Pune, India, Aug. 31, 2021 (GLOBE NEWSWIRE) --
The global car care products market size is poised to show tremendous growth during the forecast period, attributed to the steadily growing automobile sector. Companies specializing in the production of car care products across the world are offering all kinds of cleaning chemicals and accessories to maintain the interior and exterior parts of cars.
Car wax and cleaning products gain momentum in North America:
North America car care products market is set to be valued at nearly $3 billion by 2027. Using car wax for cleaning offers a wide range of advantages like deep and vibrant shine to the car paint and an active shield against extremely hot or cold climate. This wax is produced with the help of either natural or synthetic raw materials and is available in the form of cream paste or liquid foam.
The wax and cleaning segment is estimated to be valued at over $2.4 billion by 2027. Some of the items considered in this segment are car wax, soap, polish and shampoo. Car shampoos are mixed with certain cleansing chemicals that are quite useful in removing contaminants like dirt, bird droppings, road tar, and tree sap. On the other hand, car polish is used for the exterior parts of the vehicle to maintain the glossy finish and remove imperfections, if any.
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Exteriors attract need for car care products in North America:
Both exterior and interior parts of a car use certain care products to extend their lifespan and performance and maintain the car’s aesthetic appeal. North America car care products market size from exterior segment will expand at a steady CAGR of over 2.6% through 2027. The exterior parts of a vehicle endure the most damage, be it in the event of an accident or during harsh weather conditions. Therefore, exteriors require the most maintenance. The services include wheel & tire care, polishing, full deep gloss finish, and glass cleaning, among others.
Some of the common products used to wash the exteriors of a car are car shampoo and clay bar, which help remove dirt and other loose pollutants. Car wash detergents are used to remove dirt and dust from tires as they are the most exposed parts of the vehicle. Car waxing and polishing products are used to restore the aesthetic appearance of the vehicle and prevent its exteriors from accumulating dirt.
North America takes the DIY approach for car care:
DIY application will hold around 75% of North America car care products market share by 2027. Today, more and more people in the region are becoming self-reliant in terms of car maintenance. Many customers find most car care products quite easy to use. There are many online platforms available that teach DIY techniques to make care maintenance an easier process. The customers don’t require special guidance from professionals, which is why the DIY approach for car maintenance is gaining traction in North America.
Number of luxury car owners rises in Asia Pacific:
Asia Pacific is one of the fastest developing regions in the world today, with many countries already in the process of economic transition. The region is witnessing rapid rise in the incomes of people, which is why urbanization is gaining significant traction. As the demand for having luxurious public amenities has grown, the need to own luxury cars have picked up pace. With the regional population having more money, they have started splurging on luxury items like high-end cars. This factor will help APAC car care products market will reach a valuation of $4.4 billion by 2027.
In recent years, China has become the leader in terms of the highest luxury car sales. The number of people with high net worth in the country increased to nearly 2.3 million, whereas the number of individuals with ultra-high net worth stood at 26,700 in 2019. This figure was anticipated to expand by nearly 46% in the coming five years. It will increase the sale of luxury cars and related car care products and services by many folds in the future.
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COVID-19 effect on car care products sale in Asia Pacific:
Many countries in APAC region were severely hit by the COVID-19 pandemic, which forced most industries to either shut shop for a brief period or work at reduced capacities. The regional automotive sector in particular saw harsh decline in its profit margins with many manufacturing plants facing severe supply chain disruptions due to shortage of manpower and raw materials.
Regional governments placed restrictions and lockdowns to contain the virus spread. All these aspects created hurdles for the progress of car care products manufacturing in Asia Pacific. But it also allowed many vehicle owners to take up maintenance on their own until auto service stations opened to full capacity again. With sectors reopening for operations and the automotive sales picking up pace, the demand for car care products will subsequently grow at a steady pace.
Car care product suppliers in APAC region use online distribution channels:
Online distribution channels will be extensively used to sell car care products in Asia Pacific. The number of virtual platforms selling these products has multiplied in recent years to offer convenience and wider range of products to customers from far-off places. The COVID-19 pandemic has played a key role in this as the regional population is increasing its use of online mediums to purchase items of their choice. Online channels give customers the freedom to choose from a wide variety of solutions and offer affordable price ranges. Companies specializing in the production of car care products can aim to widen their customer base with the help of these online platforms.
Glaze and coating car care products consumption in Europe:
The glaze and coating items will increase at a CAGR of 1.5% through 2027. A glaze consists of micro-refined oils, fillers, and levelling agents that will help in filling light scratches and swirls. This product finds high use in the maintenance of light-colored vehicles and helps restore their lost shine and gloss. Coatings are a protective layer that are applied to protect the paint underneath from scratches and dirt.
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European car care products focus on interior applications:
As important as it is to keep the exterior parts of a car free from dirt and scratches, the interiors require equal attention. The interiors segment will expand at 1.9% CAGR through 2027 as the need to keep upholsteries and dashboards free from mildew and dirt is gaining importance.
There are special carpet steam cleaners used to get rid of dirt and tough stains from cargo area carpeting and floor mats. Fragrant sprays are used to eliminate foul odor in cars and portable air fresheners are installed to maintain the clean and fresh smell. All these factors elevate the driving experience of car owners and will positively contribute towards helping overall car care products market in Europe reach the estimated valuation of around $4 billion by 2027.
Car maintenance is an important activity that needs to be carried out on a timely basis to extend the lifespan of the vehicle and improve its efficiency and performance. People across the world are becoming aware about the importance and advantages of using car maintenance services, thereby fueling the demand for car care products. Some of the additional advantages of using these products apart from enhancing the car’s aesthetic appearance are they make the exteriors resistant to scratches, improve the durability of paints, and protect the vehicle from extreme weather conditions.
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