Car Care Products Market Worth $16.69 Billion By 2027 | CAGR: 4.2%: Grand View Research, Inc. – Press Release
September 12, 2020
“Grand View Research, Inc. – Market Research And Consulting.”
The global car care products market size was valued at USD 12.04 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027.
The global car care products market size is expected to reach USD 16.69 billion by 2027, registering a CAGR of 4.2% during the forecast period, according to a new report by Grand View Research, Inc. Growing consumer awareness regarding vehicle maintenance, coupled with a rise in disposable income is expected to drive the market growth.
The players in the market use the cost advantage approach for their products. The presence of major players such as 3M and Turtle Wax has intensified the competition in the market. Companies consider various factors including inbound logistics, operations, outbound logistics, marketing and sales, and services to achieve cost advantage.
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The increasing penetration of electric cars and the development of autonomous cars is expected to drive the growth of the automotive industry, thereby resulting in growth in demand for premium car care products. In addition, the rising demand for car-sharing services in urban cities is also further expected to drive automotive sales, thereby boosting the demand for car care products to maintain the appearance of the vehicle.
The growing product demand from the automotive industry is expected to drive the market. The presence of several players along with the availability of substitutes is expected to keep the buyer power medium. In addition, the product supply by several manufacturers in the market is expected to further boost the bargaining power of buyers.
Key suggestions from the report:
Car cleaning products dominated the market in 2019 and is expected to reach USD 5.61 billion by 2027, on account of the frequent use of shampoo and detergent for cleaning of the exterior of the vehicle
Packaging volume of 251 ml to 500 ml is expected to witness the fastest CAGR of 4.9%, which can be attributed to the growing trend of do-it-yourself car maintenance and repair
Asia Pacific is estimated to witness the highest CAGR of 5.0% over the forecast period, on account of the rise in per capita income in developing countries like China and India is driving the sale of automobiles in the region
China accounted for the second-largest market share for the consumption car care products, which can be attributed to the huge population, high automotive production as well as sales
Key market players heavily invest in the R&D in an attempt to expand their product portfolios and production capacities, thereby sustaining their market positions
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Grand View Research has segmented the global car care products market on the basis of product, packaging volume, and region:
Car Care Products Product Outlook (Revenue, USD Million, 2016 – 2027)
Car Cleaning Products
Wheel & Tire Care Products
Interior Care Products
Car Care Products Packaging Volume Outlook (Revenue, USD Million, 2016 – 2027)
Less than 250 ml
251 – 500 ml
501 – 999 ml
1 L – 5 L
Above 5 L
Car Care Products Regional Outlook (Revenue, USD Million, 2016 – 2027)
Central & South America
The Middle East & Africa
List of Key Players of Car Care Products Market
Adolf Wurth Group
Liqui Moly GmbH
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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