Newark, July 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global liquid car care market is expected to grow from USD 7.32 billion in 2021 to USD 10.52 billion by 2030, at a CAGR of 4.12% during the forecast period 2022-2030.
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Regular car maintenance has several advantages, including environmental, financial, and personal benefits. The fuel efficiency of a car is improved by washing, cleaning, greasing, coating, and oiling its components. Fuel efficiency improvements result in lower fuel costs and lower carbon emissions. Without regular maintenance, the car's metal and plastic deteriorate faster, reducing its lifespan. The market will develop as consumers become more aware of car maintenance's benefits in saving money and maintaining the car's aesthetic appeal to keep its worth for future sales. The industry will also be driven by the increased demand for luxury cars with customized interiors and other changes. With the growing demand for biodegradable, sustainable, and environmentally friendly goods in the market, major industry players in the liquid car care market are investing heavily in creating new products that meet the previously mentioned demand profile. The market players have been motivated to develop anti-bacterial and anti-viral products due to the rising emphasis on sanitation and hygiene due to the coronavirus epidemic. Such product improvements would give attractive prospects for market players. The highly corrosive nature of liquid car care products resulting in deterioration of surfaces on which it is regularly used will restrict the market's growth. Stringent government regulations mandating the products, methods, products, and procedures to be used in the liquid car care industry in line with rising environmental concerns will challenge the market's growth. Developing biodegradable, organic, and sustainable products will aid the market players in overcoming the mentioned challenges.
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Competitive Strategy
To enhance their market position in the global liquid car care market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• 3M announced dust-free sanding debuts under the new 3M Xtract Brand in November 2021, improving performance and increasing safety. It has a higher cut rate, which contributes to a cleaner environment in the car.
Market Growth & Trends
The growth of the liquid car care industry will be fueled by expanding demand in the automobile sector due to the customers' increased disposable income. Consumers will be more willing to spend money on auto care goods as they become more aware of the need to properly maintain cars to extend their lifespan. The worldwide liquid car care market will also be fueled by the expanding presence of auto beauty shops and car service centers that provide car care and other cosmetic modification services. The innovation of anti-microbial car care products that protect from viruses and bacteria will provide future market expansion opportunities for the market players. The association of aesthetically pleasing premium cars with social status have increased the demand for premium car modified according to recent trends in the market. The maintenance of premium cars to increase their lifespan and retain their value will propel the growth of the liquid car care market. The growing craze for the ownership of vintage cars also fuels the liquid car care market, as vintage cars require meticulous maintenance throughout their remaining lifespan.
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Key Findings
• In 2021, the cleaning & washing segment dominated the market with the largest market share of 38% and market revenue of 2.78 billion.
The product type segment is divided into polishing & waxing, sealing glaze & coating, and cleaning & washing. In 2021, the cleaning & washing segment dominated the market with the largest market share of 38% and market revenue of 2.78 billion.
• The interior segment is expected to grow at the fastest CAGR of 5.53% over the forecast period.
The application segment is divided into interior and exterior. Over the forecast period, the interior segment is expected to grow at the fastest CAGR of 5.53%.
• In 2021, the sedan segment accounted for the largest share of the market, with 44% and a market revenue of 3.22 billion.
The car type segment is divided into a hatchback, sedan, & utility vehicles. In 2021, the sedan segment accounted for the largest share of the market, with 44% and a market revenue of 3.22 billion.
• In 2021, the online segment dominated the market with the largest market share of 54% and market revenue of 3.95 billion.
The distribution channel segment is divided into online & offline. In 2021, the online segment dominated the market with the largest market share of 54% and market revenue of 3.95 billion.
Regional Segment Analysis of the Liquid Car Care Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global liquid car care market, with around 38.62% and 2.82 billion of the market revenue in 2021. The North American region is expected to dominate during the forecast period, given the increasing car demand. The rising awareness about the benefits of maintaining cars for long-term monetary benefits has contributed to the rise in demand for car care products. The trend of upgrading or upscaling old cars or old minivans into home-on-wheels is gaining popularity. Maintaining such vehicles will require an extensive range of car care products, positively contributing to the region's liquid car care market.
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Key players operating in the global liquid car care market are:
• 3M
• Tetrosyl
• SONAX GmbH
• Wurth Group
• Chemical Guys
• Turtle Wax
• ALTRO GROUP PLC
• Armor All
• CARTEC B.V.
• FORMULA1 WAX
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global liquid car care market based on the below-mentioned segments:
Global Liquid Car Care Market by Product Type:
• Polishing & Waxing
• Sealing Glaze & Coating
• Cleaning & Washing
Global Liquid Car Care Market by Application:
• Interior
• Exterior
Global Liquid Car Care Market by Car Type:
• Hatchback
• Sedan
• Utility vehicles
Global Liquid Car Care Market by Distribution Channel:
• Online
• Offline
About the report:
The global liquid car care market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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