Global Car Wax Market 2019-2023| Development of Luxury-Grade Car Wax to Boost Growth| Technavio

LONDON–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;#Researchlt;/agt;–The global car wax market is expected to post a CAGR of over 5% during
the period 2019-2023, according to the latest market research report by Technavio.

A key factor driving the growth of the global
car wax market
is that car waxing has become an essential part
of car maintenance services, as it provides protection as well as
maintains a showroom-like finish of the car, which is a crucial factor
in enhancing the resale value. For instance, it is expected that
professional detailing can boost the resale value of the vehicle by
about 15%. Hence, more and more customers prefer car waxing as most
buyers of these vehicles are very particular about maintaining their
vehicles, which encourages them to use car wax to keep the vehicles in a
gleaming condition. Additionally, many market vendors are manufacturing
and selling premium-grade car wax to achieve a rich shine and increase
profits. Thus, such factors are expected to drive the growth of the
market during the forecast period.

This global car wax market research report also analyzes other important
trends and market drivers that will affect market growth during

Global car wax market: Development of
luxury-grade car wax

The developments in car wax is not just restricted to its form; some
vendors are targeting super-rich customers who buy luxury vehicles by
developing luxury-grade car wax. The luxury car wax offered by several
vendors give a golden shimmer and can protect the car for up to four
months. Additionally, the demand for this luxury car wax is very high
among luxury cars manufactured by OEMs such as Porsche SA, Rolls Royce
SA, and others. These vendors are also offering various types of car wax
in their product portfolio, wherein it provides a varied result, from a
high gloss finish for a classic car to a durable protector for a
four-wheel drive.

“The demand for luxury-grade wax mostly arises from high-net-worth
individuals. High-net-worth individuals play a significant role in
elevating the demand for luxury vehicles, especially super-luxury cars.
Therefore, the significant growth in the luxury vehicle market will
result in the growth of the luxury-grade car wax segment,” says a senior
analyst at Technavio.

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. However, during the forecast
period, the APAC region is expected to register the highest incremental
growth of over 5%.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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