Car wax is a non-abrasive coating material, which provides a layer of protection to the paint or previously polished surface. It is commonly used to enhance the luster of the previously polished surface of the car and to protect it from UV rays, intense heat, and contaminants, such as airborne pollutants, dust, acid rain. Car wax is also used to protect the surface from oxidation process and helps in avoiding corrosion. It is generally classified under two categories, natural and synthetic. Moreover, increasing production of vehicles is expected to add to the growth of on-road vehicle fleet in near future, owing to which the demand for car wax is expected to remain high during the forecast period.
COVID-19 scenario analysis:
- The COVID-19 pandemic has led to many changes in car-buying behavior and attitude. Digital services and features are being readily accepted by people as a way to stay connected, trackable, and safe.
- The auto industry has witnessed the impact of the coronavirus crisis evolving from a supply shock to a global demand shock.
- Digital key is expected to witness high demand in the coming years due to its low-cost implementation. As virtual assistant, voice recognition, personalization, and gesture control are expected to witness increased demand with growing concerns due to the pandemic.
- The cash burn rate in the industry is currently less than 2 months. Many original equipment manufacturers (OEMs) are anticipated to soon face liquidity issues as operating cash flow diminishes during the crisis.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Some of the factors that are expected to boost the car wax market are increasing fleet of luxury cars and availability of old cars. However, the high cost of car wax along with the chemical burn on the surface after using it over a regular period is anticipated to hamper the growth of the market. Furthermore, customization of vehicles for introducing them to purchase from the market is expected to offer lucrative opportunities for the market growth over the forecast period.
The car wax market trends are as follows:
Increasing fleet of luxury cars
Car wax is generally used to provide shine to the painted exterior part of the car body. Increasing production of premium cars in various developed economies to cater to the growing demand from increasing population is one of the key driving factors for the growth of the car wax market. The automobile industry has reported a significant growth in recent years, owing to increasing production of vehicles in the recent past. Moreover, increasing fleet of luxury cars is also expected to add to the increasing demand for car wax in the market. Sport Utility Vehicle (SUV) and midsize cars are expected to hold the highest share in the car wax market. This is expected to create a new platform for the growth of global car wax market over the forecast period.
Availability of old cars
Most customers who buy used cars seek the value for money in the deal in terms of good engine and car condition. An organized dealer can certify the quality of the second-hand car, and may also help to get the engine checked and verified. However, new car sales have slowed down in the recent past. The pre-owned car market has continued to grow over the past year and is larger than the new car market now. Therefore, reselling companies are focusing on improving the quality of the engine as well the outer finish of the cars using premium wax. They are also providing safety and comfort as a source of their advertisements for customers. The growing reselling automobile market is expected to boost the demand for car wax as it enhances the overview of the vehicle, which increases the chances of good price in the market. Therefore, these factors are expected to boost the car wax market growth over the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the car wax market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the car wax market share.
- The current market is quantitatively analyzed to highlight the car wax market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed car wax market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that
Car Wax Market Report Highlights
By Sales Channel
Key Market Players
Tetrosyl Ltd., Henkel, Darent Wax, Turtle Wax, Prestone, Bullsone, Northern Labs, SONAX, Malco Products, 3M