LONDON--(EON: Enhanced Online News)--The global automotive polishing machine market is expected to grow at a CAGR of more than 8% during the period 2017-2021, according to Technavio’s latest market research.
“Apart from the attractive demand-side factors, APAC has become a prime offshore location for automotive manufacturing due to factors such as government incentives and cost advantages. All these factors augur well for the growth of the automotive polishing market”
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive polishing machine market for 2017-2021. The market is further categorized into two product segments, including rotary polishers and dual action polishers.
“The trend of investing in high-quality maintenance at an individual level is increasing the popularity of machine polishing among car detailing enthusiasts. To target car detailing individuals, automotive polishing machine manufacturers are designing new products that are formulated to be used in conjunction with polishing machines,” says Abhay Sinha, a lead research expert from Technavio.
Technavio’s research analysts segment the global automotive polishing machine market into the following regions, of which the top three are discussed in detail below:
- North America
In 2016, with a market share of almost 39%, North America emerged as the market leader in the global automotive polishing market, followed by Europe with close to 31%, APAC with over 23% and ROW with over 7%.
North America: growth of auto detailing market to boost growth
The increasing number of vehicles is driving the demand for automotive polishing machine market. Vehicle owners spend an enormous amount of money in acquiring and maintaining their vehicle. Higher car values and the increasing market of luxury cars in the US has made auto detailing a mainstream business in North America. The auto detailing market in the US is expected to grow at a CAGR of 7.6%. The increasing auto detailing market has steered the growth of automotive polishing machine market. Automotive polishing machine market in North America is expected to grow at a CAGR of 7.3%.
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Europe: increasing used car market driving demand for polishing machines
The robust economic growth in Eastern Europe and economic improvement in Western Europe is expected to activate growth in this region during the forecast period. This will lead to the recovery of the automotive industry as the economic activity stabilizes and consumer confidence improves.
In Europe, the UK is showing promising growth in the new automotive sales as well as used cars. The used car market in Europe is highly competitive with different types of business models. The transaction parties include independent dealers, franchises, and online platforms. The increasing used car market is driving the demand for automotive polishing machine market in the region. The automotive polishing market is expected to grow at a CAGR of 7.6%.
APAC: growth of automotive market to boost growth
Asia consists of one of the fastest growing economies in the world with countries including China, India, Thailand, Indonesia, and South Korea among others. With the rapid economic growth in this region, the per-capita income has drastically increased over the past couple of years, which has increased the purchasing power of consumers leading to higher automobile sales. Additionally, with increased economic growth, most of the countries in this region have been actively spending on infrastructure and industrial development pushing the demand for heavy commercial vehicles. Due to the vibrant economic situation of the countries in this region, Asia accounts for one of the fastest and largest automotive markets globally.
“Apart from the attractive demand-side factors, APAC has become a prime offshore location for automotive manufacturing due to factors such as government incentives and cost advantages. All these factors augur well for the growth of the automotive polishing market,” says Abhay.
The top vendors in the global automotive polishing market as highlighted in this market research analysis are:
- Robert Bosch Tool
- Griot's Garage
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