Global Car Wax Market 2019-2023

  • Published: Feb 2019
  • Pages: 132
  • SKU: IRTNTR30879
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The global car wax market size will grow by USD 382.79 million during 2019-2023. This report provides a detailed analysis of the market by type (synthetic wax and natural wax) and geography (APAC, Europe, Middle East and Africa, North America, and South America). The report analyzes the market’s competitive landscape and offers information on several car wax manufacturers including 3M, Henkel AG & Co. KGaA, Malco Products, Inc, Mothers, SONAX GmbH, and Turtle Wax.

Some of the key findings from our car wax market forecast report are summarized below

Car Wax Market

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Global car wax industry overview

In addition to developments in car wax form, companies are also focusing on developing products for luxury vehicles. A UK-based car detailing products company already provides a luxury-grade car wax that is in demand from luxury cars by OEMs including Rolls Royce SA and Porsche SA. The product has a golden shimmer and can protect the car for almost four months. With the increasing number of high-net-worth individuals (HNWIs), the luxury car market will witness considerable growth in the coming years. This will subsequently fuel the demand for luxury-car wax products, driving global car wax market growth.

Moreover, because of factors such as recovery in investments and the stability in commodity prices the global economy is witnessing consistent growth. This has increased the disposable income of people in emerging countries, leading to a rise in consumer spending. This will augment the growth prospects of the automobile industry in these regions, which will subsequently drive the demand for car wax products. In addition to emerging countries, the growth of developed economies such as the US will also increase consumer expenditure on car accessories. This coupled with the development of luxury car wax products will drive car wax market growth at a CAGR of about 5% during 2019-2023.

Top car wax companies covered in this market research report

The global car wax market is highly concentrated and competitive. To help clients improve their revenue share, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various leading companies. Additionally, this car wax market analysis report suggests strategies companies can follow and recommends key areas they should focus on, to make the most of upcoming growth opportunities.

The report offers a detailed analysis of several leading car wax manufacturers, including:

  • 3M
  • Henkel AG & Co. KGaA
  • Malco Products, Inc
  • Mothers
  • SONAX GmbH
  • Turtle Wax

Car wax market segmentation based on type

  • Synthetic wax
  • Natural wax

The synthetic wax market segment will account for the highest car wax market share as it has a longer lifespan than natural wax. Moreover, the growing demand for vehicles that enhance the aesthetic appeal of vehicles will also drive car wax market growth in this segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the car wax market size.

Car wax market segmentation based on geographic region

  • APAC
  • Europe
  • Middle East and Africa
  • North America
  • South America

With a complete study of the growth opportunities for car wax companies, it has been identified that North America will account for the highest car wax market share throughout the forecast period. The growing number of cars in the US and the availability of DIY products for the application of car wax are some of the significant factors driving car wax market growth in this region.

Key highlights of the global car wax market for the forecast years 2019-2023:

  • CAGR of the market during the forecast period 2019-2023
  • Detailed information on factors that will accelerate the growth of the car wax market during the next five years
  • Precise estimation of the global car wax market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the car wax industry across APAC, Europe, Middle East and Africa, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on several vendors
  • Comprehensive details of factors that will challenge the growth of car wax companies

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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