SAN FRANCISCO, July 29, 2020 /PRNewswire/ -- The global car care product market size is expected to reach USD 13.39 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.8% from 2020 to 2027. The rise in the number of new car sales across the globe, increasing consumer awareness with regards to vehicle maintenance and rising disposable income of individuals in developing countries are key factors driving market growth. The trend of long-term usage of vehicles is expected to boost growth. Also, increasing demand for high-performance products used to improve the durability of the car is anticipated to augment the sale of car care products across the globe.
Key suggestions from the report:
Read 100 page research report with ToC on "Car Care Product Market Size, Share & Trends Analysis Report By Product (Cleaning & Caring, Polishing & Waxing, Sealing Glaze & Coating), By Application (Interior, Exterior), By Distribution Channel, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/car-care-product-market
Product innovations such as waterless car wash and wax solutions minimize the water usage and thus have gained popularity amongst various developed regions. Also, the manufacturers of car care products have increased the adoption of eco-friendly materials that help these companies in meeting regulatory standards. The integration of eco-friendly materials in car care products is expected to widen the consumer base of the market. Further prominent aftermarket companies are continually expanding their product portfolio in the car care parasol. For instance, in February 2020, Motul launched its car care range at a car show 'Retromobile' in the Paris Expo. The official sale of these products was rolled out in March 2020 via retailers.
The COVID-19 outbreak urges people to stay indoors and confine themselves at home for a prolonged period. Thus, impacting supply chain and demand of products in the automotive sector. The demand for new cars is expected to be slowed across the globe with the widespread pandemic. Several car care product companies have started promoting disinfecting and interior cleaning solutions to support the growth of the market amid the outbreak. For instance, Cartec BV is promoting its products Surface Clean 80 and Handgel 80 that are used to disinfect interiors of the car.
Grand View Research has segmented the global car care products market based on product, application, distribution channel, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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