Automobile Care Products Market Key Drivers, Emerging Technology, Industry Growth Data, and Business Perspective by 2028
Market Overview
The Global
Automobile Care Products Market is expected to be valued at USD
16,122 Million by 2025, with a CAGR of 4.11% during the forecast
period (2019–2025).
The report covers segmentation 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.
Competitive Analysis
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).
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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.
Segmental Analysis
The global market for automobile care products is segmented
based on type and application. Based on 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.
Based on 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.
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Regional Analysis
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 2018, 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 2025 with an
impressive 4.59% CAGR during the forecast period.
Asia-Pacific is expected to witness a 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 increase 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 2018, 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 2018, the regional market was valued at USD 3,501.7million,
which is expected to reach USD 4,419.9million by 2025 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.
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