Car Care Products Market Size Expected to Reach USD 14.26 Billion By 2028
Customer awareness towards vehicles cleanliness and maintenance, easy availability of water based solvents and increasing disposable income will drive the market at a high CAGR during the forecast period.
Market Size- USD 10.32 Billion in 2020, Market Growth- CAGR of 4.10%, Market trends- Technological advancement and increasing automation in car wash technologies, APAC expected to register the highest market share during the forecast period
The Car Care Products market was valued at USD 10.32 Billion in 2020 and is expected to reach USD 14.26 Billion by year 2028, at a CAGR of 6.3% CAGR during the forecast period (from 2018 – 2026). The rising demand for high-performance chemical products which are used for long-lasting durability and quality of cars. Old vehicles and the declining trend of replacement of vehicles also support the growth of the market. The car care products market is majorly driven by the growing security and safety needs.
The development of the car care products market is into a growing phase owing to the advancement of the technology in vehicle washing techniques. The growing disposable income in key geographies enables customers to buy these products. Partnerships between manufacturers of car care products and company-authorized service centers will deliver efficient end-to-end solutions to the end customers. Increasing awareness amongst the customers of the advantages of the market boosting the growth of the market.
As car care products are used to maintain the varnish of the vehicle body or to remove dirt from vehicles’ parts, the main hazardous components in the car care product are tensides, solvents, bases and acids, and several types of additives. The most commonly used solvents in car care products seem to be mineral oil distillates (Naptha; heavy, medium, and or light fractions), which are likely (contain substances which can) to cause cancer or gene mutations. Many of these naphtha solvents may also result into aspiration hazards. This implies substances may enter the lower respiratory system directly through mouth or nose and might cause severe pulmonary damage or inflammations. Other few substances in car care products (mostly different types of alcohols) likely to cause corrosion or irritation of the skin and severe damage to eyes. This might restrain the growth of traditional car care product and might result in developing less hazardous car care products
Asia Pacific region is anticipated to hold the major share in the market over the forecast period. From the last decade, the automotive industry in the region has undergone a significant transformation. The region is taking a major share of global automobile sales and is the only major market anticipated to witness strong growth during the forecast period. These developments are likely to fuel the growth of the market in the region.
Many companies like 3M (USA), Illinois Tool works (USA), Autoglym (UK), Sonax (Germany), Würth Group (Germany), Soft99 Corporation (Japan), Tetrosyl (UK), Simoniz USA (USA), Turtle Wax (USA), Liqui Moly (Germany), Northern Labs (USA), and others are operating in the marketplace
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Further key findings from the report suggest-
- Manufacturers of cleaning products are innovating the entire product line. One of the major trends in the system is bio-based cleaning products. In bio-based cleaning products, manufacturers have replaced fossil-based ingredients with bio-based ingredients like enzymes or plant oil
- Cleaning products segment are projected to be the leading segment of the overall car care product market during the forecast period
- Sustainability trend has taken priority over the last few years. ~80% of all ingredients found in car care products launched in North America claimed to be green solutions like plant-based and biodegradable products.
- The increasing need for environmentally friendly and waterless/no-rinse products owing to growing environmental concerns and restrictions
- Demand for the water-based solvent is increasing due to several reasons like several countries around the globe are facing the issue of water shortage, and hence governments are imposing rules and regulations towards the usage of water. Also, in multiple cases, the customer does not require water to clean the surface after the application of water-based solvents, but it can be wiped off the surface of the vehicle with a dry cloth
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/car-care-products-market
For the purpose of this study, Reports and Data have segmented the industry by Product, by Component Material, by Distribution Channel, by Solvent, by Application Area, and by Region:
Car Care Products by Product (Revenue, USD Million; 2018–2028)
- Cleaning and Caring
- Polishing and Waxing
- Sealing glaze and coating
- Ice Scrappers
Car Care Products by Component Material (Revenue, USD Million; 2018–2028)
- Metal Bodies
Car Care Products by Distribution Channel (Revenue, USD Million; 2018–2028)
- Brick and Mortar
- Auto Beauty Shops
- Service Centres and Garages
- Super and Hyper Markets
- Company Authorised Shops
Car Care Products by Solvent (Revenue, USD Million; 2018–2028)
- Water-based Solvents
- Foam-based Solvents
Car Care Products by Application Area (Revenue, USD Million; 2018–2028)
- Windows, glass, mirrors
- Tyres and Rims
- Windows, glass, mirrors
Car Care Products by Region (Revenue, USD Million; 2018–2028)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key Advantages of Car Care Products Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Car Care Products industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Car Care Products market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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