The car care products market size is expected to grow from US$ 4,935.01 million in 2022 to US$ 6,730.61 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
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.
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Car Care Products Market: Strategic Insights
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Car Care Products Market: Strategic Insights
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Impact of COVID-19 Pandemic on Car Care Products Market
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.
Market Insights
Strategic Developments by Key Players Favor Car Care Products Market Growth
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.
Application-Based Insights
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.
Distribution Channel-Based Insights
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.
Car Care Products Market Regional Insights
Car Care Products Market Regional Insights
The regional trends and factors influencing the Car Care Products Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Car Care Products Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Car Care Products Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 4.94 Billion |
| Market Size by 2028 | US$ 6.73 Billion |
| Global CAGR (2022 - 2028) | 5.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Car Care Products Market Players Density: Understanding Its Impact on Business Dynamics
The Car Care Products Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Car Care Products Market are:
- 3M Co
- Adolf Wurth GmbH & Co KG
- Sonax GmbH
- Soft99 Corp
- Shell Plc
Disclaimer: The companies listed above are not ranked in any particular order.
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Report Spotlights
- Progressive industry trends in the car care products market to help companies develop effective long-term strategies
- Business growth strategies adopted by the car care products market players in developed and developing countries
- Quantitative analysis of the market from 2020 to 2028
- Estimation of global demand for car care products
- PEST analysis to analyze the Political, Economic, Socio-Cultural, and Technological changes in the business environment
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the car care products market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
- Size of the car care products market at various nodes
- Detailed overview and segmentation of the market and growth dynamics of the car care products industry
- Size of the car care products market in various regions with promising growth opportunities
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Application, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global car care products market are 3M Co; Shell Plc; Adolf Wurth GmbH & Co KG; Soft99 Corp; Pidilite Industries Ltd among others
The strong growth of e-commerce distribution channel, is expected to provide lucrative growth opportunities to the global car care products market during the forecast period.
Based on the products, the fresheners segment accounted for the largest revenue share. The increasing customer awareness of car hygiene products along with rising preference for comfort and luxury is expected to boost the fresheners segment, leading to largest revenue share.
Asia Pacific comprises of countries with worlds largest population and prominently youth population. The youth and car enthusiasts form a significant consumer base of car care products. Therefore Asia-Pacific accounts the largest share of the global car care products market.
The recovery in passenger car sales, and growing consumer inclination towards car care due to growing consumer awareness about maintaining car's appearance and increasing its durability are some of the key driving factors for the car care products market.
Based on distribution channel, online retail is the fastest-growing segment. The impeding e-commerce industry along with development of online shopping websites, is driving the segments growth. Moreover, a shift towards online retail segment is observed due to the distinct benefits such as quick service, home delivery, easy access and many more.
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The List of Companies - Car Care Products Market
- 3M Co
- Adolf Wurth GmbH & Co KG
- Sonax GmbH
- Soft99 Corp
- Shell Plc
- Pidilite Industries Ltd
- Holt Llyod International Ltd
- Tetrosyl Ltd
- Turtle Wax Inc
- Cartec BV
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