Is it smart to invest in the European car wash industry? Spoiler: Yes.
Investors who are interested in getting involved in the European carwash market, might want to check the extensive forecast just published by Verified Market Research (VMR). According to this company the European market is projected to reach USD 5,342.02 Million of value by 2030, at a CAGR of 6.66% in the coming seven years.
The recently published Europe Car Washing System Market report predicts increasing government regulations and consumer awareness about water usage. Both are driving the market forward.
Another key element in bigger revenues are the car wash subscription programs that are becoming more common nowadays. According to VMR these are a real market growth opportunity.
There are also more cars to be washed in Europe. The demand for new cars in the EU increased by 25.2% during the first half of 2021, reaching nearly 5.4 million units registered overall.
According to the report, companies are introducing new technologically advanced or automated washing systems for delivering more effective and gentle cleaning on all vehicle surfaces. They specifically mention the M’Wash 4 by Spanish company Istobal, who introduced a high-end automatic vehicle wash rollover that increases production by washing cars better in less time.
VMR also mentions the rising concern regarding water wastage. In parts of Europe, car washing was restricted last summer because of drought. In the future this will be an opportunity for the professional car washing system.
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Factsheet of Verified Market Research.
Verified Market Research is a global Research and consulting firm that has been providing advanced analytical research solutions, custom consulting and in-depth data analysis for 10+ years to individuals and companies alike. They have offices in Delaware, Dubai and Pune (India) and count Siemens, Amazon and Intel among their clients.