Global Automotive Polishing Machine Market 2017-2021
About Automotive Polishing Machines
The automotive sales have improved worldwide. With the increase in consumers' confidence in various economies, such as the US, the automotive sales in terms of the units sold have improved. In 2017, the largest automotive market, China accounted for 24.9 million units, which are over 27% of the global automotive sales in 2015. In China, the massive population along with strong economic growth is the driving factor for the rapidly growing automotive market. Apart from a strong domestic market, China is an export hub for automobiles and auto components with most of the international original equipment manufacturers (OEMs) and tire suppliers having off-shore manufacturing facilities in the country.
Technavio’s analysts forecast the global automotive polishing machine market to grow at a CAGR of 8.22% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive polishing machine market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of automotive polishing machines.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Polishing Machine Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive polishing machine market: Robert Bosch Tool, DEWALT, Griot's Garage, and Porter-Cable
Other Prominent Vendors in the market are: The Eastwood Company, FLEX, Milwaukee Tool, Meguiar's, SHANGHAI KEN TOOLS CO., and TorqToolCompany
Commenting on the report, an analyst from Technavio’s team said: “The recent years witnessed volatile demand for automobiles from developed economies due to the economic slowdown. However, the robust growth from emerging markets is increasing the overall automotive sales. Some of the factors impacting the growth in emerging economies are the ideal population demographics and elevated purchasing power of consumers. The growth in emerging markets, with ongoing industrialization and global trade activity, especially in Brazil, Russia, India, and China (BRIC), have been vigorous. China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. Over the past few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic in nature and rapidly growing. Many auto OEMs are entering the market to tap its huge potential.”
According to the report, the automotive industry is dominated by a few global multinational players and several retailers. The multinational players are OEMs, whereas the retail market deals in both new and used cars. The financial crisis of 2008-2009 has negatively impacted the automotive industry. The sales of new vehicles had sharply declined after the crisis whereas, the market for the sales of used vehicles was improving. The aftermath of the financial crisis has finally resolved. However, the used car market is flourishing more in comparison to the new vehicles market. For example, the used car market in the UK contributed the 52.3% of the total sales in 2015 with revenue of $45 billion. The ratio of used-car to the new-car transaction is growing, and the process of the transaction has become more transparent with the help of online platforms. Consumers can compare prices on different online platforms. Used car buyers are resorting to internet research for buying cars. The used car is sold in the market through three channels: private owners, franchised dealers, and independent dealers. In developed economies like the UK, private owners held 80% of the market share. The increasing penetration of online platform is driving the growth of the used car market.
Further, the report states that the growth of the market is inhibited by the high cost of the automotive polishing machine. The average selling price (ASP) of the automotive polishing machine is $200, which is very high for end-users like individuals. However, for the commercial sector, the ASP of the polishing machine doesn’t make a huge difference as auto detailing service providers design the overall package and do the costing of the overall service provided to the customer. However, it is expected that the ASP of the automotive polishing machine will increase due to the volatility of the raw material prices like plastic, used in the manufacturing of the automotive polishing machine.
Robert Bosch Tool, DEWALT, Griot's Garage, Porter-Cable, The Eastwood Company, FLEX, Milwaukee Tool, Meguiar's, SHANGHAI KEN TOOLS CO., TorqToolCompany.
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