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Car Care Products Market Size, Share & Trends Analysis Report By Product, By Packaging Volume, By Region And Segment Forecasts, 2020 - 2027

Car Care Products Market Size, Share & Trends Analysis Report By Product, By Packaging Volume, By Region And Segment Forecasts, 2020 - 2027

  • September 2020
  • 145 pages
  • ID: 5976448
  • Format: PDF
  • Grand View Research


Table of Contents

Car Care Products Market Size, Share & Trends Analysis Report By Product (Car Cleaning Products, Car Wax, Interior Care Products), By Packaging Volume, By Region, And Segment Forecasts, 2020 - 2027

Car Care Products Market Growth & Trends

The global car care products market size is expected to reach USD 16.69 billion by 2027, registering a CAGR of 4.2% during the forecast period. Growing consumer awareness regarding vehicle maintenance, coupled with a rise in disposable income is expected to drive the market growth.

The players in the market use the cost advantage approach for their products.The presence of major players such as 3M and Turtle Wax has intensified the competition in the market.

Companies consider various factors including inbound logistics, operations, outbound logistics, marketing and sales, and services to achieve cost advantage.

The increasing penetration of electric cars and the development of autonomous cars is expected to drive the growth of the automotive industry, thereby resulting in growth in demand for premium car care products. In addition, the rising demand for car-sharing services in urban cities is also further expected to drive automotive sales, thereby boosting the demand for car care products to maintain the appearance of the vehicle.

The growing product demand from the automotive industry is expected to drive the market.The presence of several players along with the availability of substitutes is expected to keep the buyer power medium.

In addition, the product supply by several manufacturers in the market is expected to further boost the bargaining power of buyers.

Car Care Products Market Report Highlights
• Car cleaning products dominated the market in 2019 and is expected to reach USD 5.61 billion by 2027, on account of the frequent use of shampoo and detergent for cleaning of the exterior of the vehicle
• Packaging volume of 251 ml to 500 ml is expected to witness the fastest CAGR of 4.9%, which can be attributed to the growing trend of do-it-yourself car maintenance and repair
• Asia Pacific is estimated to witness the highest CAGR of 5.0% over the forecast period, on account of the rise in per capita income in developing countries like China and India is driving the sale of automobiles in the region
• China accounted for the second-largest market share for the consumption car care products, which can be attributed to the huge population, high automotive production as well as sales
• Key market players heavily invest in the R&D in an attempt to expand their product portfolios and production capacities, thereby sustaining their market positions

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