The car care products market is expected to experience a compound annual growth rate (CAGR) of 1.9% during the forecast period. The market is projected to grow from an estimated value of USD 4.4 billion in 2022 to USD 4.8 billion by 2027.
Factors contributing to the growth of the car care products market include an increase in the sale of used cars and the utilization of e-commerce platforms by leading players to expand their customer base. The presence of auto beauty shops and service centers provided by car care service providers is also expected to drive the demand for car care products.
The interior segment is anticipated to be the fastest-growing segment during the forecast period. This segment focuses on products that maintain and detail the interiors of cars, such as interior trim cleaners, glass cleaners, leather care products, and dashboard cleaners. As cars age, their interiors, made of materials like leather and plastic, tend to fade in color, especially due to exposure to UV rays. To maintain the car’s condition and resale value, there is a growing demand for interior car care products.
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The cleaning and caring segment, categorized by product type, is expected to hold the largest market share in 2021. Consumers are increasingly aware of the importance of regularly cleaning and detailing their cars to preserve their appearance and longevity. This practice is particularly crucial in regions like Asia Pacific, where the used car market is expanding, as proper cleaning and care contribute to maintaining a higher resale value.
North America is estimated to be the largest market for car care products, with the United States leading the region. In North America, consumers often prefer do-it-yourself (DIY) solutions for minor car detailing due to higher labor charges. Manufacturers are responding to this trend by introducing easy-to-use, high-quality, and cost-effective car care products. The demand for car care products in the United States is driven by car owners’ preference for car wash and auto detailing services.
The Asia-Pacific region is expected to be the fastest-growing market for car care products. Factors contributing to this growth include the increasing sales of automobiles in countries like China and India, rising disposable income, and growing awareness of car maintenance. Additionally, the used car market in this region values well-maintained vehicles, further boosting the demand for car care products.
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Key players in the global car care products market include Tetrosyl, Illinois Tool Works, 3M, Sonax GmbH, and Wurth Group. These companies focus on new product development and expansion strategies to establish a strong presence in the market.
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