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Vehicle wash system Market to Witness CAGR of 8% and Increase in Value Share By the Forecast Period 2026 - States Fact.MR
Vehicle wash system Market
Do-it-for-Me culture, preference for express services and greater customization demand has led to increasing adoption of professional vehicle wash system over traditional washing practices.
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These trends are according to a new Fact.MR study which envisages a stellar growth of the vehicle wash system market with over 8% CAGR during the period of 2018 – 2026.
Driven by consumer behavior, the vehicle wash system market has been keenly studied to understand adoption levels of different vehicle wash technologies available in the global market space.
Pressure washers are likely to outsell other vehicle wash systems owing to their affordability. According to the report, roll over systems are also in high demand, as end-user focus shifts to better efficiency. Roll over systems account for nearly 32% of the market share.
Advanced washing machinery and equipment complement the divergent demand from multiple applications including construction, mining, automotive, railways and aerospace among others.
Demand for vehicle wash systems in the automotive industry is expected to dominate with the highest sales valuation through 2026 owing to increased demand for repair and maintenance against the backdrop of incremental vehicle sales.
In particular, the passenger cars segment is identified to lead the demand for vehicle wash systems during the forecast.
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Fact.MR research shows that independent segment is estimated to capture over 46% of the total market share by the end of 2018 as investors are inclined towards medium and large sized independent providers.
While this segment is estimated to continue its dominance through 2026, the authorized car dealer segment is expected to grow rapidly with the increasing production of automobiles and on-road vehicle fleet.
North America and Europe remain the most lucrative markets for vehicle wash systems globally.
These two regions collectively account for 50% revenue share of the vehicle wash system market.
According to the report, North America market is marked by vehicle wash ownership by small and medium-sized companies whereas the European market represents ownership by medium and large-sized petroleum companies.
Fact.MR research shows that China, South East Asia & Pacific and Japan regions will share a considerable market share owing to the flourishing automotive industry and increasing demand for vehicle wash system in multiple industries starting from mining to aerospace.
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While weather conditions remain the prime challenging factor influencing the overall profitability of the vehicle wash system market, the vehicle wash industry continues to introduce novel approaches like unlimited wash programs to maintain market sustainability regardless of the outdoor climate.
The study shows that technological developments in the vehicle wash systems are primarily focused on saving a considerable amount of water and delivering faster washes.
Manufacturers are actively engaged in introducing sustainable, efficient and affordable vehicle wash solutions to attract a divergent consumer base.
The vehicle wash system industry is observed to remain under the influence of global economic shifts, weather changes, evolving interests of investors and changing consumer preferences.
The ongoing automation, proliferating automotive industry, recovery in the mining sector and universal customization trend are important global trends identified in the study that are expected to influence the vehicle wash system market during the assessment period.
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