NEW YORK, Jan. 10, 2017 /PRNewswire/ -- "Increasing average age of vehicles is expected to drive the wiper motor aftermarket"
The wiper motor aftermarket is projected to grow at a CAGR of 2.78% from 2016 to 2021, to reach a market size of USD 2.65 billion by 2021. The major factor driving the growth of this aftermarket include the increasing the average age of vehicles which increases the probability of components being replaced. Current vehicle models are equipped with better electrical components than their previous versions. Consequently, the current generation of wiper motors have a longer life span than their previous versions. This reduces the potential for wiper motor replacement and would act as a restraint for the aftermarket.
"Passenger cars: Largest vehicle type segment"
Passenger cars are estimated to be the largest segment in the wiper motor aftermarket. Increasing average age of passenger cars and safety concern during the adverse weather conditions are the key factors driving the wiper motor aftermarket. The wiper motors fitted on commercial vehicles are more robust than those fitted on passenger cars. The growing demand for routine maintenance and replacement of parts would boost the wiper motor aftermarket for passenger car segment.
"Asia-Pacific: Highest growth rate for wiper motor aftermarket"
The Asia-Pacific wiper motor aftermarket is projected witness the highest growth during the forecast period. High demand and sales of vehicles, especially from countries such as Japan and India which drives the aftermarket. Increasing vehicle sales subsequently increases the total number of vehicles in use. This would help to grow the wiper motor aftermarket. In this study, the Asia-Pacific has been segmented into China, Japan, South Korea, and India.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier-1 -20%, Tier-2 - 50%, OEM - 10%, and Others - 20%
- By Designation - C level - 64%, D level - 27%, and Others - 9%
- By Region - North America - 9%, Europe - 58%, and Asia-Oceania - 33%
The wiper motor aftermarket is dominated by a few globally established players, such as Valeo S.A. (France) Robert Bosch GmbH (Germany), Magneti Marelli (Italy), DOGA Automotive (Spain) and WAI Global (U.S.A.). Key growth strategies adopted by these players include new product development, partnerships, agreements, joint ventures, and supply contracts.
This report covers two major vehicle categories for the wiper motor aftermarket i.e. passenger cars and commercial vehicles. The report further segmented wiper motor aftermarket into five major regions that include Europe, North America, Asia-Pacific, and RoW. The RoW region comprises of two major countries: Russia and Brazil.
Reasons to buy the report:
This report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the wiper motor aftermarket, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better, thereby helping them to acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the aftermarket for wiper motors across regions.
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the wiper motor aftermarket.
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global wiper motor aftermarket.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the market.
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