Windshield Wiper Market Report Overview
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The global windshield wiper market size is estimated to be USD 7.5488 billion in 2022 and the market is projected to touch USD 8.56 billion by 2030, exhibiting a Compound annual growth rate (CAGR) of 1.6% during the forecast period.
A windshield wiper is a device that is used to keep the window clean. The device mainly consists of two end ferrules, a pivot socket, a rubber strip, and a spring steel sheet. The product is a compulsory part of every vehicle.
The windshield wiper market is expected to grow due to the demand for smart wipers. Changes in customer preferences and increased safety concerns are predicted to drive market growth. Increased demand for the device in SUVs, hatchbacks, and sedans. Also, rise in growth in the automotive sector and a high need for powered wipers. The device is used to keep the widows clean. It helps to remove the water and dust particles from the surface to conserve clear vision though driving. Increased new advancements and extensive product lunches by prominent key players are anticipated to fuel market growth. Growing urbanization and an increase in disposable income are projected to drive market growth. On the contrary, the tear and wear of wipers owed to extreme conditions are anticipated to limit market growth in the forthcoming years.
COVID-19 Impact: Closure of Automotive Sector to Hamper Market Growth
The COVID-19 pandemic affected windshield wiper market growth due to the closure of the automotive sector. Lower requirement for the product due to travel ban. Lockdown restrictions and remote working hamper market progress. Further, raw material costs fluctuate and lower production to minimize market growth.
LATEST TRENDS
"Growth in Automotive Sector to Accelerate Market Growth"
Increased need for the device in the automotive sector and growing development in automotive sector is anticipated to surge market growth. Increased demand for the device in SUVs, hatchbacks, and sedans. Also, rise in growth in the automotive sector and a high need for powered wipers. The device is used to keep the widows clean. It helps to remove the water and dust particles from the surface to maintain clear vision while driving. These factors are predicted to drive market growth. Further, manufacturing companies are innovating effective wipers which can resist extreme weather conditions is predicted to fuel market growth in the forthcoming years. A high volume of automobiles globally is estimated to fuel market growth.
Windshield Wiper Market Segmentation
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- By Type
Based on type, the market is divided into wiper blade and wiper arm.
Wiper blade is expected to be the top part of the segmentation type.
- By Application
Based on the application, the market is divided into OEM and aftermarket
OEM is expected to be the top part of application segmentation.
DRIVING FACTORS
"Increased Urbanization and Government Regulation to Fuel Market Growth "
Increased urbanization and rapid industrialization are estimated to surge market growth. The device is an important part of an automobile. It ensures safety by offering clear vision during driving. While driving during the rainy season and winter reason the product is extensively used. The product prevents snow or ice from settling on the vehicle, and increased adoption of vehicles globally is anticipated to fuel market growth in the upcoming years. Increased new advancements and extensive product lunches by prominent key players are anticipated to fuel market growth. Growing urbanization and an increase in disposable income are projected to drive market growth. Further, government regulations in several regions adopt wipers for clear vision and high safety. An increased number of passengers and drivers are ensuring have vehicles that have working windshield wipers is predicted to foster market growth in the forthcoming years.
"A rise in Safety Concerns and Improved Standard of Living to Surge Market Growth"
Rise in safety concerns among the population and the growing adoption of the vehicle as a great means of communication. Increased demand for electric and hybrid vehicles is projected to foster market growth. The product is extensively used in buses, cars, locomotives, and trucks. These factors are anticipated to surge market growth. Further, improved living standards and increased purchasing power among the population are anticipated to drive market growth. Growing private and commercial vehicle sales are predicted to fuel market growth in the upcoming years. The product is effective and has longer durability, which is estimated to expand market growth. In addition, advanced technology adoption by end-user is expected to fuel market progress. The product has uniform force, lightweight features, and a simple structure. These features of the device are anticipated to fuel market growth.
RESTRAINING FACTORS
"High Chances of Tear during Harsh Weather to Obstruct Market Growth "
Tear and wear of wiper owed to extreme condition is anticipated to limit market growth in the forthcoming years.
Windshield Wiper Market Regional Insights
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"Expansion of Industrialization in Asia Pacific to Drive Market Share "
Asia Pacific is anticipated to account for windshield wiper market share owing to an increase in urbanization. Expansion of industrialization and growing disposable income. A rise in number of people to buy new vehicles is predicted to fuel market growth. Further, developed regions such as India, China, and Japan have the highest production and sales of vehicles. Increased population is predicted to drive market growth. Automotive manufacturing companies are spending huge on research and development activities. Government initiatives to promote automotive industry and growing awareness about safety. All these factors are anticipated to fuel market growth in the forthcoming years.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Valeo (France)
- Bosch (Germany)
- Tenneco(Federal-Mogul) (India)
- Denso (Japan)
- Trico (U.S.)
- ITW (U.S.)
- HELLA (Germany)
- HEYNER GMBH (U.K.)
- AIDO (China)
- Lukasi (China)
- Mitsuba (Japan)
- DOGA
- METO
- Pylon
- KCW
- Guoyu
- CAP
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 7.5488 Billion in 2022 |
Market Size Value By |
US$ 8.56 Billion by 2030 |
Growth Rate |
CAGR of 1.6% from 2022 to 2030 |
Forecast Period |
2023-2030 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is windshield wiper market expected to touch by 2030?
The global windshield wiper market size is expected to reach USD 8.56 billion by 2030.
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What CAGR is windshield wiper market expected to exhibit by 2030?
The windshield wiper market is expected to exhibit a CAGR of 1.6% by 2030.
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Which are the driving factors of the windshield wiper market?
Drivers of this windshield wiper market are increased urbanization and government regulation and rise in safety concern and improved standard of living.
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Which are the top companies operating in the windshield wiper market?
Valeo, Bosch, Tenneco(Federal-Mogul), Denso, Trico, ITW, HELLA, CAP, HEYNER GMBH, AIDO, Lukasi, Mitsuba, DOGA, METO, Pylon, KCW, and Guoyu are the top companies operating in the windshield wiper market.