasing their disposable income. Rise in numbers of automotive repair shops and dealers focusing on installing car wash systems for easy washing and cleaning vehicles on a large scale. This, as a result, is expected to contribute significantly to the car wash market growth in the region.
Additionally, vast R&D investments with the objective to deliver the best services and bring in new concepts to the car market and ample availability of key raw materials and cost-competitive workforces boost the region's car wash system market share.
Factors such as the continually shifting market dynamics, technological improvements, and changing preferences of vehicle owners create substantial market demand. Furthermore, the growing number of service stations, increasing aftermarket activities, and rising automotive sales in the region impact the market growth positively.
Segmentation of Market covered in the research:
Information by type (Gantry Car Washes, Conveyor Tunnel System, Self-service Car Washes), process (Cloth Friction, Touchless), components (Brushes, Jet Spray, Dryers, Sensors, Controllers, Pump), Applications and by Region (North America, Europe and Asia-Pacific)
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