Car Wash Machine Market 2021 | Key Findings, COVID – 19 Impact Analysis, Busines
Posted by Market Research Future on February 15th, 2021
Global COVID-19 analysis on Car Wash Machine Market is expected to gain a value of USD 3.18 Billion by 2025, with a 4.07% CAGR during the forecast period (2019–2025).
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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By region, the global COVID-19 analysis on Car Wash Machine Market 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 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 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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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 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
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