Global Car Care Product Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 3.43% in the Forecast Period
Published | 02 November 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Car Care Product market was worth USD 10.1 billion in the year 2020. The data gathered in the study suggests that the market is estimated to grow at a CAGR of 3.43%, earning revenue of around USD 12.6 billion by the end of 2027. The aging of vehicles and the declining trend of replacement of vehicles also tilt the balance in favor of the car care service market. The Car Care Product market is primarily driven by rising safety and security needs, the growing demand for proper car maintenance, increased customer awareness about vehicle care, and government-mandated periodic maintenance.
Availability of the Eco-Friendly Car Care Products will is Driving Car Care Market Demand
Because environmental awareness is growing, particularly among the younger population, they are choosing environmentally friendly products, including automobiles. As a result, automobile manufacturers are producing a wide range of automotive items that are less harmful to the environment and use less water. Furthermore, innovative solutions such as waterless car washes and wax solutions are also attracting the younger demographic. Furthermore, producers are opting for environmentally friendly raw materials that exceed regulatory norms. As a result of these factors, the worldwide auto care product market is gaining significant traction.
Ease of Use of Car Care Products Driving the Global Car Care Products Market
Most automobile owners prefer to have their vehicles cleaned and maintained by professionals. However, a sizable proportion of the population prefers to do which automobile maintenance and cleaning on their own. The market is filled with car care products that do not need much expertise to use and can easily be used at homes. The demand for such products flourished in the lockdown period when people had to stay at home all day, which prompted them to take care of their cars on their own.
The Cleaning Products Segment will lead the Global Car Care Product Market in The Forecast Period
Based on product types, the global car care product market is categorized into the following segments, i.e., cleaning and caring, polishing and waxing, sealing glaze and coating, and other products. The cleaning products segment dominates the global car care product market with the maximum market share. Today, automobile owners are spending considerable sums on car maintenance products due to increased consumer awareness and trends of making cars look as presentable as possible. The demand for motor vehicles is gradually increasing, resulting in rising consumer demand for after-market services such as car washes. Interior cleaning and hand wax services are the most popular in the segment, followed by exterior cleaning, shampoo floor mats, and upholstery cleaning. Multipurpose products are fast-acting, provide repellent and protection properties to ensure long-lasting cleaning benefits. The cleaning segment is thriving with a strong growth rate due to multipurpose product use, odor neutralization, convenience of use, and ecologically friendly sustainable products.
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Global Car Care Product Market - Regional Insights
Geographically, the global car care product market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa. Among these regions, North America dominates this market followed by Europe. The rising popularity of minivans as family vehicles and the rising demand for luxury automobiles in North America is expected to expand the market for auto maintenance products during the forecast period. Also, the Asia-Pacific is projected to be the fastest-growing market with a significant CAGR throughout the forecast period because of the growing automotive manufacturing industry in countries such as China, South Korea, and India.
Impact of COVID-19 On the Global Car Care Product Market
The COVID-19 epidemic has had a devastating impact on the whole automobile industry, including car care products. As soon as the EHO declared the coronavirus as a pandemic, the governments of different countries had to impose nationwide lockdown to curb the spread of the virus. As a result of the complete lockdown, people were compelled to stay indoors to follow the social distancing norms. As a result, automobile usage reduced significantly, as did the maintenance requirements This also resulted in the subsequent decline in the demand and consumption of car care products.
The leading market players of the global car care products are 3M, Turtle Wax, Illinois Tool Works, Armored AutoGroup, SOFT99, SONAX, Tetrosyl, Northern Labs, Liqui Moly, Simoniz, Autoglym, Bonny, Bulls one, Yaobang, CHIEF, Rainbow, Mothers, Auto Magic, and other prominent players.
The key industry players are now shifting their focus towards emerging economies that hold great growth potential for car care products. They are establishing production plants in these regions and also making wide ranges of products available to establish themselves as leading market players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Car Care Product market. It also highlights the factors driving forecasts of the total market size. The report promises to provide recent technology trends of the global car care product market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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