Rising disposable income has resulted in an increase in the spending capability towards maintaining the car using car care products. These products have several benefits towards the aesthetic appearance and the maintenance of car interior and exterior.
New York, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Care Products Market by Product Type, Solvent Type, Application, Consumption, Distribution Channel And Region - Global Forecast to 2027" - https://www.reportlinker.com/p05794567/?utm_source=GNW
The global car care products market is projected to grow from USD 11.8 billion in 2019 to USD 16.1 billion in 2027 at a CAGR of 4.0 % during the forecast period. The growth of the car care products market is into a rising phase due to the technological advancements in car washing techniques. The increasing disposable income in major country markets enable consumers to afford these technologies and products. Partnerships between car care product manufacturers and company-authorized service centers will provide the users efficient end-to-end solutions. Consumers have become aware of the advantages of car care products in protecting the car against the sun, snow, and other harmful factors.
Cleaning and Caring Products is expected to be the fastest growing segment and will continue to grow till 2027
The segment is mainly driven by the demand for exterior cleaning and interior cleaning, including upholstery cleaning, floor mats cleaning, etc.Innovative product ranges with new types of chemical compositions and solvents are being introduced by companies to cater to the demands of the consumers.
The growth of this segment is mainly driven by the multipurpose, user-friendly products that it offers at competitive price ranges.
Water-based solvents are expected to lead the market globally
There has been a bigger push for water-based solvents because of the low cost of raw materials required for manufacturing these products.These products are biodegradable and environmentally friendly.
In Europe, there has been laws and regulations regarding preserving water and less use of hazardous chemicals in the manufacturing of car care products. Water-based solvents address these issues efficiently.
Auto Beauty Shops are expected to be the fastest growing segment and will continue to grow in the future
Advancements in the technology and ever-increasing demand for efficient car cleaning products has resulted in the growth of auto beauty shops. The growth has been observed in automated car wash machines like gantry, conveyer tunnel car wash, etc., which will wash the cars within few minutes.
Asia Pacific is the largest market for car care products, followed by North America
The market in the Asia Pacific region has been witnessing significant growth in the new car sales volume.There has been an increase in the disposable income due to which consumers are willing to spend money to give an updated aesthetic look to their cars.
Beijing has a heavy pollution problem and often experience dust storms.This problem has boosted the growth of the car washing industry in Beijing.
The governments of China, Australia, and India have enforced stricter rules and regulations to address the problem of water scarcity.
Australia leads the deployment of car wash machines as the demand for the quicker and express car exterior car wash is increasing.Japan and Korea, being technologically advanced countries, have also integrated automation for car washing, which can preserve water on a larger scale.
In India people are more likely to keep their cars for a longer duration.Thus, they maintain the same car using car care products instead of buying a new one.
There has been a rise in the sales of premium cars in the Indian market, which will further drive the usage of car care products.
The car care products market is dominated by a few global players.The key players in the market are 3M (USA), Illinois Tool works (USA), Autoglym (UK), Sonax (Germany), Würth Group (Germany), Soft99 Corporation (Japan), Tetrosyl (UK), Simoniz USA (USA), Turtle Wax (USA), Liqui Moly (Germany), Northern Labs (USA), Armored Group (USA), Automagic (USA), Bullsone (South Korea), Jopasu Systems India Pvt Ltd (India) and Guangzhou Biabong Car Care Industries Co.
• By Company Type: OEM - 60%, Tier I - 20%, Tier II- 20%
• By Designation: C level - 50%, Director Level– 30%, Others– 20%
• By Region: North America - 25% Europe - 20%, Asia Pacific - 55%,
The study includes an in-depth competitive analysis of the key players in the global car care products market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
The global car care products market has been segmented based on product type (cleaning and caring, polishing and waxing, sealing glaze and coating, other products), solvent type (water based and foam based solvents), consumption (Auto beauty shops, service centers and garages, individual sources), distribution channel (DIY/retail stores, DIFM/Service centers) and region [Asia Pacific (China, Japan, South Korea, India, Australia, New Zealand), Europe (UK, Germany, France, Spain, UK and Italy), and North America (US, Canada, and Mexico), and Rest of the world (Brazil, Russia).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
• Market Size, by product type category: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by product type (cleaning and caring, polishing and waxing, sealing glaze and coating and other products).
• Market Size, by solvent type: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by solvent type (water-based solvents and foam-based solvents).
• The report provides “competitive leadership mapping” that profiles key players as visionary leaders, innovators, dynamic differentiators, and emerging companies.
• The report also provides “Revenue Impact” section that helps the car care products manufacturers to understand the key impacting factors for the car care products market.
• Market Development: The report provides comprehensive information about the lucrative emerging markets for car care products market across regions.
• Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the car care products market.
Read the full report: https://www.reportlinker.com/p05794567/?utm_source=GNW
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