Car Care Products Market to grow by USD 3.58 billion between 2023-2027 | APAC will account for 42% of the market's growth- Technavio
NEW YORK, Nov. 5, 2023 /PRNewswire/ -- According to Technavio, the global car care products market size is estimated to grow by USD 3.58 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 5.48% during the forecast period. By geography, the global car care products market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the global car care products market growth. APAC will account for 42% of the market's growth during the forecast period. China, India, Japan, and South Korea are the major countries in the regional market. The region will be able to strengthen its position in the market for auto care products due to the high growth rate. Additionally, countries like China and Japan are also leading the e-commerce market in terms of online purchases. Therefore, the region offers ideal conditions for the car care products market growth. For more Insights on the car care products market, Request a sample report
Covid Analysis
The COVID-19 outbreak had a severely negative effect on the global automotive components and accessories market's growth in 2020. Additionally, trade operations were negatively impacted in the first half of 2020 as a result of the rigorous social distance and travel limitations that were put into place. This impacted the expansion of the market for automotive components globally. Worldwide, non-essential goods and services, as well as vehicle parts and accessories, saw a fall in sales. However, vehicle parts and accessories sales soared in 2021 due to the relaxation of the ban on trade and the removal of lockdowns. This is anticipated to result in a rise in demand for automotive parts and accessories throughout the forecast period, which would favorably affect the market expansion of the global automotive components and accessories market.
The supply chain for automobiles has been impacted by the ongoing Russia-Ukraine conflict. Auto sales have fallen slightly in 2022 as a result of significant price volatility and a constrained product supply. The prolonged confrontation between Russia and Ukraine has caused delays in the production of finished items. This has had a substantial impact on the development of the automotive industry, which has hurt European customers' interest in the sector. This will negatively impact the growth of the global automotive market during the forecast period.– buy the report!
Global car care products market - Five forces
The global car care products market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
Global car care products market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global car care products market - Segmentation assessment
Segment Overview
Technavio has segmented the market based on application (interior and exterior), end-user (retail and professional), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The interior segment will grow at the highest rate during the forecast period. The segment is expected to rise due to the rising demand for automobile cleaning products and solutions during the forecast period. The growth in the demand for car care products is due to the increasing understanding of automobile accessories among customers.
Global car care products market – Market dynamics
Key factor driving market growth
- The growing demand for aftermarket car cleaning products is notably driving the car care products market growth.
- The expansion of the market is being driven by an increase in consumer awareness and the growth in the availability of automobile cleaning products.
- In terms of the number of vendors, their product offerings, and service networks, the automobile aftermarket is experiencing different market dynamics across regions.
- For instance, the automotive aftermarket in APAC is expanding quickly due to the entry of new businesses into both the offline market and e-commerce platforms. Therefore, the rising demand for aftermarket car cleaning products will propel the growth of the worldwide auto care products market during the forecast period.
Leading trends influencing the market
- Growing focus on car maintenance and extending the lifespan of vehicles is the key trend driving the car care products market growth.
- The lifespan of vehicles is getting longer in developed nations like the US, China, and Europe, which is increasing the number of vehicles on the road globally.
- The lifespan of automobiles is further growth due to the expanding use of dependable parts and components, routine maintenance services, and increased customer knowledge of the importance of keeping cars in good working condition.
- Due to the increased lifespan of vehicles, the demand for various automotive care products, including interior and exterior protection/dressing/cleaning solutions is increasing. This is thus anticipated to accelerate market growth during the forecast period.
Major challenges hindering the market growth
- The major challenge impeding the car care products market growth is counterfeit car care products and solutions.
- Due to the market's extremely unstructuredness and lack of regulation, there is a very strong probability of selling low-quality, fake goods.
- As competition rises and new competitors enter the market with strong pricing strategies, the availability of such counterfeit goods grows yearly.
- However, throughout the projected period, the prevalence of fake car care products is expected to restrict the growth of the market during the forecast period.
What are the key data covered in this car care products market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the car care products market between 2023 and 2027
- Precise estimation of the size of the car care products market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the car care products market across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of car care products market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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