The new report by Expert Market Research titled, ‘Global Car Care Product Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global car care product market, assessing the market based on its segments like applications, manufacturing process and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
Forecast Historical Market Size (2020): USD 510 million
Forecast CAGR (2021-2026): 31%
Forecast Market Size (2026): USD 2.2 billion
Over the forecast period, the market is expected to be driven by rapidly expanding global automotive sales, an increase in consumer disposable income, and improvements in car washing procedures. In luxury cars and sports utility vehicles, car care and appearance-enhancing products are commonly employed. Waxes and polishes are used to keep a vehicle's sheen and provide protection. In addition, protectants and cleansers are utilized to keep the car looking good. Over the forecast period, this trend is expected to drive product demand.
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Industry Definition and Major Segments
Car care goods, often known as auto care products, are a wide range of products used to groom and maintain the interiors and exteriors of automobiles. Shampoos, cleaners & polishes, clay bars, wax, tapes, fillers, and a variety of other items are among the products available. Exterior surface cleansers, for example, aid in the removal of dirt, dust, and road grime from automobiles. Tar and grease are also removed using specialist cleansers. Resil's paint refinishes can be applied manually or mechanically, and they successfully erase even the tiniest scratches. Car care improves the aesthetic quality of cars, extends their longevity, and reduces the risk of accidents, all of which boost their resale value.
By Type, the market is divided into:
- Car Cleaning Products
- Car Polish
- Car Wax
- Wheel and Tire Care Products
- Glass Cleaners
- Others
By Application, the market is divided into:
- Interior
- Exterior
By Distribution Channel, the market is divided into:
- DIY/Retail Stores
- DIFM/Service Centers
By region, the industry is categorized into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
One of the primary reasons driving market expansion is the increased demand for private vehicles as a result of rising consumer spending and the emerging suburbanization trend. Aside from that, as luxury cars and sports utility vehicles (SUVs) become more popular for outdoor leisure activities, the demand for effective car maintenance solutions is growing. Furthermore, to broaden their customer base, the top businesses are delivering these products through online platforms. Aside from that, rising consumer knowledge of vehicle care is fueling demand for novel cleaning products to maintain car seats, restore colors, and remove unpleasant odors and nicotine traces. These products also aid in the refinement of plastic parts and dashboards, as well as the safe removal of debris while delivering a finish and keeping a shine.
Because of the presence of numerous significant automotive players, such as General Motors, Ford Motors, and Tesla, the market in the United States is predicted to grow rapidly over the projection period. Furthermore, the market in the United States is likely to profit from the growing trend of automobile businesses creating service centers at short distances, as well as rising customer knowledge about car maintenance. Due to increased population and wealth, several major economies in Asia Pacific, notably India, Thailand, and China, have had significant levels of vehicle production over the historical period. In these countries, increased product demand has come from rising automobile production to meet rising demand, and this trend is likely to continue over the forecast period. The popularity of vintage and used cars is growing rapidly. These cars' aesthetic maintenance is heavily reliant on car care products. Previously, the Do-It-Yourself (DIY) maintenance trend was prevalent; however, the Do-It-For-Me (DIFM) movement is now gaining over. The DIFM market is quickly expanding as more people opt for professional car maintenance services. For automobile sector companies, a number of internal and cost-effective replacements are available. These factors are expected to enable the market growth during the forecast period.
Key Market Players
The major players in the market are 3M Company, Soft99 Corporation, Tetrosyl Group Limited, Illinois Tool Works Inc., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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