The global car care products market will be driven by increased customer awareness of vehicle care during the forecast period 2021-2026
Expert Market Research’s new report titled ‘Global Car Care Products Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global market car care products market, assessing the market based on its segments such as applications, manufacturing process, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size Forecast (2020): USD 510 Million
Forecast CAGR (2021-2026): 31%
Forecasted market size (2026): 2.2 billion USD
During the forecast period, the market is expected to be driven by rapidly expanding global automobile sales, an increase in consumer disposable income, and improvements in car washing procedures. In luxury cars and sport utility vehicles, maintenance and appearance enhancement products are commonly used. Waxes and polishes are used to maintain a vehicle’s shine and provide protection. In addition, protectants and cleaners are used to keep the car in good condition. During the forecast period, this trend is expected to boost the demand for the products.
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Industry definition and major segments
Car care products, often referred to as car care products, are a wide range of products used to care for and maintain the interior and exterior of automobiles. Shampoos, cleansers and polishes, clay bars, wax, tapes, fillers and a variety of other items are among the products available. Exterior surface cleaners, for example, help remove dirt, dust and road grime from automobiles. Tar and grease are also removed using specialist cleaners. Resil’s paint finishes can be applied manually or mechanically, and they successfully erase even the smallest scratches. Car maintenance improves the aesthetic quality of cars, prolongs their longevity and reduces the risk of accidents, which increases their resale value.
By Type, the market is split into:
By Application, the market is split into:
By distribution channel, the market is split into:
- DIY/Retail Stores
- DIFM/Service Centers
By region, the industry is classified into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
One of the major reasons for the expansion of the market is the increased demand for private vehicles owing to the increase in consumer spending and the emerging trend of suburbanization. Additionally, as luxury cars and sport utility vehicles (SUVs) become increasingly popular for outdoor recreational activities, the demand for efficient car care solutions increases. Moreover, to expand their customer base, leading companies are offering these products through online platforms. Additionally, growing consumer knowledge about vehicle care is fueling demand for new cleaning products to maintain car seats, restore color, and remove unpleasant odors and traces of nicotine. These products also help refine plastic parts and dashboards, as well as safely remove debris while providing a finish and maintaining a shine.
Due to the presence of numerous major automobile players, such as General Motors, Ford Motors, and Tesla, the market in the United States is expected to grow rapidly over the projection period. In addition, the market in the United States is expected to benefit from the growing trend of automotive companies to establish short-distance service centers, as well as the growing customer knowledge about car maintenance. Due to increasing population and wealth, several major Asia-Pacific economies, including India, Thailand, and China, recorded significant vehicle production levels during the historical period. In these countries, the increase in product demand comes from the increase in automobile production to meet the growing demand, and this trend is expected to continue during the forecast period. The popularity of vintage and used cars is growing rapidly. The aesthetic maintenance of these cars is highly dependent on car care products. Previously, the do-it-yourself (DIY) maintenance trend was prevalent; however, the Do-It-For-Me (DIFM) movement is now gaining momentum. The DIFM market is growing rapidly as more and more people opt for professional car maintenance services. For businesses in the automotive sector, a number of in-house and cost-effective replacements are available. These factors are expected to enable the growth of the market over the forecast period.
Main market players
The major market players are 3M Company, Soft99 Corporation, Tetrosyl Group Limited, Illinois Tool Works Inc., among others. The report covers market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are constantly monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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