North America automotive cleaners & degreasers aftermarket from light commercial vehicles should exceed USD 5.5 billion by 2024. LCVs have gained importance owing to their off-roading capabilities which make them viable for small scale business owners in the region. Technological advancement has enhanced safety features like antilock braking system which has resulted in increased vehicle sales. Rising economic growth and e-commerce should accelerate market growth.
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The growing prominence of low-emission & high-performance engines is projected to fuel automotive cleaners & degreasers aftermarket in the forthcoming years, owing to the rising significance imparted to maintenance and servicing operations. The array of products that are available across this domain are frequently used to rid the vehicle’s engine of different contaminants before an oil change in an effort to enhance the vehicle’s fuel efficiency.
Moreover, with global vehicle sales growing at an exponential rate owing to improving economic conditions across a number of countries, the automotive cleaners & degreasers aftermarket is expected to accumulate substantial momentum from their maintenance & servicing activities. Furthermore, there has been a growing trend for the sale of vehicle part & repair accessories online as more and more brands are starting to make their products available on global e-commerce platforms.
Global automotive cleaners & degreasers aftermarket from HCV’s may register growth at over 2.5% by the end of forecast period. Government initiatives to invest in road construction, commercial and & non- commercial projects, and travel & tourism sector have increased the demand of for heavy commercial vehicles for the transportation of raw materials, thereby enhancing product demand.
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Catalytic converter cleaner market was valued at over USD 2.5 billion in 2017. These products exhibit various benefits such as fuel efficiency improvement, safety measure, and reduced VOC emissions. They help prevent clogging of catalytic converters which can worsen performance, produce harmful air emissions and lead to poor mileage. Rising government regulations pertaining to emissions and investments made by automobile manufacturers in R&D activities to reduce emissions are likely to stimulate automotive cleaners & degreasers aftermarket growth.
Global automotive part cleaners market share is consolidated and less competitive with the key manufacturers being BASF, 3M Company, DowDupont, WD-40 and Valvoline Inc. Other manufacturers include Wurth USA, GUNK, Bardahl Manufacturing Corporation, and Engen Petroleum Ltd. Various manufacturers are indulging in strategic acquisitions to foster regional presence and improve product offering.
The aforementioned trends characterizing the product landscape of the global automotive cleaners & degreasers aftermarket quite discernibly indicate that this business vertical is here to stay. According to a Global Market Insights, Inc., the overall automotive cleaners & degreasers aftermarket is slated to surpass the $47.5 billion renumeration mark 2024.
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