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.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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.
Market Reports Center 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