The global Car Care Products Market size is expected to reach USD 14.48 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing awareness among customers regarding the maintenance of cars to increase their life is expected to drive the market over the forecast period.
The market for car care products is
expected to grow significantly owing to the advancements in car washing
technologies. Several modern technologies such as in-bay automatic car washing
systems and tunnel automatic car washing systems are used in large service
centers and professional car washing facilities, which require minimal human
effort, leading to a significant reduction in car washing time.
The market was severely impacted by the
pandemic situation, where the lockdown has resulted in a decline in the sales
of car care products on both the individual and commercial front. In addition,
the economic crisis caused by the pandemic situation is expected to have an
adverse effect on disposable income, consequently resulting in a decline in the
sales of car care products.
Key players such as 3M Company, Inc.; The
Clorox Company; and Valvoline Inc. are acquiring the production facilities or
divisions of smaller players as a part of their strategies to enhance their
scope of operations and provide better services to clients. The companies
operate in multiple locations across Europe, North America, and Asia Pacific
with global expansion plans.
Related Press Release @ Car Care Products
Market Report
Car Care
Products Market Report Highlights
- By product, car cleaning products are expected to
witness the fastest growth from 2021 to 2028 on account of the wide usage
of shampoo and detergent for the cleaning of the exterior metal surface of
the cars
- The 501 - 999 ml packaging volume segment dominated
the market in 2020 as it is a preferred option among individuals, small
workshops, and independent repair shops
- Asia Pacific is estimated to witness the fastest
growth over the forecast period due to factors such as the growing
population and rising disposable income in developing countries, such as
India and South Korea, leading to the growth of the automotive industry
- Key players significantly invest in research &
development to expand their production capacities, thereby sustaining
their market positions. Extension of product offerings to customers is
also one of the primary strategies employed by the companies
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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