Car Care Products Industry Overview
The global car care products market size was valued at USD 10.36 billion in 2020 and is expected to reach USD 14.48 billion by 2028, at a CAGR of 4.3% from 2021 to 2028.
Rapidly increasing automotive sales across the globe, a rise in consumer disposable income, and innovations in car washing techniques are expected to drive the market over the forecast period. Car care and appearance-enhancing products are being widely used in luxury cars and sports utility vehicles. Waxes and polishes are used for maintaining the shine of vehicles and offer protection. In addition, protectants and cleaners are used to maintain the appearance of the vehicle. This trend is expected to propel the product demand over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Car Care Products Market
The market in the U.S. is expected to witness high growth over the forecast period on account of the presence of several large automotive players, such as General Motors, Ford Motors, and Tesla. In addition, the market in the U.S. is expected to benefit from the growing trend of automotive companies establishing service centers at small distances, coupled with the increasing consumer awareness regarding the maintenance of cars.
Several major economies in Asia Pacific, including India, Thailand, and China, witnessed high levels of automotive production over the historic period owing to the growing population and rising incomes. Rising automotive production to cater to the increasing demand has resulted in augmented product demand in these countries and the trend is expected to continue over the forecast period.
The sales of vintage cars and used cars are increasing significantly. The appearance maintenance of these cars is highly dependent on car care products. Earlier, the Do-It-Yourself (DIY) trend for maintenance was popular, however, the trend of Do-It-For-Me (DIFM) is now taking over. The DIFM market is rapidly growing as several individuals opt for professional services for vehicle maintenance.
A variety of internal and cost-effective substitutes are available for the automotive industry players. Instead of polishing and waxing the vehicle, the vehicle can be coated with paint that eliminates the need for applying waxes and polishes to maintain the shine of the vehicle for a longer duration. In the case of raw materials, beeswax can be used instead of using carnauba wax for manufacturing the product since it is a cheaper substitute.
Car Care Products Market Segmentation
Based on the Products Insights, the market is segmented into Car Cleaning Products, Car Polish, Car Wax, Wheel & Tire Care Products, Glass Cleaners, Interior Care Products and Others.
- Car cleaning products led the market and accounted for above 31.0% share of the global revenue in 2020.
- Interior care products are expected to expand at a CAGR of 3.3% over the forecast period on account of the rising awareness among vehicle owners regarding the maintenance of interiors.
Based on the Packaging Volume Insights, the market is segmented into Less than 250 ml, 251 – 500 ml, 501 – 999 ml, 1 L – 5 L and Above 5 L.
- Car care products with a packaging volume of 501 – 999 ml led the market and accounted for about 39.0% share of the global revenue in 2020.
- The above 5 L packaging volume segment is primarily preferred for commercial usage by large level entities, including large service stations, dealerships, company car care centers, and detailing workshops. The growing trend of company-certified car care services as per the car purchase agreements is likely to fuel the growth of this segment.
Based on the Car Care Products Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA).
- North America dominated the market and accounted for about 38.0% share of the global revenue in 2020.
- The market in Asia Pacific is expected to expand at the fastest CAGR of 4.8% from 2021 to 2028 owing to the strong growth of the automobile industry in the region due to the presence of several large automakers, such as Suzuki, Toyota, Tata, Honda, and Subaru.
Market Share Insights:
- November 2021 – Turtle Wax, a car care company established in the United States, stated that e-commerce and conventional retail are reviving, which is fueling its business.
Key Companies Profile:
The market is highly fragmented owing to the presence of several key players. The competition is primarily driven by the application scope. Several companies in the market provide various specialty products for the end-use segments, such as personal cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).
Some prominent players in the global Car Care Products market include
- 3M
- Sonax GmbH
- Tetrosyl Ltd.
- Chemical Guys
- Armor All
- Adolf Wurth Group
- MAFRA S.p.A.
- Cartec B.V.
- Turtle Wax
- Liqui Moly GmbH
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