Vendors are expected to cash in on the steadiness of the global Car Care Products market in terms of growth. During the completion of 2017-2025 timeline, the global market for Car Care Products is expected to reflect a 52% increase vis-à-vis revenue growth. In 2018, the global Car Care Products market was valued at a US$ 90 Bn. By the end of the forecasted period, it is estimated to touch a value of more than US$ 130 Bn, growing at a moderate CAGR of 5.41% throughout the projected period.
Global Car Care Products Market: Drivers
The global Car Care Products market is driven by the increase in automotive production. Car Care Products are high-performance chemicals used to improve the 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 include wheel care, tyre shine, interior-exterior care, glass cleaner, paint cleaning and protection, paint restoration, and many more. Improvement in the standard of living of people, growth in purchasing power of consumers, and the growing economy of key countries are projected to stoke the demand in the global Car Care Products market.
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 at a CAGR of about 4% since the last several years. It reached US$ 1.397 Bn units in 2017
One of the major challenges for the global Car Care Products market is the decline in the automotive production growth rate. With the automotive market becoming more mature, the growth rate of automotive production is slowing down
Global Car Care Products Market: Forecast by Type
This segmentation category 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 higher in the global Car Care Products market than other segments. The 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% achieved in 2018. The Cleaning Products segment is expected to rank relatively high on the attractiveness index in the global Car Care Products market by 2018 end. It is likely to account for relatively higher growth rate in the global Car Care Products market over the forecast period.
Global Car Care Products Market: Forecast by Application
The application segments are Passenger Car and Commercial Vehicle. Car Care Products find application in 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, and Southeast Asia are the six regions included in this report besides the Rest of the World. Europe is the dominant market for Car Care Products in terms of value. The Europe Car Care Products market was estimated to attain a valuation of 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 because of the impressively increasing automotive production in the country.
In recent years, the global automotive industry has exhibited stable growth. 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. The GDP of Asia-Pacific countries is rising at a telling 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 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.
Click to view the full report TOC, figure and tables：