DUBLIN, March 29, 2023 /PRNewswire/ — The “Philippines Car Care Products Market, By Vehicle Type, By Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating, Others), By Application, By End Use, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
Philippines car care products market is anticipated to register growth with an impressive CAGR in the forecast period, 2024-2028, on the account of surging demand for prolonging the life of automobiles and maintaining their shine, and aesthetic looks.
Increasing sales of commercial vehicles, and personal cars, and higher rising disposable income among the population are further driving the growth of the Philippines car care products market in the upcoming five years.
Car care products include cleaning, washing, waxing, sealing, and coating exteriors & interior products. These products are usually applied for prolonging the visual life of automobiles. The service-based companies that provide car care & related services use this product, while personal kits of car care products are further gaining popularity among the population.
Increasing Vehicle Fleet Drives Market Growth
Increasing demand for ownership of the car and rising disposable income among the population for owning four-wheelers are majorly driving the growth of the Philippines car care products market in the upcoming five years.
Although the country satisfies the growing demand for personal cars, and commercial cars by importing the products from the neighboring countries, the assembling, revamping, and maintenance sector of the industry is gaining higher sales and aiding the market growth.
Car sales in the country had been depleting in the last century. It was only recently, after 2015 that the sales have been increasing. In the year 2020, the country exceeded its last-highest sales record by selling 153.83 thousand units.
Also, the demand for smaller and more economical cars has been increasing from small business owners, farmers, fishermen, etc. for their regular and daily transportation requirements, thus supporting the growth of the Philippines car care products market in the future five years.
Expanding Automotive Industry Through Manufacturer Growth
Philippines automotive industry expands heavily due to the number of market players and active manufacturers of cars, car parts, and car care products.
Toyota Motors, the Japanese company has been leading the country’s automotive industry for a few years now and it is expected to keep the growth for the next five years too. The company manufactured over 161,385 vehicles in the year 2019 and holds the largest shares in the country.
Local manufacturing, brand recognition, and parts availability are some of the major reasons for the Japanese companies leading the Philippines automotive industry, closely followed by Korean companies like KIA Motors.
Government initiatives, favorable schemes like progressive car manufacturing programs (PCMP), and car development programs (CDP) the industry is anticipated to further grow and surge the demand for car care products too, thereby driving the growth of the Philippines car care products market in the future five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Philippines car care products market.
Carbalen Car Care Products
Redox Chemical Industries Ltd.
Ma-Fra Spa
Stinger Chemical Corporation
Sonax Philippines
Meguiar’s Philippines
Report Scope:
Philippines Car Care Products Market, By Vehicle Type:
Hatchback
Sedan
SUV/MPV
Philippines Car Care Products Market, By Product Type:
Cleaning and Washing
Polishing & Waxing
Sealing Glaze & Coating
Others
Philippines Car Care Products Market, By Application:
Interior
Exterior
Philippines Car Care Products Market, By End Use:
Service Centers
Garages
Individual Sources
Others
Philippines Car Care Products Market, By Distribution Channel:
Online
Offline
Philippines Car Care Products Market, By Region:
National Capital Region (NCR)
Region IV – Southern Tagalog
Region III – Central Luzon
Region VII – Central Visayas
Region I – Ilocos Region
Other Regions
For more information about this report visit https://www.researchandmarkets.com/r/wn0d5j
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SOURCE Research and Markets
