July 10, 2020
According to the research report titled ‘Global Car Care Products Market Size study with COVID-19 impact, by Products (Cleaning product and Protection product), by Application (Auto Beauty Shop and Individual Consumers), by Vehicle Type (Passenger cars and Light commercial vehicles (LCV)) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global car care products industry was worth USD 11.80 billion in the year 2019 and is expected to grow with a CAGR of 4% during 2020-2027.
Notably, car care products are high performance chemicals which are used for improving the aesthetic appeal as well as the longevity of the vehicles. These products help in enhancing the gloss and shine while retaining the aesthetic value of automobiles.
Rising adoption of car care products for cleaning, coating, polishing as well as for maintaining standardized appearance of vehicles is a major factor driving the market growth. Growing demand and increasing production of passenger cars and commercial vehicles is further aiding the market expansion.
In fact, as per OICA (International Organization of Motor Vehicle Manufacturers), passenger car production reached 73.45 million units in 2017, which was at 72.10 million units in 2016. Additionally, the production of both lightweight and heavy commercial vehicles totaled 22.87 million units in 2016 and reached 23.84 million units in the year 2017.
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Increasing significance of maintaining vehicles coupled with advancements in car washing technology are also stimulating the industry outlook. However, the COVID-19 pandemic has resulted in global economic slowdown and has halted the production of passenger as well as commercial vehicles, which in turn could adversely affect the overall market growth. In addition, high costs associated with car care products may hamper the sales over the forecast period.
As per product type, car care products market is split into protection products and cleaning products. Based on application landscape, the market is divided into individual consumers and auto beauty shops. By vehicle type, the market is bifurcated into LCV (light commercial vehicles) and passenger vehicles.
From the regional perspective, car care products market in North America is expected to register momentous growth in the forthcoming years, owing to increasing sales of premium automobiles.
Alternatively, Asia-Pacific market is slated to record considerable growth during the estimated timeframe. Rising cognizance regarding vehicle maintenance and robust developments in car washing technology are favoring the market scenario in APAC.
Illinois Tool Works Inc., Northern Labs Inc., Autoglym, Simoniz USA Inc., Liqui Moly, Tetrosyl Group Ltd., Soft99 Corporation, SONAX Car Care, Turtle Wax and 3M Co. are the key participants in worldwide car care products industry.