Overview:

The global car care products market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The products that are used for cleaning and caring the vehicle are referred as car care products. These products include lubrication products, polishing products, paint protection products, washing products, and many others. These all products are manufactured using high performance chemicals and are considered safe to vehicles.

Market Dynamics:

The growing car sales across the globe is a major factor driving growth of the global car care products market. Rising income level, growing user base, and rising development and production of innovative vehicles are key factors driving growth of the global market. Also, rising focus on vehicle maintenance among end users is another factor propelling growth of the target market. Rising awareness among end users about benefits of car care products is playing key role in the growing adoption of car care products.

Increasing number of market players across the globe is another primary factor fueling car care products market growth. The growing market competition is resulting in development of innovative marketing strategies to tap the major consumer base. Also, key players are focusing on strategic initiatives to increase their market presence is supporting growth of the global market.

Moreover, rising sales of used vehicles especially in emerging economies is among the others factor resulting in the target market growth. For example, according to data published by CARS24, in the year 2018-19 the projected sales of pre-owned cars in terms of volume were 62 lacs.

Key Trends:

Rising focus on advanced product launches by key players is a key trend witnessed in the global car care products market. In addition, rising focus on market expansion activity is another trend observed in the target market. For example, in June 2020, the America based Turtle Wax brand announced market entry in India with launch of entire car care products. This strategic initiative is expected to fuel growth of the company and improve the trade activity in the near future.

Regional Analysis:

For detailed understanding of market dynamics, the global car care products market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region has dominated the global market in the year 2019 with highest market share. The Europe is closely following the North America market in terms of market share. This is highly attributed to strong presence of key players in countries in these regions and high awareness about benefits of car care products among end users.

The market in Asia Pacific is expected to register significant CAGR during the forecast period, due to growing sales of used vehicles in countries in the region. Additionally, rising strategic marketing activities by key players is fueling target market growth.

Scope of the Report:

Detailed Segmentation:

Global Car Care Products Market, By Product Type:

• Cleaning & Caring
• Polishing & Waxing
• Other Products

Global Car Care Products Market, By Solvent Type:

• Water-based Solvents
• Foam-based Solvents

Global Car Care Products Market, By Application:

• Interior
• Exterior

Global Car Care Products Market, By End User:

• Auto Beauty Shops
• Service Centre & Garages
• Individual

Key Players Covered:

Key players operating in the global car care products market includes 3M Company, Sonax GmbH, Tetrosyl Ltd., Cartec B.V., Liqui Moly GmbH., Simoniz USA, Inc., Armored AutoGroup Inc., Auto Magic (Illinois Tool Works Inc.), Soft99 Corporation, and Turtle Wax Inc.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Car Care Products Market by product type, solvent type, application, end user, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global car care products market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.