Pune, March 12, 2021 (GLOBE NEWSWIRE) — Invest in the Best Auto Care Products
The automobile care products market is a flourishing space. The market is growing mainly due to the growing production and sales of vehicles over the past few years. Whether a brand new car or used ones, regular car maintenance and investing in quality auto care products always pays back well. The right auto care solution restores vehicles to their top form.
There is a range of products available in the market to protect and maintain vehicles from top to bottom and from under the hood to the surface. The global automobile care products market is garnering remarkable growth over recent years. Factors such as the rising sales of luxury vehicles and growing awareness of automotive care products drive the growth of the market.
Besides, the strong economic growth and the spurring rise in the automotive industry create substantial market demand. Moreover, growing numbers of service stations and increasing aftermarket activities escalate market growth. Market Research Future (MRFR), in its latest analysis – the global automobile care products market, asserts that the market is projected to grow at a 4.11% CAGR during the forecast period (2019–2025).
Auto owners are focusing on improving vehicle aesthetics and performances. Advances in technologies and the relative efficacy of competing auto care products are priorities that have already altered the market capitalization. The rapid expansion of automotive industries in emerging economies such as China, India, Thailand, Mexico, Indonesia, and Vietnam, fosters the automobile care products market size.
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The COVID-19 outbreak severely hit the automobile care products industry. On one side, manufacturers faced various problems ranging from obtaining raw materials o develop products and attracting workers from quarantines t and delivering end products to attracting workers from quarantines.
Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output. However, the automobile care products market is rapidly returning to normal, witnessing the steadily increasing demand. The automobile care products market demand is projected to pick up following the uplift of the lockdown in many countries.
The automobile care products market is garnering significant traction across the globe. The rising adoption of automotive care services in passenger vehicles is likely to foster the automobile care products market shares. Additionally, the rising demand for automotive care products and increased maintenance cost of luxury vehicles act as major driving forces.
Besides, rapid advances in care & maintenance technologies and materials influence the growth of the market. Conversely, price volatility and the demand-supply gap in raw materials essential for production are major factors impeding the growth of the market. Also, the availability of several low-cost counterfeit automobile care products poses challenges to market growth.
Browse In-depth Market Research Report (136 pages) on Automobile Care Products
The automobile care products market is segmented into type, application, and region.
The type segment is sub-segmented into cleaning & caring, polishing & waxing, sealing glaze & coating, and others. Among these, the cleaning and caring segment holds the largest market share due to the increasing use of cleaning & caring products to remove dirt, mud, hard-dust, bird droppings, oil & grease from exterior automotive painted surfaces without damaging the surface.
The application segment is sub-segmented into service centers and garages, auto beauty shops, individual sources, and others. Among these, the service centers & garages segment holds the largest market share. Service centers & garages are well equipped to provide a range of services, including washing, aesthetic enhancements, lubrication, and tire and battery services.
The Asia Pacific region dominates the global automobile care products market. Ample availability of key raw materials and cost-competitive workforces are major factors impacting the automobile care products market growth. Besides, the growing…