The global car care products market is projected to grow at a CAGR of 1.9% during the forecast period, from an estimated USD 4.4 billion in 2022 to USD 4.8 billion by 2027. Car care products are high-quality chemicals used for better shine, gloss, and longevity of vehicles. 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.
Individual sources will be the fastest growing consumers during the forecast period. The increasing awareness regarding car detailing has helped to increase the demand for car care product. However the increasing labour cost has many car owners to take up the task and do it themselves rather than visiting to a professional car care service centers. With presence of sufficient training material online teaching car detailing these owners now learn and do the task themselves. With time the number of such people is expected to increase and so will the demand for car care products.
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Passenger cars are expected to be the largest market for car care products. The passenger vehicles are increasing at a good rate the increasing sales in Asia pacific and ROW region. The used cars market is also showing positive growth. 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 the passenger car care segment is expected to see good growth in the given time period.
The interior segment addresses car care products that cater to maintaining car interior. These products include interior trim, plastic and rubber part cleaner, glass cleaners, leather care products, dashboard cleaners, interior car polish, and floor cleaners. Car interior mainly consists of leather and plastic. This interior materials fade their color with age. This caused because of UV from sun that pales the color of the part. Therefore this maintains the car in good condition for longer amount of time and also to keep the resale value high .
North America has the largest market for car care products, and the US has the largest car care products market in the North American region, followed by Canada and Mexico. Consumers in North America prefer DIY solutions for general car care duties. The reason for this is because the labour charges are higher in the region. Therefor, manufacturers are investing on new products to ensure they are easy to use, high output and provide value for money car care products for customers. US car owners have more for car wash and auto detailing services, which is the reason for higher demand and consumption for car care products in this region.
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Asia-Pacific region is expected to be the fastest growing market. The reasons for this growth are increase in sales of automobiles in some of the largest market of this regions i.e. China and India. Second, 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. Lastly, growth in used car market in this region where the a well maintained used car get a higher value. This factors are expected to boost growth of car care products in this region.
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