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MELBOURNE, Australia — The Australian carwash industry is expected to reach revenues of $526.8 million by 2015, prompting IBISWorld to add an industry report to its collection, according to a press release.
IBISWorld attributes strong new car sales as one reason for this growth, saying in the release that “consumers with new cars are more likely to pay for expensive washing and detailing.”
As car sales slow for the 2014-15 year, revenue growth will be more subdued, according to the release.
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Market share concentration is also low for the industry, with the largest company being Magic Hand Car Wash Franchisor Pty Ltd, said the release.
Past droughts are also a cause of industry growth, since consumers were not able to wash their cars at home. Instead, they increasingly turned to in-bay automatic washes and self-service bays, stated the release.
The release also said “similar trends are expected over the next five years as the industry becomes more automated.”
Click here to read the entire press release.