LONDON--(BUSINESS WIRE)--The global car wax market is expected to post a CAGR over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Car wax provides protection and maintains a showroom-like finish of the car. Customers prefer car waxing as they use the car wax to keep their vehicles in gleaming condition. This is encouraging many market vendors to manufacture and sell premium-grade car wax products. Thus, the growing demand for car waxing as an essential part of car maintenance service will boost the growth of the car wax market during the forecast period.
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As per Technavio, the development of luxury-grade car wax, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Car Wax Market: Development of Luxury-Grade Car Wax
Some vendors are developing luxury-grade car wax to cater to the needs of customers of luxury vehicles. The luxury car wax offered by these vendors can protect the car coating for up to four months. Vendors are also offering various types of car wax to expand their product portfolio. They provide a varied result from a high gloss finish for a classic car to a durable protector for a four-wheel drive. Thus, with the increase in development of luxury-grade car wax, the market for car wax is expected to showcase a positive outlook during the forecast period.
“Apart from the development of luxury-grade car wax, other factors such as growing disposable incomes and growing popularity of mobile-based car detailing services are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Car Wax Market: Segmentation Analysis
This market research report segments the global car wax market by type (synthetic wax and natural wax) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA, respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the increasing availability of DIY products for the application of car wax and growing number of cars in the US.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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