Market Size of Automotive Wiping Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Wiping Systems Market Analysis
The automotive wiping system market is expected to grow, registering a CAGR of more than 8% in the forecast period (2022-2027).
Because of the global pandemic, the Automotive Wiping system market took a beating in 2020-2021, attributed to a halt in manufacturing and reduced demand for automotive components. As a result, the sales of vehicles globally were reduced for the first half of the year. However, in the latter half of the year 2020, the global automotive industry started to rebound, driving the market for automotive parts and components, including wiping systems.
For instance, around the world, 82 million vehicles were produced in 2019, a number that sharply decreased to 78 million in 2020. But sales of cars rose to just over 80 million units in 2021 as a result of a general increase in demand for automobiles. Given the circumstances, it is anticipated that the demand for passenger automobiles would rise as more people opt to purchase their own vehicles during the forecast period.
As the wiping systems are a part of almost all the cars playing on the road, with the increase in the number of new cars sold, the demand for the automotive wiper systems market is expected to grow. However, the semiconductor shortage may affect the production of vehicles in turn hampering the growth of the market.
Owing to the number of vehicles sold, the Asia-Pacific region is the largest market and is expected to dominate in the forecast period.
