NEW YORK, April 26, 2021 /PRNewswire/ --
The global car care products market by application (interior and exterior) and geography (APAC, North America, Europe, South America, and MEA) has been added to Technavio's offering. The global car care products market is expected to grow by USD 2.7 billion, at a CAGR of almost 5% during 2021-2025.
The sudden outbreak of the COVID-19 pandemic resulted in the closure of automobile manufacturing facilities, which impacted the demand and production of automobiles and automotive accessories. However, with efforts to contain the pandemic, coupled with the removal of lockdown restrictions, the demand for automobiles is steadily increasing. This is expected to result in higher demand for car care products during the forecast period.
The market is expected to be driven by factors such as the growing demand for aftermarket car cleaning products, the dominance of pure internal combustion engine (ICE)-based vehicles in the automotive market, and the economic stability associated with increasing disposable incomes.
Car Care Products Market: Opportunities
Over the past few years, factors such as rapid urbanization, rising disposable incomes, and continuous investments in infrastructure in developing countries have attracted the attention of several automotive OEMs. In addition, the growth in the purchasing power is enabling consumers to look for car care products to expand the lifespan of their cars, as customers in developing counties mostly own entry-level vehicles. Also, the purchase and replacement cycles of cars in such countries are lower. These factors are presenting significant opportunities for vendors operating in the market.
Car Care Products Market: Segmentation by Application
Based on the segmentation by application, the market generated maximum revenue in the interior segment in 2020. The segment is driven by the increasing availability of cleaning and appearance-enhancing products in the aftermarket. Besides, vendors operating in the segment are offering advanced car care products that help to keep the interior of the car clean and protected. For instance, 3M Co. offers the 3M Leather & Vinyl Cleaner. The product infiltrates all types of vinyl, rubber, plastic, and leather surfaces to loosen up, lift, and remove dirt from within the material. The introduction of such innovative products is expected to foster the growth of the segment during the forecast period.
Car Care Products Market: Segmentation by Geography
APAC held the largest market share in 2020 and the market growth in the region is expected to be the fastest compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to factors such as the rapid growth in the e-commerce market and the presence of a substantial young population in countries like India that has led to an increase in the number of DIY customers. In addition, the high volume sales of automobile sales are expected to foster the growth of the car care products market in APAC during the forecast period.
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Car Care Products Market: Major Vendors
3M Co.
The company offers car care products such as 3M Mag and Aluminum Polish, 3M Wheel and Tire Cleaner, 3M Tire Restorer, and others.
Valvoline Inc.
The company offers car care products such as CITRUS TYRE SHINE, AIR CONDITIONER ODOUR ELIMINATOR, CITRUS TYRE SHINE, VPS SUPER DEGREASER, VPS TYRE SHINE, and others.
FUCHS PETROLUB SE
The deals with the sales and distribution of products such as automotive lubricants, industrial lubricants and specialties, and other products. The company offers car care products such as Velvetone alloy cleaner, velvetone car care kit, velvetone high glass polish, and others.
Idemitsu Kosan Co. Ltd.
The company manufactures various petrochemical products as well as solvents and various functional materials. The company offers lubricants such as Idemitsu SN/GF-5 0W-20 FS, Idemitsu SN/GF-5 5W-30 FS, Idemitsu CI-4/DH-1 15W-40, Idemitsu CF-4/SG 15W-40, and others.
Royal Dutch Shell Plc
The company offers a wide range of car care products such as Shell Summer Screenwash, Shell All Season Screen wash 3 Litres Pouch, Shell Exterior Cleaning Wipes, Shell Premium Car Shampoo, Exterior cleaning Wax Polish, and others.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution Channel
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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