NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global car care products market size is estimated to grow by USD 3585.56 million from 2022 to 2027. The market is estimated to grow at a CAGR of 5.48% during the forecast period. The COVID-19 outbreak had a severely negative effect on the global automotive components and accessories market’s growth in 2020. Additionally, trade operations were negatively impacted in the first half of 2020 as a result of the rigorous social distance and travel limitations that were put into place. This impacted the expansion of the market for automotive components globally. Worldwide, non-essential goods and services, as well as vehicle parts and accessories, saw a fall in sales. However, vehicle parts and accessories sales soared in 2021 due to the relaxation of the ban on trade and the removal of lockdowns. This is anticipated to result in a rise in demand for automotive parts and accessories throughout the forecast period, which would favorably affect the market expansion of the global automotive components and accessories market. For more Insights on the car care products market, Request a sample report
The supply chain for automobiles has been impacted by the ongoing Russia–Ukraine conflict. Auto sales have fallen slightly in 2022 as a result of significant price volatility and a constrained product supply. The prolonged confrontation between Russia and Ukraine has caused delays in the production of finished items. This has had a substantial impact on the development of the automotive industry, which has hurt European customers’ interest in the sector. This will negatively impact the growth of the global automotive market during the forecast period.– buy the report!
Global car care products