Automobile Care Products Market share forecast to witness considerable growth from 2021 to 2027
Automobile Care Products Market Overview:
The global automobile care products market is garnering remarkable growth over the recent years. The market growth attributes to the rising sales of luxury vehicles. Besides, the growing number of service stations and increasing aftermarket activities drive the growth of the market. The strong economic growth and the spurring rise in the automotive industry create substantial market demand. Moreover, the growing awareness of automotive care products escalates market growth.
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According to Market Research Future (MRFR), the global automobile care products market size is estimated to grow at 4.11% CAGR during the assessment period (2019-2025). The rising demand for automotive care products and increased maintenance cost of luxury vehicles are the major growth drivers. Besides, rapid advances in care & maintenance technologies and materials influence the growth of the market.
Rising adoption of automobile care products to add comfort in vehicles and minimize maintenance costs pushes market growth. Additionally, the rising sales of luxury vehicles and sports cars positively impact the growth of the market. Also, there has been a constant rise in the sales of smart and autonomous vehicles, which boosts market revenues. The demand for a smooth ride opens up new opportunities for market players.
On the other hand, price volatility and the demand-supply gap in raw materials essential for production act as a major growth impeding factors. Also, the availability of several low-cost counterfeit automobile care products poses challenges to market growth. Nevertheless, the continually shifting market dynamics and the growth of the auto component industry would support market growth throughout the review period.
Automobile Care Products Market – Segmentation
The report is segmented into three dynamics.
By Type : Cleaning & Caring, Sealing Glaze & Coating, Polishing & Waxing, and others.
By Application: Service Centers and Garages, Auto beauty Shops, Individual Sources, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Automobile Care Products Market – Regional Analysis
Europe leads the global automobile care products market. The region is the global hub for luxury & premium vehicles and automotive research & innovation. The largest market share attributes to the presence of well-established automakers and large automotive sector in the region. Besides, the increased availability of water-based solvents and rising consumer awareness regarding vehicle maintenance drive the growth of the regional market.
Moreover, the increase in new car sales, advancements in car washes technology, and R&D investments of automotive care products boost the market growth. Germany is the automotive hub of the world, providing a considerable impetus to the development of the regional market.
North America stands second in the global automobile care products market. The region is a promising market for automotive care technologies. The market growth is driven by the North American Free Trade Agreement (NAFTA), allowing free trade of vehicles and auto components. Constant rise in the automotive industry and increasing demand from the transportation sector substantiate market growth.
The US has a comparatively, more extensive fleet of premium and luxury passenger cars, which increases the demand for automotive care products. The region is dominated by the key automotive OEM market in the US. Furthermore, the increase in demand for automobiles, primarily in the US, drives the demand for automotive care products.
The Asia Pacific region holds a sizable share in the global automobile care products market. Factors such as the increasing production of luxury vehicles and demand for automotive care products foster regional market growth. Moreover, the well-established automotive industry in this region creates substantial opportunities for the automobile care products market.
Also, the increase in vehicle sales and advances in material technologies influence the growth of the market. Besides, the rising economic growth in the region accelerates the regional market growth. Japan, South Korea, China, and India are the largest markets for automobile care products. Furthermore, increased vehicle maintenance costs and concerns in the region positively impact the growth of the regional market. The APAC region is anticipated to fastest-growing automobile care products market during the forecast period.
Automobile Care Products Market – Competitive Analysis
Highly competitive, the automobile care Products market appears fragmented with the presence of several notable industry players. To gain a larger competitive share, these players adopt strategies such as mergers & acquisitions, collaboration, innovation, and brand reinforcement.
Players leading the automobile care products market share include Jopasu Systems Pvt. Ltd. (India), Adolf Würth GmbH & Co. KG (Germany), Mothers Inc. (US), Valvoline Inc. (US), BULLSONE Co. Ltd (South Korea), Total SA (France), Tetrosyl Ltd. (England), SOFT99 Corporation (Japan), Simoniz USA (US), Turtle Wax (US), 3M (US), The Armor All (US), LIQUI MOLY GmbH (Germany), SONAX GmbH (Germany), Autoglym (UK), Illinois Tool Works Inc. (US), Guangzhou Botny Chemical Co., Ltd (China), and Guangzhou Biaobang Car Care Industry Co., Ltd (China), among others.
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