Pune, India, December 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Automobile Care Products Market.
The Global Automobile Care Products Market is expected to be valued at USD 21.3 Billion by 2030, with a CAGR of 4.9% during the forecast period (2022-2030).
The report covers segmentations and market dynamics for a better glimpse of the market in the coming years. Automobile care products are used to enhance the aesthetic appearance of the vehicle. The products include cleaning and caring products, polishing and waxing products, and sealing glaze and coating products. The car polishes, aerosol spray, car buffers, scrapers, car washers, and wash brushes are used to maintain the condition of the vehicle. Automobile care products are available through both online and offline channels such as retail dealers and distributors and auto shops.
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Some of the key industry participants in the global market for automobile care products are Valvoline Inc. (US), Total S.A (France), SOFT99 corporation. (Japan), Tetrosyl Ltd. (England), Simoniz USA (US), 3M (US), Turtle Wax (US), The Armor All (US), SONAX GmbH (Germany), LIQUI MOLY GmbH (Germany), Autoglym (UK), Guangzhou Botny Chemical Co., Ltd (China), Illinois Tool Works Inc. (US), Guangzhou Biaobang Car Care Industry Co., Ltd (China), Adolf Würth GmbH & Co. KG (Germany), Jopasu Systems Pvt. Ltd. (India), Mothers Inc. (US) and BULLSONE Co. Ltd (South Korea).
Valvoline focuses on expansion across the globe by expanding its distribution facilities. It has established strategic relationships with Cummins Inc. a leading supplier of heavy-duty engines for co-branding of products for heavy duty applications. It has also been strengthening and expanding its existing business by improving the distribution channels and the market penetration. The company is making steady provisions to launch market-orientated products in various regions, globally in an effort to enhance their performance. Furthermore, the company is focusing on research and development to strengthen their global presence.
3M is primarily focused on acquisitions and R&D efforts. The company has been engaging in acquisitions and divestitures. 3M plans to spend USD 20 billion on acquisitions by 2020. It focuses on its high-growth operations and strategizes to reduce dependence on consumer and electronics markets over the last several years. 3M has sold off 14 businesses while making a number of increasingly expensive acquisitions. It has established its presence in health care product disinfectant and protection, filtration membranes, and firefighter breathing apparatus.
The global market for automobile care products is segmented based on type and application. On the basis of type, the cleaning and caring segment is expected to dominate the global market. The cleaning & caring products help remove dirt, mud, hard-dust, bird droppings, oil and grease from exterior automotive painted surfaces without damaging the surface. Such type of automobile care includes the exterior and interior cleaning with the help of cleaning and care products, care aerosol, and washing accessories. The innovative products such as bio-based car wash detergents and soaps impact the strategies of the manufacturers of cleaning & caring products.
On the basis of application, the service centres & garages segment is expected to dominate the market. The service centres & garages are well equipped for providing washing, aesthetic enhancements, lubrication, and tire and battery services. Such service centres and garages are equipped with the equipment such as lifting tackle, vehicle lifts, tire inflation, tire changing machines, and wheel balancing machines, along with different types of fixtures, tools, and jigs as well as multiple vehicle aesthetic enhancement products used in cleaning & caring, polishing & waxing, and sealing glaze & coating.
Geographic analysis of the global automobile care products market spans across North America, Europe, Asia-Pacific (APAC), South America and the Middle East & Africa.
In 2021, Asia-Pacific was the leading market with a market value of USD 4,857.6 Million. The regional market value is expected to reach USD 6,605.4million by 2028 with an impressive 4.59% CAGR during the forecast period.
Asia-Pacific is expected to witness leading market in automotive care products due to the growing number of service stations, increasing aftermarket activities, and rising automotive sales. Furthermore, the strong economic growth and the growth of the automotive industry in this region increases the demand for automotive care products. The key trends that are expected to trigger the growth of the automotive care products market in the region include the continually shifting market dynamics, technological improvements, and changing preferences of vehicle owners.Furthermore, China is one of the most attractive markets for global automotive OEMs to invest through joint ventures with local vehicle brands. Additionally, infrastructure development, lower production costs, and favorable government schemes are encouraging global players to invest heavily in this country. Additionally, the country has a heavy pollution problem and often experiences dust storms, which has boosted the growth of the car washing industry in China and is expected to drive the growth of automobile care products
In 2021, North America held the second largest market share in the automobile care products market. The North America countries have agreed to the North American Free Trade Agreement (NAFTA), according to which the countries can freely trade vehicles and auto components. The region is dominated by the US and is home to several key automotive OEMs, including General Motors, Ford Motor Company, and Tesla, Inc. The demand for automotive care products is expected to grow in North America owing to the increase in demand for automobiles, primarily in the US. The US has a comparatively larger fleet of premium and luxury passenger cars, which increases the demand for automotive care products. The growing number of automotive beauty shops and service stations and the rising consumer awareness regarding vehicle aesthetic enhancement. In 2021, the regional market was valued at USD 3,501.7million, which is expected to reach USD 4,419.9million by 2028 with a 3.48% CAGR during the forecast period.
Europe is one of the significant markets for global automobile care products owing to the presence of economies, such as Germany, France, The UK and Russia, which is expected to increase the demand during the forecast period. The region is one of the most crucial markets for luxury and premium vehicles as it hosts several key automotive companies. The increased availability of water-based solvents, consumer awareness regarding vehicle maintenance, increase in new car sales, advancements in car wash technology, and increased investments in the development of automotive care products is expected to boost the share of Europe. Furthermore, the free trade agreement (FTA) between Europe and Japan is expected to increase the exports and imports in this region as it is characterized by the presence of several global automobile OEMs. Germany is considered to be the automotive hub of the world. Major automobile OEMs including Volkswagen, Daimler, and BMW, are based in this country.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.