Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Car Care Products Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists; marketers and senior management with the critical information they need to assess the global car care products market as it emerges from the COVID 19 shut down.
The car care products market reached a value of nearly $11,022.1 million in 2021, having grown at a compound annual growth rate (CAGR) of 2.8% since 2016. The market is expected to grow from $11,022.1 million in 2021 to $13,725.9 million in 2026 at a rate of 4.5%. The market is then expected to grow at a CAGR of 4.8% from 2026 and reach $17,338.6 million in 2031.
Companies Mentioned
- 3M Company
- Wurth Group
- Illinois Tool Works Inc.
- Tetrosyl Ltd.
- Armor All
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Growth in the historic period resulted from surge in passenger vehicles, rise in disposable income, strong economic growth in emerging markets, and rapid urbanization. The market was restrained by impact of covid-19 and lack of awareness regarding vehicle repair and maintenances.
Going forward, growing automotive industry, rising car detailing businesses, increasing sales of used cars, and rapid growth in e-commerce. Factor that could hinder the growth of the car care products market in the future include risks associated with hazardous chemicals used in car care products and restrictions on free trade.
The car care products market is segmented by product type into car cleaning products, car polish, car wax, wheel and tire care products, glass cleaners, and other product types. The car cleaning products market was the largest segment of the car care products market segmented by product type, accounting for 31.1% of the total in 2021. Going forward, the car wax segment is expected to be the fastest growing segment in the car care products market segmented by product type, at a CAGR of 4.7% during 2021-2026.
The car care products market is segmented by application into interior and exterior. The exterior market was the largest segment of the car care products market segmented by application, accounting for 70.1% of the total in 2021. Going forward, the interior segment is expected to be the fastest growing segment in the car care products market segmented by application, at a CAGR of 4.7% during 2021-2026.
The car care products market is segmented by distribution channel into online and offline. The offline market was the largest segment of the car care products market segmented by distribution channel, accounting for 56.7% of the total in 2021. Going forward, the online segment is expected to be the fastest growing segment in the car care products market segmented by distribution channel, at a CAGR of 5.7% during 2021-2026.
The car care products market is segmented by solvent type into water-based and foam-based. The water-based market was the largest segment of the car care products market segmented by solvent type, accounting for 60.2% of the total in 2021. Going forward, the foam-based segment is expected to be the fastest growing segment in the car care products market segmented by solvent type, at a CAGR of 4.9% during 2021-2026.
Asia Pacific was the largest region in the car care products market, accounting for 39.2% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the car care products market will be Asia Pacific, and, Western Europe where growth will be at CAGRs of 5.2% and 4.7% respectively. These will be followed by North America, and, South America where the markets are expected to grow at CAGRs of 4.2% and 3.3% respectively.
The global car care products market is moderately fragmented with large number of players operating in the market. The top ten competitors in the market made up to 13.56% of the total market in 2021. 3M Company was the largest competitor with 5.31% share of the market, followed by Wurth Group with 3.50%, Illinois Tool Works Inc with 1.96%, B Tetrosyl Ltd with 0.89%, Armor All with 0.62%, Sonax GmbH with 0.29%, Turtle Wax, Inc with 0.28%, Chemical Guys with 0.27%, Autoglym with 0.14%, and Simoniz USA with 0.08%.
The top opportunities in the car care products market segmented by product type will arise in the car cleaning products market segment, which will gain $806.7 million of global annual sales by 2026. The top opportunities in the car care products market segmented by application will arise in the exterior market segment, which will gain $1,857.9 million of global annual sales by 2026.
The top opportunities in the car care products market segmented by distribution channel will arise in the online market segment, which will gain $1533.5 million of global annual sales by 2026. The top opportunities in the car care products market segmented by solvent type will arise in the water-based market segment, which will gain $1520.5 million of global annual sales by 2026. The top opportunities in the car care products market size will gain the most in China at $646.7 million.
Market-trend-based strategies for the car care products include companies accelerating the development of anti-microbial car care products, developing products with advanced technology, introducing steam cleaning methods, accelerating innovation in car care products, and undergoing partnerships to develop new products.
Player-adopted strategies in the car care products market includes strengthening its business operations across various geographies through new product launches, enhancing its market presence through strategic acquisitions, and strengthening its geographic presence through launching its products.
To take advantage of the opportunities, the publisher recommends the car care products companies to focus on product innovations, focus on anti-microbial car care products, focus on technological advancements, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, target online consumers.
This report describes and explains the car care products market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 288 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $11022.1 Million |
| Forecasted Market Value (USD) by 2031 | $17338.6 Million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Market Segmentation By Product Type
6.3.1. Car Cleaning Products
6.3.2. Car Polish
6.3.3. Car Wax
6.3.4. Wheel and Tire Care Products
6.3.5. Glass Cleaners
6.3.6. Other Product Types
6.4. Market Segmentation By Distribution Channel
6.4.1. Online
6.4.2. Offline
6.5. Market Segmentation By Solvent Type
6.5.1. Water Based
6.5.2. Foam Based
6.6. Market Segmentation By Application
6.6.1. Interior
6.6.2. Exterior
7. Major Market Trends
7.1. Anti-Microbial Car Care Products
7.2. Technological Advancements
7.3. Introduction Of Steam Cleaning
7.4. Product Innovations
7.5. Strategic Partnerships
8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Market Restraints 2016 - 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Market Restraints 2021 - 2026
9. Global Market Segmentation
9.1. Global Car Care Products Market, Segmentation By Product Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Car Care Products Market, Segmentation By Application, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Car Care Products Market, Segmentation By Distribution Channel, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.4. Global Car Care Products Market, Segmentation By Solvent Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
10. Global Market, Regional And Country Analysis
10.1. Global Car Care Products Market, By Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Car Care Products Market, By Country, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/dp9idn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
