Global Car Care Products Market Growth and Forecasts to 2027: North America Forecast to be Largest Regional Market
DUBLIN, Oct. 22, 2021 /PRNewswire/ -- The "Global Car Care Products Market by Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating), Application (Interior, Exterior), Consumption, Solvent (Water, Foam-based), Vehicle Type, Distribution Channel & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
In the pre-COVID-19 scenario, the global car care products market was estimated to reach USD 4.64 billion by 2025. However, the COVID-19 pandemic has promoted the sale of car care products.
The global car care products market is projected to grow from USD 4.2 billion in 2021 and reach USD 5.5 billion in 2027, at a CAGR of 4.7%. COVID-19 has positively affected the demand for interior and DIY car care products. North America is expected to be the largest market for car care products during the forecast period, and the interior segment is expected to be the leading segment of the market by application.
The auto beauty shops segment is the largest segment of the car care products market by consumption. The water-based solvent segment is going to be the fastest-growing segment as it is cost-effective and also fulfills various regulations regarding the chemical composition of a car care product. DIFM (Do It For Me) segment is the largest segment in the global car care products market by distribution channel.
Additionally, the increasing sales of used cars would be a key driver for the car care product industry. As per the US DoT, used passenger cars and light truck sales in the US increased from 36.9 million units in FY 2010 to 40.8 million units in 2019 and experienced a growth of 10.6% from 2010 to 2019. Hence, an increase in sales of used cars will further increase the demand for car care products.
The interior segment includes car care products such as anti-microbial, foam-based, or water-based solvent interior trim cleaners. The demand for these products is increasing due to their capability to clean trim parts and keep the interiors of a car germ-free. Hence, the increasing consumer preferences for interior maintenance and cleaning with anti-microbial interior car care products are driving the growth of the interior segment.
North America has the largest market for car care products, and the US has the largest car care products market in the North American region, followed by Canada and Mexico. Consumers in North America are more inclined toward maintaining the aesthetics of their vehicles. Hence, manufacturers are launching new products to ensure high-quality and cost-effective car care products are available for customers.
Car owners in the US have more consumption of car wash and auto detailing services, which has simultaneously increased the demand and consumption of car care products. In comparison, laws and restrictions related to the car wash at home in the US have further compelled car owners to use auto beauty shops, service centers, and garages to maintain the aesthetics of their cars.
The study segments the car care products market and forecasts the market size based on product type, by application, by vehicle type, by consumption, by distribution channel, by solvent and region.
The study also includes an in-depth competitive analysis of the major car care product manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in sales of used cars
5.2.1.2 Use of ecommerce platforms by leading players to increase customer base
5.2.2 Restraints
5.2.2.1 Regulations pertaining to car wash and car care products
5.2.3 Opportunities
5.2.3.1 Development of antibacterial car care products
5.2.3.2 Increasing demand for water-based cleaners
5.2.4 Challenges
5.2.4.1 High cost of specialized car care products
5.2.4.2 Usage of hazardous chemicals in car care products
5.3 Car Care Products Market Ecosystem
5.4 Value Chain Analysis
5.5 Porter's Five forces Analysis
5.6 Patent Analysis
5.7 Case Study Analysis
5.7.1 Oskar Ruff & Co. OHG In Esslingen, Germany
5.7.2 Turtle Wax Experiences Significant Cost Savings
5.8 Car Care Products Market Scenario
5.8.1 Realistic Scenario
5.8.2 Optimistic Scenario
5.8.3 Pessimistic Scenario
6 Recommendations by the Publisher
7 Car Care Products Market, by Product Type
8 Car Care Products Market, by Application
9 Car Care Products Market, by Consumption
10 Car Care Products Market, by Solvent
11 Car Care Products Market, by Vehicle Type
12 Car Care Products Market, by Distribution Channel
13 Car Care Products Market, by Region
14 Competitive Landscape
15 Company Profiles
- 3M
- Altro Group Plc
- Armor All
- Armored Auto Group
- Auto Magic
- Bullsone
- Cartec B.V.
- Chemical Guys
- Formula 1 Wax
- Guangzhou Biaobang
- Illinois Tool Works Inc.
- Jopasu Systems
- Liqui Moly
- Mafra Spa
- Northern Labs
- SOFT99 Corporation
- Simoniz USA
- Sonax GmbH
- Tetrosyl
- Turtle Wax
- Wurth Group
For more information about this report visit https://www.researchandmarkets.com/r/lvbl4w
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