Dec 22, 2022   SOURCE: BusinessWire

Insights on the Car Cleaning Products Global Market to 2031 - Rising Demand for Luxury Cars and Sports Utility Vehicle Coupled With Outdoor Activities Drive Growth - ResearchAndMarkets.com

The "Car Cleaning Products Market By Product Type, By Application, By Consumption, By Vehicle Type, By Solvent, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global car cleaning products market size was valued at $3,988.3 million in 2021, and is projected to reach $6,783.0 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.

The car cleaning products are meant to provide extra protection, as the cars are generally exposed to sun rays, sand, gravels, birds dropping and pollutants. These pollutants damage the protective coatings and degrade the quality. Car cleaning products are made up of high-quality chemicals that help the vehicle to maintain its high gloss and shine.

The major factor that drives the growth of the car cleaning products market is higher demand for private vehicle across the globe and rise in disposable income of consumer.

In addition, the rise in demand for luxury cars and sports utility vehicle coupled with outdoor activities such as mud racing is anticipated to further contribute toward increase in market demand of car cleaning products is also increasing. Waxes and polishes are used for the maintenance of the shine of the vehicle and for the additional protection.

Online retail platform is the major driver for the car cleaning products market. Currently, many retailers are collaborating or operating their own web-based retail stores where customers can learn more about the organization and its products. The availability of diverse product options and price comparison on online shopping sites has resulted in an increase in the number of online shoppers.

This is beneficial to retailers because it eliminates the need for physical outlets or stores. One of the major reasons behind consumers preferring online shopping is that consumers can read reviews provided by other users, and compare various stores, products as well as the price by different sellers.

According to the World Bank, as of 2020, approximately 88.4% of the population in North America are internet users, followed by Europe and Central Asia, accounting for around 83.9% of the population as internet users. In addition, access to internet and car cleaning products supplies have provided consumers a platform where they can easily compare assorted products and prices, and shop with comfort. Some of the popular online retailers in the car cleaning products market are Amazon.com, and Flipkart.com among others.

The U.S. car cleaning products market holds the major market share in North America owing to presence of big automotive players such as Ford, General Motors and Tesla in the country. Also, these automatic companies are establishing their service centers at small distances, which ultimately increase awareness among the customers for the maintenance of the vehicle. Several other regions like Asia-Pacific which includes China, India, and Thailand are witnessing higher demand for vehicles due to growth in population and rise in income level of the consumer. This rise in demand results in higher growth in the car cleaning product market.

Furthermore, the sales of vintage car and used cars are witnessing higher growth in the last few years. Also, the used car market is having good presence on online sites as well, which are playing a vital role in accessing the customer demand in a single touch. On the global scale Asia-Pacific region is having the largest share of sales of used cars. These used and vintage cars require more maintenance for their smooth running, which creates positive impact on cleaning products market.

Key Benefits

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the car cleaning products market analysis from 2021 to 2031 to identify the prevailing car cleaning products market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the car cleaning products market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global car cleaning products market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product Type

  • Cleaning and Washing
  • Polishing and Waxing
  • Sealing Glaze and Coating

By Application

  • Interior
  • Exterior

By Consumption

  • Individual
  • Car store and studius

By Vehicle Type

  • Commercial Vehicles
  • Private Vehicles

By Solvent

  • Water Based
  • Foam Based

By Dirstribution Channel

  • Hypermarket and Supermarket
  • Specialty stores
  • Online sales channel

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Companies Mentioned

  • 3M
  • Illinois Tool Works Inc.
  • Wurth Group
  • Altro Group plc
  • Sonax GmbH
  • Soft99 Corporation
  • Simoniz Usa
  • Tetrosyl
  • Liqui Moly
  • Turtle Wax
  • Armored Auto Group
  • Auto Magic
  • Guangzhou Biaobang
  • Northern Labs
  • Formula1 Wax

For more information about this report visit https://www.researchandmarkets.com/r/eb28fj