In 2021, the global car wax market achieved a noteworthy valuation of approximately US$ 850 million, and it is anticipated to experience a steady growth trajectory with a Compound Annual Growth Rate (CAGR) of 4.5%, reaching over US$ 1.1 billion by 2028. Car wax sales constitute a substantial 5.5% share within the broader car care products market, with liquid car wax emerging as the dominant contributor to revenue growth during the assessment period spanning from 2022 to 2028. This market trend underscores the enduring demand for effective automotive maintenance solutions, particularly in the form of liquid car wax.
Stay Competitive and Request Your Sample Report to Explore Market Opportunities! https://www.futuremarketinsights.com/reports/sample/rep-gb-2268
Dynamics
The global car wax market is expected to witness steady growth, owing to the growing production of vehicles in different regions. This increasing vehicle production is expected to drive the demand for car wax products, which are particularly used in the finishing line in the manufacturing of a vehicle. Car wax products also register high demand from automotive aftermarket services. The increasing vehicle fleet is expected to upsurge the demand for car wax products, which are mostly used in car wash and car cleaning services.
North America held the lion’s share in terms of the global vehicle fleet in 2017. As per the reports of OICA, the region holds a 21.2% share in terms of global vehicle fleet. Western Europe, with a 19.8% share in the global vehicle fleet, is also expected to provide lucrative opportunities for the sales of car wax products in aftermarket car care services.
Segmentation Analysis
The global car wax market is estimated to witness steady growth, owing to the increasing demand from aftermarket car care services. Increasing vehicle fleet is the key driving force surging the demand for car wax products in aftermarket car services. SUV, mid-range and upscale cars account for around a 47% share in the demand for car wax products in aftermarket car care services.
As per the reports of OICA, global vehicle production was reported to be 7.1% of the global vehicle fleet in 2017. Attributing to this, the demand for car wax products is expected to remain high in aftermarket car care services over the forecast period. Liquid car wax is expected to gain traction over the forecast period, owing to its easy to apply characteristics and low cost. The demand for the liquid form of car wax is expected to remain high in aftermarket car care services, owing to the less time required for applying liquid car wax as compared to paste car wax. The demand for paste car wax is expected to be driven by vehicle manufacturers who usually prefer long-lasting products for the finishing of vehicles.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-2268
Regional Market Projections
On the basis of region/country, China is anticipated to dominate the global car wax market throughout the forecast period. In China, the car wax market is expected to expand at a CAGR of around 9.6% during the forecast period. Moreover, Latin America and India are anticipated to register relatively higher CAGRs during the forecast period. These two regions, coupled with Latin America, are expected to register attractive growth rates in the global car wax market during the forecast period. The Western Europe car wax market is at a mature stage and is expected to witness slow growth over the forecast period.
Global Car Wax Market Competitive Landscape
Some of the players reported in this study on the global car wax market include 3M, Turtle Wax Inc., Darent Wax Company Ltd, Mothers Polishes Wax Cleaners Inc., Sonax GmbH, Treatment Products Ltd, Northern Labs Inc., Swissvax AG, Waxpol Industries Ltd, Carsco0 Inc., Shenzhen Marpa Imp & Exp Trading Co., Ltd and Kao Chemicals GmbH, among others
Prepare your business for future expansion with a custom report catered to your unique requirements. Request yours now! https://www.futuremarketinsights.com/customization-available/rep-gb-2268
Car Wax Market Key Segments
By Type
- Natural Car Wax
- Synthetic Car Wax
By Form
- Liquid Car Wax
- Car Wax Paste
By Sales Channel
- Car Wax Manufacturers
- Car Wax Retailers and Distributors
By End Use
- Original Equipment Manufacturers
- Aftermarket
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube