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Global Car Care Products Market 2021: By Product (Cleaning and Caring, Polishing and Waxing, Sealing Glaze and Coating, Others), By Application (Interior, Exterior), By Distribution Channel (Online, Brick and Mortar)The Global Car Care Products market size was valued at USD $8.65 Billion in 2020, USD $8.99 Billion in 2021, forecasted to reach USD $9.34 Billion in 2022, and is projected to reach USD $12.37 Billion by 2030, and is anticipated to expand at a CAGR of 3.87% over the forecast period from 2020 to 2030. Global Car Care Products Market is the title of an upcoming report offered by Trusted Business Insights. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global car care products market has been segmented on the basis of product, application, and distribution channel, as well as regions and countries.Request Covid - 19 Impact
Overview:Car care products refers to the products that are used in activities that involve operations and procedures to ensure an individuals vehicle is in proper running condition or good working order, especially cosmetically. These products include air fresheners, cleaners & degreasers, polishing compounds, shampoo, polishing pads, etc.
Dynamics:Due to the increasing awareness regarding environmental concerns, there continues to be a gradual shift in consumer preferences towards the use of green car cleaning products such as car wash shampoos, wheel cleaning solutions, car interior cleaning solutions, etc. This shift is expected to boost the revenue growth of the global car care products market over the next 10 years. Additionally, the rising trend of DIY is further contributing to the revenue growth of this global market. Increasing investments being made by key industry players towards to manufacture of novel green car care products such as waterless cleaning solutions, etc. are expected to fuel market growth in the years to come. In light of the recent COVID-19 outbreak, the revenue growth of the global car care products market is expected to be significantly hampered as a majority of manufacturers and supply chain service providers have temporarily halted operations. On the other hand, as a result of this global pandemic, manufacturers are now marketing products that can be used as effective disinfectants to cleanse the interiors of their vehicles. And, this is expected to further contribute to the revenue growth of this global market.
Segmentation of the global car care products market is as follows:In terms of product, the cleansing & caring product segment accounted for the majority revenue share of the global car care products market in 2019. This can be attributed to the increasing preferences for consumers to DIY and to have their vehicles cleaned at home as opposed to a car wash. The polishing & waxing segment is also slated to expand at a considerable rate of revenue growth over the next 10 years. With respect to application, the interior application segment accounted for the majority revenue shares of the global car care products market in 2019, due to the increasing trend for vehicle owners to keep the interiors of their cars clean. However, the exterior segment is expected to expand at the highest rate of revenue growth in the foreseeable future, owing to the rising purchasing power of individuals across the globe, as well as the surge in vehicle production on a global-level. On the basis of distribution channel, the brick-and-mortar segment accounted for the maximum number of revenue shares of the global car care product market in 2019. This can be attributed to the increase in the number of commercial car cleaning facilities across the world. The rising penetration of the e-commerce sector is also expected to positively contribute to future market growth.
Regional Segmentation and Analysis:The markets in Europe accounted for the majority revenue share of the global car care products owing to the fact that individuals in this region are more willing to spend on improving the aesthetics of their vehicles. The markets in the Asia Pacific region are expected to index the highest rate of revenue growth over the next 10 years, due to rising disposable incomes, as well as the increase in spending on the maintenance of the interiors and exteriors of vehicles in this region.
Below are the leading companies profiled in this Car Care Products Market Report:
Chapter 1 Methodology and Scope