Market overview
The automobile care products market is expected to be worth USD 19.43 billion by 2028. The CAGR for the automobile products market is expected to be 5.21% from 2021 to 2028.
Market opportunities
Many governments and companies around the world are capitalizing on the increased demand for automobile care products in the Asia-Pacific region by developing products that are safe for the environment. China is facing tremendous issues with pollution. The fact that its interior suffers from frequent dust storms only exacerbates this issue. These companies are responding to stricter environmental regulations that are being passed by these governments by investing in research and development to develop and market products that are safer for human and environmental use.
Demand for automobile care products is expected to accelerate in the next few years. The Asia-Pacific region is expected to account for a good chunk of this growth rate. What’s will account for this is a rapid increase in the number of service stations in this region. Also, more people are buying automobiles in this region, and aftermarket activities are on the rise (in this region.)
Key Competitors
The Key Players of the Global Automobile Care Products Market 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), and Guangzhou Biaobang Car Care Industry Co., Ltd (China).
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Market segmentation
By type
This segment can be further grouped into the following categories:
· Cleaning and care
· Exterior and interior cleaning products
The cleaning and care sub-segment is expected to enjoy the greatest market share for the time period that this report covers. This is important because it removes many of the elements that can destroy the paint on cars and thus, contribute to faster aging.
By application
This segment can be further grouped into the following categories:
· Service centers and garages
This category will enjoy the largest market share for the time period that this report covers. These products wash the exteriors of cars, and this helps to improve their overall health and extend their longevity.
Regional analysis
The global automobile care products market can be grouped into the following regions:
· North America
· The European Union
· Asia-Pacific
· South America
· The Middle East and Africa
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The European Union is expected to enjoy the highest CAGR for the time that this report covers. The reasons why are because luxury and high-end cars are popular in this region. Their popularity is only growing. This is expected to continue for the time that this report covers. Also, many high-end and luxury car manufacturers are in this region.
There are many more cleaning products available in the European Union. This is another reason why the CAGR is expected to be high in this region.
Germany is the hub of the global luxury car market. The Autobahn is located in this region. Many Germans and non-Germans love to ride their luxury cars at high speeds since this national highway doesn’t have a speed limit. Since luxury car owners care greatly about their vehicles’ external and internal appearances, it makes sense that demand for automobile care products has skyrocketed in this nation.
Industry news
In recent years used car sales have skyrocketed around the world. It is because of a shortage of new cars, thanks to COVID-19. In any case, this has led to a dramatic increase in demand for and the sale of automobile care products in recent years since these types of cars need these types of products to remain in functioning condition.
The Alibaba Group and eBay have been marketing both used cars and the products needed to keep these in mint condition.
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