Market Research Report
Car Care Products Market Size, Share & Trends Analysis Report By Product (Car Cleaning Products, Car Wax), By Packaging Volume (501 - 999 mL, 251 - 500 mL), By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||996525|
|Published||Content info||133 Pages
Delivery time: 2-10 business days
|Car Care Products Market Size, Share & Trends Analysis Report By Product (Car Cleaning Products, Car Wax), By Packaging Volume (501 - 999 mL, 251 - 500 mL), By Region, And Segment Forecasts, 2021 - 2028|
|Published: March 10, 2021||Content info: 133 Pages||
Car Care Products Market Growth & Trends
The global car care products market size is expected to reach USD 14.48 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing awareness among customers regarding the maintenance of cars to increase their life is expected to drive the market over the forecast period.
The market for car care products is expected to grow significantly owing to the advancements in car washing technologies. Several modern technologies such as in-bay automatic car washing systems and tunnel automatic car washing systems are used in large service centers and professional car washing facilities, which require minimal human effort, leading to a significant reduction in car washing time.
The market was severely impacted by the pandemic situation, where the lockdown has resulted in a decline in the sales of car care products on both the individual and commercial front. In addition, the economic crisis caused by the pandemic situation is expected to have an adverse effect on disposable income, consequently resulting in a decline in the sales of car care products.
Key players such as 3M Company, Inc.; The Clorox Company; and Valvoline Inc. are acquiring the production facilities or divisions of smaller players as a part of their strategies to enhance their scope of operations and provide better services to clients. The companies operate in multiple locations across Europe, North America, and Asia Pacific with global expansion plans.
Car Care Products Market Report Highlights
By product, car cleaning products are expected to witness the fastest growth from 2021 to 2028 on account of the wide usage of shampoo and detergent for the cleaning of the exterior metal surface of the cars
The 501 - 999 ml packaging volume segment dominated the market in 2020 as it is a preferred option among individuals, small workshops, and independent repair shops
Asia Pacific is estimated to witness the fastest growth over the forecast period due to factors such as the growing population and rising disposable income in developing countries, such as India and South Korea, leading to the growth of the automotive industry
Key players significantly invest in research & development to expand their production capacities, thereby sustaining their market positions. Extension of product offerings to customers is also one of the primary strategies employed by the companies