A New FMI Report Forecasts the Impact of COVID-19 Pandemicon Car Wash Detergents and Soaps Market Growth Post 2020
VALLEY COTTAGE, N.Y. – Noteworthy increase in the fleet size and a consistently swelling vehicle parc point to the surging need for high quality car wash detergents and soaps. Looking at the considerably soaring per capita expenditure on car care and servicing, it is more likely that car care products such as car wash detergents and soaps would witness impressive demand over the course of next few years. Recent innovations such as bio-based car wash detergents and soaps has been creating an impactful trend shaping product innovation strategies of manufacturers of car wash detergents and soaps.
A recent intelligence released by Future Market Insights evaluates the current and prospective outlook of the performance of global car wash detergents and soaps landscape. In the report, FMI forecasts over 5% yearly growth in sales of car wash detergents and soaps. Accounting for more than 35% of the total consumption of car wash detergents and soaps, presoaks remain the most favored choice of car owners. Moreover, as indicated by the key insights drawn from research, domestic players remain the major shareholders in global landscape of car wash detergents and soaps, according to the study.
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Convenient application and relatively affordable price point continue to influence sales potential of liquid car wash detergents and soaps, whereas the report projects strong demand growth for foam based car wash detergents and soaps that deliver a superior quality finish to cars post wash, in the near future. On the flipside, despite associated with a high price point, car wash detergents and soaps in gel form are poised to experience steadily growing sales attributed to their enduring post wash effect on cars.
A majority of North American consumers prefers professional car wash services. European regulations on the other side prohibit consumers from in-house car washing, in the backdrop of increasing concerns regarding inadequate water availability. While this underscores the strong impact of factors encouraging sales of car wash detergents and soaps in North America and Europe, the report also positions developing economies to emerge more lucrative for investors in coming years. Analysis of emerging regions indicates the significantly growing inclination of consumers to purchase cars, and spend more in car care and maintenance. A visible shift to luxury cars, subsequently directing a paradigm shift from DIY car wash to professional car wash services, is cited as an important trend diving consumption of car wash detergents and soaps in developing economies across Asia Pacific, Latin America, and Middle East & Africa.
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On the other side, expanding online availability of a wide range of car wash detergents, soaps, and other car cleaning products will reportedly continue to lure car owners who still prefer in-house car cleaning. The flourishing automotive aftermarket is also projected to remain one of the key boosters for expansion of car wash detergents and soaps market in developing regions. 3M Company, Kao Corporation, Turtle Wax Inc., and Spectrum Brands Holdings Inc. constitute some of the prominent companies operating in the global car wash detergents and soaps market. Besides the aforementioned brands, the report covers a few other established players active in the car care and car wash space, emphasizing exclusive insights on their financial and strategic developmental profiles.
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While the market structure analysis reveals that up to 35% revenue share in the global market belongs to leading companies, a major portion of the market value is accounted by a large number of domestic players that are strategizing on product innovation and competitive pricing. Novel formulations based on natural raw materials such as vegetable oils and naturally sourced solvents will reportedly continue to capture R&D interests of manufacturers. Established brands continue to invest in strategic acquisitions and collaborations involving regional leaders, says research. Long-term contractual partnerships with domestic/regional players are likely to assure sustained demand in the long run, for global leaders investing efforts in specific regional market penetration.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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