The global car care products market size is projected to account for USD 16.69 billion by 2027. It is projected to register 4.2% CAGR over the forecast years. The rise in the sales of automotive vehicles and increasing preferences among consumers for maintenance of vehicles are driving the growth of the market.
The market is highly competitive in nature owing to the presence of the major players such as Turtle and 3M. These companies consider several factors such as outbound logistics, operations, logistics and marketing & sales to achieve cost advantages. The growing dominance of existing players makes the entry of new players tough in the market.
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Growing focus on the development of electric vehicles coupled with rising penetration of self-driven cars is supplementing to the growth of the car care product market. In addition, sales of luxury cars have increased in the recent past in North America, Asia Pacific and the Middle East. Luxury cars require premium servicing and regular maintenance, which in turn, bode well for the growth of the market.
Owing to the presence of several leading players and availability of the number of substitutes, the buyer power remains to be a major force. Companies are focusing on increasing their distribution channels through partnerships and acquisitions.
Further key findings from the report suggest:
- In 2019, car cleaning segment held the largest share in the market and projected to touch USD 5.61 billion by 2027.
- 251 to 500 ml segment of packaging volume is likely to be the fastest growing over the forecast duration.
- The growth of Asia Pacific is projected to be the maximum with 5.0% CAGR from 2020 to 2027.
- Major players are increasingly spending on research and development to introduce new products in the market.
COVID-19 Impact Analysis
The car care product market has been negatively affected owing to the outbreak of COVID-19. The pandemic has led to the closure of several car care shops across the globe, which resulted in a sudden drop in the growth. Further, car wash businesses were required to adhere to COVID-19 norms such as social distancing and other safety practices, which led to low demand. In addition, the pandemic also affected the Do-It-yourself (DIY) car services owing to the weak supply chain caused shortage of car care products. Nonetheless, with the resumption of various economic activities, the demand for car care products is gaining traction. China, in particular, is witnessing increased sales of automotive vehicles.
Global Car Care Products Market : Key Players
Tetrosyl, Turtle Wax Inc., 3M and Armor
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