Automobile Care Products Market worth USD 19.43 billion by 2028, registering a CAGR of 5.21% – Report by Market Research Future (MRFR)
New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Automobile Care Products Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automobile Care Products Market Research Report, by Type, Application, Region and Region – Forecast till 2028” the market is projected to be worth USD 19.43 billion by 2028, registering a CAGR of 5.21% during the forecast period (2021 – 2028).
List of the companies profiled in the Global Automobile Care Products Market research report are-
- Adolf Würth GmbH & Co. KG (Germany)
- Jopasu Systems Pvt. Ltd. (India)
- Mothers Inc. (US)
- BULLSONE Co. Ltd (South Korea)
- Valvoline Inc. (US)
- Total S.A (France)
- SOFT99 corporation. (Japan)
- Tetrosyl Ltd. (England)
- Simoniz USA (US)
- 3M (US)
- Turtle Wax (US)
- The Armor All (US)
- SONAX GmbH (Germany)
- LIQUI MOLY GmbH (Germany)
- Autoglym (UK)
- Guangzhou Botny Chemical Co. Ltd (China)
- Illinois Tool Works Inc. (US)
- Guangzhou Biaobang Car Care Industry Co. Ltd (China).
- Among others.
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Market Research Future’s Review on Automobile Care Products Market
Increasing Sale of Used Cars
Used cars are also known as pre-owned vehicles that have had one or more retail owners in the past. The used car market is served by both unorganized players (individuals rather than companies) and organized players (Alibaba Group, eBay, Sun Toyota, Cars24 Services Pvt. Ltd., and OLX Autos by OLX Group). The public preference for high-quality vehicles at reasonable rates has resulted in a huge increase in demand for used cars. The COVID-19 outbreak caused problems in the supply chain and the production of new cars. It also had a detrimental impact on the spending power of a huge segment of customers looking to purchase a new car, which increased demand for used cars around the world. For example, used passenger automobile and light truck sales in the United States climbed by 10.6 percent between fiscal years 2010 and 2019.
Pollutants that can degrade automobile surfaces and interior work are more likely to be found in used cars. Sun rays, tree resin, road asphalt, sand, gravel, de-icing agents, bird guano, and other aerial pollutants are all present in an automobile. As a result, there is an increase in demand for car care products such as car polish and wax, trim cleaners, and tire and rim protectors around the world, as car care products help to preserve the interiors of a used car, clean the outer body, extend the life of a vehicle, and add value to a used car.
Browse In-depth Market Research Report (188 pages) on Automobile Care Products
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Market Segmentation
The global automobile care products market has been segmented based on type and application.
By type, the global automobile care products market has been segmented into cleaning & caring, polishing & waxing, sealing glaze & coating, others.
By application, the global automobile care products market has been segmented into service centers and garages, auto beauty shops, individual sources, others.
Regional Analysis
APAC to Lead the Global Market
Due to the expanding number of service stations, increased aftermarket activities, and rising automobile sales, Asia Pacific is likely to see significant expansion in the automotive care products market. Furthermore, the region’s robust economic growth and the expansion of the automobile industry drive up demand for automotive care products. The key factors predicted to drive the growth of the automotive care products market in the area include constantly evolving market dynamics, technological advancements, and changing vehicle owner preferences. Furthermore, China is one of the most appealing markets for global automakers to participate in via joint ventures with local vehicle manufacturers. Furthermore, infrastructure development, cheaper production costs, and favorable government policies are enticing foreign investors to invest extensively in this country. Furthermore, the country suffers from severe pollution and frequent dust storms, which has promoted the expansion of the car washing industry in China and is likely to drive the growth of automobile care products.
North America to Follow APAC
In the worldwide automobile care products market, North America had the second-largest market share. The countries of North America have agreed to the North American Free Trade Agreement (NAFTA), which allows them to freely trade vehicles and auto components. The region is dominated by the United States, which is home to significant automobile OEMs such as General Motors, Ford Motor Company, and Tesla, Inc. The United States has a greater fleet of premium and luxury passenger vehicles, which raises demand for automotive care products. The increased demand for automobiles, particularly in the United States, is predicted to drive up demand for automotive care products in North America.
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Europe to Witness Fastest Growth
During the projected period, Europe is expected to have the fastest-growing automobile care products market. Since it is home to several major automotive businesses, the region is one of the most important markets for luxury and premium vehicles. Increased availability of water-based solvents, increased consumer awareness of vehicle maintenance, doubled new car sales, advancements in car wash technology, and increased investments in the development of automotive care products are estimated to bolster Europe’s market share during the forecast period.
Germany is often regarded as the world’s automotive superpower. This country is home to major automotive OEMs such as Volkswagen, Daimler, and BMW. Germany accounts for one-third of global automotive R&D expenditure, according to Germany Trade and Invest (GTAI). This has encouraged domestic market spending in improving vehicle aesthetics, fuelling demand for automotive care products in the country.
Segmentation of Market covered in the research:
Automobile Care Products Market Research Report: Information by Type (Cleaning & Caring, Polishing & Waxing, Sealing Glaze & Coating, Others) Application (Service Centres and Garages, Auto beauty Shops, Individual Sources, Others) and Region – Forecast till 2028
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