Automotive car care tools refer to car buffers, car polishers, dusters, wash brushes, car wash towels, mitts, squeegees, scrapers, and other accessories used in the maintenance and upkeep of cars. Socket and driver sets, tow straps, torque wrenches, mechanics tool sets, jack stands, hydraulic jacks, brake bleeding kits, and oils changing kits are a few other tools included under this. They are used for preventive measures and to keep cars in a usable and safe condition. Car care prevents unwanted accidents, improves the longevity, and enhances the aesthetic quality of cars, which in turn increases their resale value. The market for car care tools is directly linked to the market for cars. The more the number of cars produced, the higher the need to maintain them. Due to an increasing demand for passenger vehicles, there has been a surge in car production. Therefore, the market for automotive car care tools is also expected to expand over the forecast period.
The car care tools market is a part of the automotive aftermarket which provides after-purchase solutions. Economic uncertainty or certainty doesn’t affect the requirement for these products. Even if the economy is not performing well resulting in decreased production and purchase of cars, car care tools would still be required to maintain the old or existing vehicles. All the same, growth in the production of cars is likely to drive the trajectories of the automotive car care tools market. Production of cars is anticipated to increase with improvements in economic conditions and therefore in the purchasing power and standard of living of citizens. Consumers with higher disposable income require cars, and with their growing number, the need to preserve them also increases. Therefore, the production of cars is directly proportional to the expansion of the automotive car care tools market.
However, high costs act a major deterrent across the globe uniformly. Developing countries and less-developed countries are less likely to use car care tools due to their lack of awareness and purchasing power. The usage of certain car care tools also poses disadvantages. For example, frequent application of car polish degenerates the wax layering which ultimately makes the car more susceptible to corrosion.
Beautification could also lead to damage to the car’s exterior. Pressure washers could create dents on the car’s surface. All these factors are likely to negatively impact the growth of automotive car care.
The market for automotive car care tools can be segmented based on product type, vehicle type, and geography. The first division includes pressure washers & hoses, polish wax, clay bars & detailing products, sponges, steam cleaners, torque wrenches, tow straps, brake bleeding kits, and others. Pressure washers and hoses are used to clean the exterior of cars and to remove after-paint particles. Similarly, clay bars are employed to remove contaminants caused due to pollution post the application of paint. Torque wrenches are handy tools which help fasten or tighten nuts and bolts. Tow straps pull out cars which have been trapped in mud or sand. Brake bleeding kits get rid of air bubbles present in brake lines which block the brake fluid.
By vehicle type, the market can be divided into the following categories: two wheelers, passenger cars, heavy commercial vehicles (HCV), and light commercial vehicles (LCV). Based on geography, the market is distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America.
Key players operating in this market include Tools USA, GRASS LLC, and Carrand Companies, Inc. in the U.S., SWISSVAX in the U.K., Young’s Corporation in South Korea, and ECT Europe and CIHAN Auto in Germany.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.