SELBYVILLE, Del., Mar. 2, 2021 /PRNewswire/ — Global Market Insights Inc. has recently added a new report on the car care products market, which estimates the market valuation for car care products will cross US $13 billion by 2027. Favorable trends associated with the automotive sector will benefit the industry’s expansion.
Growing inclination toward vehicle maintenance will positively influence industry growth in the upcoming years. Various contaminants put the paintwork of a car at risk. In some cases, these areas become prone to both discoloration and corrosion. Regular exterior cleaning of the car prevents buildup of these contaminants and keeps the car blemish & corrosive free. Proper vacuuming, stain removing, and cleaning measures aid in keeping upholstery items, instrument panels, carpeting, etc., in optimum condition. Such trends will catapult the growth of the car care products market.
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Car care products industry players are manufacturing environment-friendly and no-rinse car care products, owing to their rising popularity. In addition, these companies are manufacturing multi-purpose products containing fast-acting characteristics, protection & repellent properties, and long-lasting benefits.
The car care products industry is segmented based on product, body part, application and distribution channel. Based on product, the market is segmented into wax & cleaning, glaze & coating, and others. The other car care products segment includes odor eliminator spray, anti-rust spray, microfiber cloth, etc. This segment will cross USD 2.4 billion by the end of the forecast period. Microfiber car care products are available in different forms including wash mitts, towels, applicators, and pads. Due to their versatile nature, these products are used to clean wheels, paint, leather, glass, etc.
The exterior segment will grow at a CAGR more than 2.5% between 2021 and 2027. The online segment will grow at a rapid pace and account for more than 25% share by 2027. Many major manufacturers established online platforms for effective sales and distribution of car care products. Moreover, these manufacturers collaborated with major online behemoths, Amazon, Flipkart, etc., to expand their distribution network.
The North American car care products market will capture over a 20% share by the end of forecast period. Favorable trends associated with the car wash industry will drive car care product sales. Many car owners are opting for car wash centers due to less service time and convenience. These car wash centers are implementing various technologies, such as car wash apps and online platforms, to attract customers.
Some major findings of the car care products market report include:
- The exterior segment will gain significant traction as cars’ exterior surfaces are constantly at risk from contaminants present in the surrounding environment.
- The glaze & coating segment will grow at a steady rate owing to its ability to increase gloss and improve vehicle’s appearance.
- Turtle Wax, Inc., 3M, SONAX GmbH, Tetrosyl Ltd., Ningbo Shinsan Cleaning Products Co., Ltd., Southern Counties Lubricants, LLC, Autoland Car Care, Zhongshan Datian Car Care Industry Inc, Guangzhou Veslee Chemical Science, and Technology Co., Ltd. are some of the key players in the car care products market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Car care products market 360⁰ synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Body part trends
2.1.4 Application trends
2.1.5 Distribution channel trends
2.1.6 Regional trends
Chapter 3 Car Care Products Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Profit margin analysis
3.3.2 Value addition at each stage
3.3.3 Distribution channel analysis
3.3.4 Value chain disruptions due to COVID-19
3.3.5 Vendor matrix
3.4 Industry megatrends
3.5 Innovation & sustainability
3.5.1 Patent analysis
3.5.2 Technology landscape
3.5.3 Future trends
3.6 Industry impact forces
3.6.1 Growth drivers
220.127.116.11 Increasing consumer awareness towards car maintenance
18.104.22.168 Positive outlook of automotive sector
22.214.171.124 Rising popularity of online sales of car care products
3.6.2 Industry pitfalls & challenges
126.96.36.199 Temporary shutdown of automotive service facilities due to COVID-19
3.7 Regulatory landscape
3.7.1 North America
3.7.3 Asia Pacific
3.8 Growth potential analysis
3.9 Competitive landscape
3.9.1 Top players overview, 2020
3.9.2 Strategy dashboard
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 Cost structure analysis
3.11.1 R&D cost
3.11.2 Manufacturing & equipment cost
3.11.3 Raw material cost
3.11.4 Distribution cots
3.11.5 Operating cost
3.11.6 Miscellaneous cost
3.12 PESTEL analysis
3.13 Impact of COVID-19 on automotive sector
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Car Care Products Market size to exceed $13 Bn by 2027
Car Care Products Market size is set to cross USD 13 billion by 2027, according to a new research report by Global Market Insights, Inc.
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SOURCE Global Market Insights Inc.