Car Air Freshener Market Demand is Forecast to Growing at CAGR of 14.23% During 2020-2025
iCrowdNewswire Jan 13, 2020 1:07 AM ET
Car Air Freshener Market demand is forecast to reach $3.87 billion by 2025, aftergrowing at a CAGR of 14.23%during 2020-2025. The car air freshener market is estimated to grow at a fast pace owing to rising concerns on the quality of air indoor/outdoor across the globe. The dynamic growth in the demand of the easy life style and modernity are two major factors contributing towards the growth of the market. One such factor is the air care products used in the vehicles, due extensive increase in the of air pollution, primarily aerosol propellants, across all the globe. Growingpublic interesttowardssustainable and environment-friendly products will further enhance the overall market demand for Car air conditioner market during the forecast period.The rising usage of car air fresheners for neutralizing odors of particularly aromatic compounds combined with odor elimination demand from commercial vehicles is set to drive the market.
• Asia-Pacific dominates the Car air freshener market owing to increasing demand from applications such as automotive industry.
• The growing demand of easy, modern, healthy and attractive life style is anticipated to raise the growth of the Car air freshener market.
• Increasingadoption of sustainable and environment friendly products, implementation of stringent government regulations to reduction of pollution across the globe is anticipated to increase the demand of air fresheners in future.
Product- Segment Analysis
Among all the other products, Gel Can held the major market share in the year 2018. This is mostly due to heavy increase in demand of these Gel Can not only due to its persistent fragrance but also due to its attractive look. It is also found that the Gel Can lasts longer than the sprays and paper car air fresheners. These are heavily being adopted in the countries such as U.S, Germany and Canada. This is due to the high adoption of cars which is consequently raising the demand of the air fresheners. Xiaomi launched a new car air fresheners with fragrance extracts from plants in the form of gel. The launch of new products is anticipated to increase the demand there by uplifting the growth of the market.
Geography- Segment Analysis
APAC dominates the market of air fresheners with a market share of more than 37.21%, which is followed by North America and Europe. The growing concern towards the air pollution and its hazardous effect in countries such as Japan, Australia and China are majorly contributing towards the growth of the Air Fresheners market. China has the largest automotive industry in the world. According to OICA, China held 35% share in global passenger cars sales in 2017. India also has excellent potential for automotive industry growth in the future. The country’s automotive industry experienced 8% growth in production in 2018, over the previous year. With more than 11 million vehicles traveling on the U.S. roads, which is 11.5 %of the total vehicles in the world as reported by the OICA in 2017, there will be tremendous demand for Air fresheners in the automotive application.
Drivers –Fuel Additives Market
• Growing demand of modern Life style:
Rising adoption ofsustainable and environment-friendly products coupled with high adoption of easy and modern life style by the customers is expected to boost thedemand for air fresheners during the forecast period. Also, the attractiveness of neutralizing odors coupled with the fresh air fragrance is anticipated to raise the demand of the market during the forecast period.
• Implementation of Stringent Environment Regulations
Governments across the global are significantly focusing towards increasing the awareness of the population to acquire safe and healthy environmental thereby reducing pollution, including for aerosol propellants. Owing to the regulation and the urge of leading a healthy life style is contributing towards the rise in demand of the air fresheners, thereby contributing towards the growth of the Car Air freshener Market.
Challenges – Car Air fresheners Market
• Limited Air Freshener Source Availability
One of the major cause hindering the growth of the Car Air freshener market is the availability of limited sources which includes plant extracts and other important raw material required for the manufacturing these air fresheners.
Product launches,acquisitions and R&D activitiesare key strategies adopted by players in the Car Air fresheners market. In 2018, the market of Car Air Freshener has been consolidated by the top five players. Major players in the Car Air Freshener Market areAmerican Cover, Car-Fresheners Corp, Carmate Manufacturing Co Ltd, Chic Accessory, Henkel Ag Co, Jenray Product,Procter Gamble Coamong others.
- On Nov 4th2019, Lynx launched a range of premium car air fresheners which included 3D hanging disc, Square Vent, Gel Can, mini vent and sustainable, refillable vent. The launch of new product along with a new brand is anticipated to raise the growth of the market during forecast period.
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