In 2021, the market for automobile care products was estimated to be worth USD 12.6 billion. According to projections, the market for automobile care products will increase from USD 14.2 billion in 2022 to USD 21.3 billion in 2030, growing at a compound annual growth rate (CAGR) of 4.9% over the course of the forecast year (2022 - 2030).
Market Research Future Insights :
Used vehicles are pre-owned vehicles. In the past, they've had one or more retail owners. The used car market is served by both organised and unorganised players, including companies like OLX Autos by OLX Group, Alibaba Group, eBay, Sun Toyota, and Cars24 Services Pvt. Ltd. The COVID-19 has reduced the purchasing power of a significant portion of customers looking to purchase a new vehicle, driving up the market for used automobiles globally.
It's great to have a clean automobile inside free of any debris, sand, dust, and smudges, but what about eliminating all hazardous bacteria? It assists in protecting the driver and passengers of a vehicle, who typically spend 3–4 hours inside, from a variety of illnesses and health problems associated to bacterial infection. The significance of a germ-free surface has been recognised by both automobile owners and customers, as well as by numerous makers of car care products.
Pollutants that can damage the interior and outside of used cars are common. The environment that an automobile is exposed to includes the sun's rays, tree resin, asphalt from roads, sand, and gravel, de-icing substances, bird guano, and numerous aerial pollutants. Throughout the projected period, the market for automotive care products is anticipated to expand quickly. The market for automotive care products is anticipated to expand significantly in Asia-Pacific as a result of an increase in service stations, aftermarket activity, and automobile sales. The need for automobile care products is further boosted by the region's robust economic expansion and expanding automotive sector.
Regional Analysis :
The analysis offers market insights for each region separately, including France, Europe, Asia-Pacific, and the Rest of the World. Throughout the projected period, France is expected to have the fastest-growing market for car care products. Due to the presence of several significant automotive businesses, the area is one of the most important marketplaces for luxury and premium vehicles. Throughout the projection period, there will likely be growth in the availability of water-based solvents, consumer awareness of vehicle maintenance, new car sales, improvements in car wash technology, and investments in the creation of automotive care products.
The world's centre for the automobile industry is thought to be Germany. This nation is home to several significant automakers, including Volkswagen, Daimler, and BMW. 1/3 of the money spent on automotive research and development comes from Germany, according to Germany Trade and Invest (GTAI). The demand for automobile care products in the nation has increased as a result of increased investments in improving vehicle appearance on the domestic market.
Market Segmentation :
According to type, the global market for automobile care products is divided into Cleaning & Caring, Polishing & Waxing, Sealing Glaze & Coating, and Others. The market is anticipated to be dominated by the cleaning and caring category. The cleaning and caring chemicals help clean external automotive painted surfaces without causing damage by removing dirt, mud, hard dust, bird droppings, oil, and grease. With the aid of cleaning and care solutions, care spray, and washing equipment, both the outside and interior of an automobile can be cleaned.
The market for car care products is divided into four categories based on application: Service Centers and Garages, Car Beauty Shops, Individual Sources, and Others. The market is anticipated to be dominated by the service centres & garages segment. The service shops and garages are well-equipped to offer tyre and battery services, as well as washing, cosmetic improvements, and lubrication. The repair centres and garages are outfitted with various fixtures, tools, and jigs as well as numerous products for polishing, waxing, and sealing that improve the appearance of vehicles.
Key Players :
Major automobile care product market players, Adolf Würth GmbH & Co. KG (Germany), Jopasu Systems Pvt. Ltd. (India), Mothers Inc. (US), BULLSONE Co. Ltd (South Korea), and others, are attempting to increase market demand by funding R&D initiatives.
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