Publication Month: Feb 2023 | Report Code: TIPRE00006122 | No. of Pages: 158 | Category: Consumer Goods | Status: Published
Car care products are essential to keep the car running smoothly despite its age and condition. These products contain high-performing chemicals that enhance the car's appearance and improve its durability. The global demand for car care products is mainly driven by growing customer awareness about car upkeep and the increasing rate of car ownership. Additionally, the surge in middle-class income is significantly increasing the demand for car care products. These products safeguard and maintain the appearance of the vehicle. A wide range of products is available for wheel care, interior-exterior care, glass cleaner, and paint restoration for vehicles. Moreover, these products help protect the vehicle and maintain its original quality, increasing its resale value.
In 2022, in terms of revenue, Asia Pacific dominated the car care products market share and was estimated to register the highest CAGR during the forecast period. With the rising focus on maintaining vehicle hygiene, the overall demand for antibacterial car care products is expected to grow in the coming years. Increasing sales of vehicles, rising consumer awareness regarding the importance of maintaining car hygiene, and growing advancements in car washing technologies are also anticipated to propel the demand for antibacterial car care products in Asia Pacific. These antimicrobial car care products help in inhibiting the growth of microorganisms and protect the interior fabric used in the car.
|Market Size Value in||US$ 4,935.01 million in 2022|
|Market Size Value by||US$ 6,730.61 million by 2028|
|Growth rate||CAGR of 5.3% from 2022 to 2028|
|No. of Pages||158|
|No. of Tables||86|
|No. of Charts & Figures||84|
|Historical data available||Yes|
|Segments covered||Product, Application, and Distribution Channel|
|Free Sample Copy Available|
Before the onset of the COVID-19 pandemic, the demand for retail car care products was mainly driven by the growing interest of car owners in maintaining their cars. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The pandemic led to social restrictions and severe economic impact, which hampered the manufacturing and distribution of car care products. The decline in the growth of the automotive industry significantly impacted the demand for car care products in the global market. The global automotive industry was severely affected due to the COVID-19 pandemic. The impacts of the COVID-19 pandemic also led to a dramatic decline in car sales. According to the International Organization of Motor Vehicle Manufacturers, the global sales of all types of vehicles decreased from 91,227 million in 2019 to 78,774 million in 2020. This has negatively impacted the demand for car care products. Moreover, the shutdown of supermarkets, hypermarkets, and other stores reduced the sales of car care products. During lockdowns, people were forced to follow social distancing norms, which prevented them from visiting the shops to buy car care products. However, the consumption of car care products through e-commerce distribution channels witnessed an increase during the pandemic.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including the automotive industry, witnessed a recovery in their operations. According to the International Organization of Motor Vehicle Manufacturers, the global sales of all types of vehicles grew from 78,774 million in 2020 to 82,684 million in 2021. Thus, the increased sales of vehicles bolstered the demand for car care products.
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In May 2019, 3M Co (India) and Castrol India collaborated to launch a range of 3M-Castrol branded bike and car care products. The portfolio includes glass cleaner, shampoo, dashboard and tyre dressers, cream wax, which will be retailed in India. In December 2021, SONAX GmbH introduced three formulations of car care products, based on paintwork sealing technology. The products include Xtreme Ceramic Active Shampoo, Xtreme Ceramic Spray Seal, and Xtreme Ceramic Quick Detailer. The developed products are based on Si-Carbon technology. Such strategic developments by key players are expected to bolster the car care products market growth. In addition, a few of the key players are involved in strategies such as mergers and acquisitions to expand their geographical presence.
Based on application, the car care products market is bifurcated into interior and exterior. The interior segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. Interior car cleaning is necessary to protect upholsteries and dashboards from dust and mildew. Specialized carpet steam cleaners remove tough stains from floor mats and cargo area carpeting. Odor eliminator sprays are used to eliminate odors, and air fresheners are applied to maintain a pleasant smell within the vehicle.
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Based on distribution channel, the car care products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is expected to register the highest CAGR during the forecast period. Online retail stores offer a wide range of products and heavy discounts; also, consumers can conveniently buy desirable products remotely. Additionally, home delivery service attracts a large group of consumers to shop through e-commerce portals. Moreover, these websites offer comprehensive product information, along with user feedback, which helps consumers compare products and make informed decisions.
3M Co, Adolf Wurth Gmbh & Co KG, Sonax GmBH, Soft99 Corp, Shell Plc, Pidilite Industries Ltd, Holt Lloyd International Ltd, Tetrosyl Ltd, Turtle Wax Inc, and Cartec BV are a few of the major players operating in the car care products market. These companies mainly focus on product innovation to expand their market size and follow emerging market trends.