September 29, 2022 05:50 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global automotive washer system market is expected to register a robust CAGR of 5.2% between 2022 and 2032. The global market reached a valuation of US$ 22.3 Bn in 2021 and is predicted to touch US$ 23.5 Bn in 2022. The global automotive washer system market is anticipated to be totaled US$ 39.1 Bn by 2032.
Owing to the rapid expansion of the automotive industry, there is a significant surge in the overall automotive washer system market around the globe. The automotive washer system market incorporates around 4% to 7% of its first parent market, which is an automotive parts and accessories market.
The global automotive washer system market showed stagnant growth during the historical period from 2014 to 2021 by registering a CAGR of 3.1%. However, owing to the increasing production and sales of vehicles, the overall automotive washer system market is expected to broaden its spheres by growing at a pace of 5.2% CAGR between 2022 and 2032.
On the basis of region, North America is anticipated to show its dominance in the global automotive washer system market in terms of revenue in 2022 and is expected to surge throughout the forecast period.
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Several factors are responsible for the surge in the global market such as an increase in vehicle production and sales, strong presence of key manufacturers, growing popularity of premium automobiles, increasing research activity, and rising investments in product development provide the appealing potential for the automotive washer system market in the region.
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Key Segments Covered in Automotive Washer System Market Analysis
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More Insights into the Automotive Washer System Market
Germany is expected to witness lucrative growth opportunities in the global automotive washer system market by accounting for around 6.0% of the market share in 2022. This estimation is further expected to surge throughout the forecast period owing to the flourishing automotive sector.
As per FMI analysis, Japan is expected to account for around 8.2% share of the global automotive washer system market in 2022 and it is likely to grow at a steady pace during the assessment period.
3.1. Key Trends Impacting the Market
5. Global Automotive Washer System Market Demand Analysis 2014–2021 and Forecast, 2022-2032
5.1. Historical Market Volume (Units) Analysis, 2014–2021
5.2. Current and Future Market Volume (Units) Projections, 2022-2032
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