New report published by QY Research which offers insights on the global Car Care Products market. The Car Care Products market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for Car Care Products is expected to reflect a 52% increase in the revenue growth. In 2018 the global Car Care Products market was valued at US$ 90 Bn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 130 Bn growing at a value CAGR of 5.41% throughout the period of forecast.
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Global Car Care Products Market: Market Driver and Restraint
Car Care Products market is driven by the increasing of automotive production. Car Care Products are high performance chemicals used to improve shine, gloss, and durability of vehicles. These chemicals also protect and retain the visual appeal of vehicles. There are different types of automotive appearance chemicals available in the market which includes wheel care, tyre shine, interior-exterior care, glass cleaner, paint cleaning and protection, paint restoration and many more. We mainly focus on car cleaning accessories, motor oil, technical care products, antifreezes, ice scrapers and some others Car Care Products as the client’s requirements.
In recent years, global automotive industry growing steady. The automotive production growth rate in Asia Pacific is rather fast, while the growth rate in North America and Europe is relative slow. The market in Asia-Pacific is anticipated to expand at a substantial growth rate during the forecast period. GDP, countries in Asia-Pacific is expanding at a significant growth rate. The demand for these vehicles and presence of rapidly expanding economies such as China and India are anticipated to drive the market in the region.
Global Car Care Products Market: Key Takeaways
· The key differentiation strategy is to offer better products, in order to leverage opportunity arising from the rising demand for better product performance
· The global automotive population is growing as a CAGR about 4% in the last several years, the global automotive population reached 1.397 billion units in 2017
· One of the major challenges for the Car Care Products market is the automotive production growth rate declining. With the automotive market is more and more mature, the growth rate of automotive production is slowing down
Global Car Care Products Market: Forecast by Type
This segment includes Cleaning Products, Repair Products, Protection Products, Car Cleaning Accessories, Motor Oil, Technical Care Products, Antifreezes and Ice Scrapers. The average selling price for Motor Oil is relatively high in global Car Care Products market than other segments. Motor Oil segment is expected to remain dominant in the global Car Care Products market throughout the forecast period with a revenue share of 35.38% in 2018. Cleaning Products segment is expected to rank relatively high on the attractiveness index in the global Car Care Products market by 2018 end, and it is expected to account for a relatively higher growth rate in the Car Care Products market over the forecast period.
Global Car Care Products Market: Forecast by Application
Application segment consists of Passenger Car and Commercial Vehicle. Among the market, Car Care Products finds application for passenger car, which was estimated to account for a sales share of 74% within the entire industry segment in 2017.
Global Car Care Products Market: Forecast by Region
North America, Europe, China, Japan, India, Southeast Asia and Rest of the World are the seven regions that are included in this report. Europe is the dominant market in the global Car Care Products market in terms of value. The Europe Car Care Products market was estimated to be valued at US$ 28 Bn in 2017 and is expected to expand at a value CAGR of 3.58% over the forecast period. The China market is expected to expand at a robust rate of 12.07% in terms of revenue over the forecast period due to the steadily increasing production of automotive in this region.
Global Car Care Products Market: Key Players
Shell, ExxonMobil, BP, Chevron, TOTAL, Valvoline, Idemitsu Kosan, Sinopec, FUCHS, JX GROUP, LUKOIL, CNPC, 3M, Illinois Tool Works, Spectrum Brands, Turtle Wax, Prestone, Altro, Sonax, Tetrosyl, Biaobang and SOFT99 are the key vendors included in this report.
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