Portland, OR, Nov. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global car care product market generated $13 billion in 2021, and is projected to reach $22.6 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Car Care Product Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $13 billion |
| Market Size in 2031 | $22.6 billion |
| CAGR | 5.6% |
| No. of Pages in Report | 362 |
| Segments Covered | Product Type, Solvent, Vehicle Type, Distribution Channel, Sales Channel, And Region |
| Drivers | Increase in the standard of living |
| Growth of the online retail platform | |
| Opportunities | Surge in need for enhanced safety while driving |
| Growth in the trend of vehicle customization among people | |
| Restrains | Usage of hazardous chemicals in car care products |
| Volatile prices of raw materials and usage of hazardous chemicals in car care products |
COVID-19 Scenario:
- The car care product market experienced a negative impact due to the prevalence of lockdowns in numerous countries across the globe.
- As a result of lockdowns, the automotive industry suffered a serious blow due to the decrease in car sales during the pandemic, which in turn, adversely impacted the sales of car care products.
- Various manufacturing facilities were closed during lockdowns. Besides, ban on the import and export of raw materials led to supply chain disruptions.
- These restrictions were imposed by the government to significantly limit the spread of the virus during the pandemic. However, the market is expected to recoup with eased restrictions.
The report offers detailed segmentation of the global car care product market based on product type, solvent, vehicle type, distribution channel, sales channel, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on solvent, the water-based solvent segment held the dominating market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 6.1% during the forecast. The report also analyses other segments of the market such as the foam-based segment.
Based on application, the interior segment held the largest market share in 2021, garnering more than half of the global market, and is expected to maintain its leadership status during the forecast period. The exterior segment, on the other hand, is expected to cite the fastest CAGR of 6.2% during the forecast period.
Based on vehicle type, the passenger cars segment held the dominating market share in 2021, garnering more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The light commercial vehicles segment, on the other hand, is expected to cite the fastest CAGR of 6.8% during the forecast period.
Based on sales channel, the B2B segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The B2C segment, on the other hand, is expected to cite the fastest CAGR of 6.4% during the forecast period.
Based on region, the market across the Asia-Pacific region held the largest market share in 2021, garnering nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 8.5% during the forecast period.
The key players analyzed in the global car care product market report include M, Adolf Würth GmbH & Co. KG, Amtra Sp. z o.o., ARMOR ALL, Auto Magic, Autoglym, Cartec BV, Chemical Guys, Illinois Tool Works Inc., Jopasu India Pvt. Ltd., Liqui Moly GmbH, MA-FRA S.p.A., Northern Car Care, Simoniz USA, SONAX GmbH, Tetrosyl Ltd., and Turtle Wax, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
