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Global COVID-19 analysis on Car Wash Machine Market Trends is expected to gain a value of USD 3.18 Billion by 2027, with a 4.07% CAGR during the forecast period (2020–2027)
The report covers segmentation and market dynamics for a better glimpse of the market in the coming years. The increased consumer awareness about the water consumption is positively influencing consumers towards the usage of car wash machines in emerging countries. The rising fleet size across the globe is also expected to drive market growth. The industry is witnessing several technological improvements, including that are supporting the product growth.
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Regional Analysis
By region, the global COVID-19 analysis on Car Wash Machine Market Trends is segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa
Europe is expected to dominate the COVID-19 analysis on Car Wash Machine Market Trends share over the forecast timeframe. The UK is one of the key markets for the sale of premium and high-end vehicles, owing to the presence of luxury automobile manufacturers in the country. These manufacturers, including Aston Martin, Bentley, Jaguar, Rolls-Royce, Vauxhall, and Land Rover, produce luxury and sports cars that require car washing machines for regular cleaning activities. This is expected to escalate the product demand in the region.
Asia-Pacific is expected to account for a considerable share of the COVID-19 analysis on Car Wash Machine Market Trends over the projected timeframe. China is a key market for global automotive OEMs to invest through joint ventures with local vehicle brands. In addition, infrastructure development, lower production costs, and favorable government schemes are encouraging global players to invest heavily in this country. Additionally, the country faces heavy pollution and often experiences dust storms. Such factors have boosted the growth of the car washing industry in China and are expected to drive the growth of car wash machines during the forecast period in the country.
The Middle East & Africa comprises Turkey, Saudi Arabia, Egypt, and the rest of the Middle East & Africa. It has been witnessing steady growth in the car wash machines market. Increase in per capita income levels, the growth of the middle class, and positive economic growth has brought about opportunities and fuelled the demand for car wash machines in this region. Global vehicle OEMs, such as Volkswagen AG and Ford, are investing in production facilities in this region, which is expected to reduce the cost of the vehicles due to high import duties on vehicles. Many global industries are investing in these countries due to cost-effective and easily available labor, low currency exchange rates, and moderate health, safety, and environmental laws. The top car wash machines manufacturers, such as Otto Christ AG and ISTOBAL, in this region, are expanding their current base by adding new infrastructure. The new infrastructure is expected to result in the increased production and sales of car wash machines.
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Segmental Analysis
The global market for car wash machine is segmented based on type, application, and region.
By type, the global COVID-19 analysis on Car Wash Machine Market Trends is segmented into household and commercial. The household segment is expected to witness steady growth over the study timeframe. The consumers across the globe prefer the use of car washing machines for domestic applications, which is expected to increase the product demand in this segment. The rising awareness of scheduled washing of vehicles coupled with the proliferating sales of luxury vehicles is expected to create an opportunity for market growth.
By application, the global COVID-19 analysis on Car Wash Machine Market is bifurcated into commercial vehicles and passenger cars. The commercial vehicles segment is likely to register considerable growth over the forecast period. The increasing sales of light commercial vehicles, medium-duty, and heavy-duty commercial vehicles for industrial applications is expected to stimulate product demand. These vehicles have applications in mining, agriculture, and logistics and require regular washing for reduced vehicle maintenance. This is likely to fuel the growth of this segment in the global market.
Competitive Analysis
Some of the prominent players operating in the global COVID-19 analysis on Car Wash Machine Market Trends size are Otto Christ AG, WashTec AG, Istobal, and Daifuku Co., Ltd. Other players also include Autoequip Lavaggi Srl, Shaoxing Zhongli Machinery Plant, D & S CAR WASH EQUIPMENT CO., and AUTEC, Inc. Players with access to better technologies can develop unique and innovative products and services, which could affect the competitors' product offerings.
Increasing product innovation efforts and partnerships between the car wash machine manufacturers and distributors & dealers are also expected to boost the market growth throughout the review period. For instance, in January 2020, National Carwash Solutions (NCS) signed a strategic partnership agreement with Auto Clean Inc., a leading car wash distributor in Houston, Texas. This helped the company gain a larger customer base and offer improved sales, services, and support to its customers.
Industry participants focus on product launches to enhance their product portfolio and gain a competitive advantage over peers in the global market. For instance, in October 2020, Autobase Car Wash launched TEPO-AUTO, a new car wash system. The car wash system washes over 60–80 vehicles per hour and offers stability and comfort that is likely to increase the market growth over the study period.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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