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NEW YORK — Industry research firm IBISWorld has added a report on the Canadian carwash and detailing industry to its collection, citing growth, according to a press release.
Per capita income is on the rise, increasing demand for new and used cars, which affects carwashes, detailers and auto body shops. An increase in the number of vehicles on the road in Canada has also increased the potential customer base for carwashers, said the release.
Profit margins are expected to increase slightly from 2010, despite rising water and regulatory costs, stated the release.
The release notes that many carwashes have installed water conservation and reclamation equipment because of environmental concerns. Though the cost is high with these installations, industry operators are expected to benefit from the equipment over the next five years.
The expanding Canadian economy is expected to contribute to industry growth. Through 2019 increasing employment, disposable income and consumer spending will add to its growth, said the release.
Click here to read the entire release.