Transparency Market Research

Expanding Dealership Network and Rise of E-Commerce Portals Are Estimated to Boost the Automotive Wiper Component Aftermarket

Automotive Wiper Component Aftermarket is expected to expand at a CAGR of more than 5%, during the forecast period, to surpass US$ 15 Bn by 2026.

 

Albany, NY -- (SBWIRE) -- 03/01/2019 -- Wiper components are integral to the wiper system and they provide a clear vision in snow and rain. A single wiper or a pair is used on the windshields to wipe dust, water, or snow. Front wipers are mandatory in vehicles, thus offering a strong aftermarket potential.

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Rise in the population of young consumers and their preference for high clearance and sporty vehicles have raised SUV demand in recent past and growing mid income group population have propelled compact vehicles demand. Cross-overs & SUVs have windshields with steep inclination, as opposed to sedans, the air vortex is thus not sufficient to cleanse the rear windshields, and they require rear wipers. SUVs and cross-overs accounted for 42% of total vehicle sales in the U.S and 26% of total vehicle sales in Europe in 2017. Increase in the number of SUVs and compacts on the road is projected to propel the demand for rear wipers, which in turn is anticipated to fuel the demand for wiper components. The utilization of wipers on the rear windshield also requires an additional wiper motor in the rear. Subsequently, rise in the demand for SUVs & compacts is also anticipated to boost the aftermarket demand for wiper motor.

Wipers undergo considerable wear and tear and have a shelf-life of six to 12 months and thus, require periodic replacement. Expanding dealership network and rise of ecommerce portals are estimated to boost the wiper component aftermarket.

The average age of vehicles has risen to 11 years, the change in mindset of people to prefer retention of their vehicle for a longer time and improved quality of the parts have delayed the scrapping of vehicles. Increasing number of aged vehicles on the roads demanding maintenance and parts replacement is fuelling the aftermarket demand for wiper components. Several first-time buyers and youths are opting for used vehicles, improvements in the used car industry expands the scope of maintenance value parts and is thus, a major driver for the wiper component aftermarket.

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The entry of Europe-based luxury car makers in Asia Pacific has propelled the usage of advanced technologies such as rain sensors in the region. Partnerships of key luxury automakers with China-based companies such as BMW Brilliance, Beijing Benz, and Geely have driven the rain sensing technologies market. Europe and North America witness a high rate of adoption of rain sensing technology owing to high disposable income of the consumers and the demand for luxury features. Therefore, these regions are favorable aftermarkets for wiper components.