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The global car care products market is driven by an increase in the introduction of eco-friendly and no rinse products by prominent industry participants. These car care product brands are also manufacturing multi-purpose products that possess fast acting characteristics, long-lasting benefits, as well as protection & repellant properties.
To cite an instance, Meguiar’s was in news in February 2021 for the expansion of its suite of car detailing products with a virtual debut at the 2020 SEMA trade show. The new products comprise a wash liquid with the firm’s Hybrid Ceramic SiO2 additive, which will enhance water beading and boost surface tension.
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In addition, a number of partnership and collaborative initiatives by key car care products manufacturers are expected to propel industry demand through 2027. For instance, in October 2020, National Carwash Solutions, a provider of car cleaning kits, wash systems, as well as maintenance services, announced a partnership with Cleaning Systems Inc. (CSI), which is the manufacturer of Lustra Professional Car Care Products.
On this note, the global car care products market size is estimated to surpass USD 13 billion by 2027, cites the latest research by Global Market Insights, Inc.
Some major trends boosting car care products industry outlook comprise:
Increasing product demand in North America
Several car owners in North America have started opting for car wash centers, considering lesser convenience and service time. These centers are making use of several technologies, comprising car wash apps and online platforms, for attracting a wide customer base.
North America car care products industry is touted to hold more than 20 percent of the total market revenue by 2027. This growth is attributed to favorable trends related to the car wash industry.
Rising inclination towards the maintenance of vehicles
Various contaminants are responsible for putting the paint work of a car at risk. It is likely that, in some instances, these areas become prone to both corrosion and discoloration. Regular exterior cleaning keeps the car free of blemish & corrosion and helps in preventing the buildup of these contaminants. Proper stain removing, vacuuming, and cleaning measures help in keeping instrument panels, upholstery items, and carpeting in appropriate condition.
This is encouraging individuals to focus towards the maintenance of vehicles, further stimulating car care products market share through the forthcoming years.
Surging popularity of online platforms
The online segment in the car care products market will hold over 25 percent of the total industry share by 2027. This is attributed to the establishment of online platforms for the effective distribution and sales of car care products by major market participants.
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These manufacturers are also entering into partnerships with major online behemoths like Flipkart, Amazon, etc., for the expansion of their distribution network.
Escalating deployment of microfiber car care products
Microfiber car care products are available in numerous forms comprising pads, wash mitts, applicators, and towels. Owing to their versatile nature, these products are utilized for paint, clean wheels, glass, leather, etc.
Microfiber products are included in the other car care products segment, which also comprises anti-rust spray, odor eliminator spray, etc. The segment is expected to exceed a valuation of more than USD 2.4 billion by 2027.
In a nutshell, favorable trends associated with the automotive sector will augment car care products market share through the estimated period.
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