Chicago, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Car Care Products Market size was valued at USD 4.4 billion in 2022 and is expected to reach USD 4.8 billion by 2027, growing at a CAGR of 1.9% from 2022 to 2027, according to a new report by MarketsandMarkets™.
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144 – Tables
47 – Figures
199 – Pages
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| Report Attributes | Details |
| Market size value in 2022: | USD 4.4 billion |
| Projected to reach 2027: | USD 4.8 billion |
| CAGR: | 1.9% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | North America |
| Region Covered: | North America, Europe, Asia Pacific, and Rest of the World |
| Segments Covered: | By product type, by application, by vehicle type, by consumption, by distribution channel, by solvent, and region |
| Companies Covered: | Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany) |
Increase in sale of used cars, use of e-commerce platforms by leading players to increase customer base are expected to offer promising future growth of the market for car care products. Availability of various auto beauty shops and service centres of various car care service providers is expected to further drive the demand of car care products industry.
Interior segment is expected to be the fastest-growing segment during the forecast period.
The term "interior segment" describes goods for cleaning and maintaining automobile interiors. It consists of floor cleaners, glass cleaners, leather care products, dashboard cleaners, cleaners for plastic and rubber parts, and cleaners for interior trim. Leather and plastic are typically used to make car interiors. As an automobile gets older, the interior materials have a propensity to lose their color. The sun's UV rays, which degrade the part's color, are largely to blame for the degradation. Longer exposure to the sun causes the interiors to fade more quickly than they should, making the vehicle appear older than it actually is. Therefore, the interior vehicle care market is anticipated to experience good growth in the given time period in order to maintain the automobile in good condition for a long time and also to preserve the resale value of the car as high as feasible.
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Passenger cars will be the biggest market for car care products
The passenger vehicles are increasing a high rate due to the increasing sales in Asia Pacific region. There is also increasing market for used cars. Used cars fetch a good value only when sold in a good condition. Hence in order to keep the car in good condition for long time and also to keep the resale value of the car as high as possible. This is expected to drive the demand for care products. Also, the sales of premium and luxury cars have increased significantly globally, especially in US, Europe and China. This has proportionally driven the demand of car care products globally. The growing passenger car fleet, especially in Asia Pacific is expected to boost car care products market in the coming years.
Asia Pacific is expected to be the fastest growing market
Asia Pacific region is expected to be the fastest growing market. Several factors can be attributed to these observations which are first, there is an increase in sales of automobiles in some of the largest market of this regions i.e., China and India. Second, there is an increase in disposable income and awareness regarding good maintenance of car which allows people to spend more generously on maintenance of their car. Thirdly, there is an increasing use car market in this region where the most well-maintained used car get a higher value. Expansion car care shops/parlors by various top players such as 3M, ITW, Wurth Group etc. is expected to drive popularity of car care products. These factors are expected to boost growth of car care products in this region.
Key Market Players:
The Car Care Products Companies is dominated by global players such as Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany). These companies adopted new product development, and expansion strategies to gain traction in the car care products market.
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