COVID-19 has positively affected the demand for interior and DIY car care products. North America is expected to be the largest market for car care products during the forecast period, and the interior segment is expected to be the leading segment of the market by application.
New York, July 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Care Products Market by Product Type, Application, Consumption, Solvent, Vehicle Type, Distribution Channel & Region - Global Forecast to 2027" - https://www.reportlinker.com/p05794567/?utm_source=GNW
The auto beauty shops segment is the largest segment of the car care products market by consumption. The water-based solvent segment is going to be the fastest-growing segment as it is cost-effective and also fulfills various regulations regarding the chemical composition of a car care product. DIFM (Do It For Me) segment is the largest segment in the global car care products market by distribution channel.
Additionally, though increasing sale of used car would be a key driver for the car care product industry. As per the US DoT, used passenger cars and light truck sales in the US increased from 36.9 million units in FY 2010 to 40.8 million units in 2019 and experienced a growth of 10.6% from 2010 to 2019. Hence, an increase in sales of used cars will further increase the demand for car care products.
Globally, the Interior segment is expected to be the fastest-growing segment during the forecast period.
The interior segment includes car care products such as anti-microbial, foam-based, or water-based solvent interior trim cleaners.The demand for these products is increasing due to their capability to clean trim parts and keep the interiors of a car germ-free.
Hence, the increasing consumer preferences for interior maintenance and cleaning with anti-microbial interior car care products are driving the growth of the interior segment.
North America is projected to be the largest regional market
North America has the largest market for car care products, and the US has the largest car care products market in the North American region, followed by Canada and Mexico.Consumers in North America are more inclined toward maintaining the aesthetics of their vehicles.
Hence, manufacturers are launching new products to ensure high-quality and cost-effective car care products are available for customers.
Car owners in the US have more consumption of car wash and auto detailing services, which has simultaneously increased the demand and consumption of car care products. In comparison, laws and restrictions related to the car wash at home in the US have further compelled car owners to use auto beauty shops, service centers, and garages to maintain the aesthetics of their cars.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs –90%, and Tier 2 – 10%
• By Designation: C Level - 50%, D Level- 30%, and Others – 20%
• By Region: North America - 55%, Asia Pacific – 25%, Europe – 20%
Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany) are the leading providers of car care products in the global market.
The study segments the car care products market and forecasts the market size based on product type (Cleaning and caring, polishing and waxing, sealing glaze and coating and others), by application (interior, exterior), by vehicle type(passenger car, commercial vehicle), by consumption(Auto beauty shops, service centers and garages, individual sources), by distribution channel (DIY, DIFM), by solvent (water-based, foam-based), and region (Asia Pacific, North America, Europe, and the Rest of the World).
The study also includes an in-depth competitive analysis of the major car care product manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall car care products market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
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