Increasing sales of used cars and utilising e-commerce platforms by leading players to enhance customer base drive the market for car care products. According to the new market research report by MarketsandMarkets, the car care products market is estimated to reach from $ 4.2 billion in 2021 to $ 5.5 billion by 2027.
In the report 'Car Care Products Market by product type application, consumption, solvent, vehicle type, distribution channel and region, - Global Forecast to 2027', the global car care products market is projected to grow at a CAGR of 4.7% during the forecast period.
The key market players in this space include Tetrosyl, Illinois Tool Works, 3M, Sonax and Wurth Group. These companies adopted new product development and expansion strategies to gain traction in the ride-sharing market.
Amongst all the segments, the products for the interior will grow faster during the forecast period, the report said. The interior segment refers to car care products that are used to maintain the vehicle's interior parts. It includes interior trim, plastic and rubber part cleaner, glass cleaners, leather care products, dashboard cleaners, interior car polish, and floor cleaners.
Due to COVID-19, awareness regarding interior hygiene among car owners has increased, the report said and added that this would drive the growth of interior car care products. In addition, the recent developments of anti-microbial car care products will fuel the usage of interior car care products to maintain the aesthetics of the interior of a car and keep them germ and virus free.
Cleaning and caring
The cleaning and caring car care products are extensively used in passenger cars due to their ability to protect their various interior and exterior parts. In addition, the focus on better aesthetics of an automobile by car owners has increased the demand for cleaning and caring car care products.
North America to dominate the market
According to MarketsandMarkets, North America has the largest market for car care products, and the US has the most prominent car care products market in the North American region, followed by Canada and Mexico.
Consumers in North America are more inclined toward maintaining the aesthetics of their vehicles. Hence, manufacturers are launching new products to ensure high-quality and cost-effective car care products are available for customers.
Car owners in the US have more consumption of car wash and auto detailing services, which has simultaneously increased the demand and consumption of car care products. In comparison, laws and restrictions related to the car wash at home in the US have further compelled car owners to use auto beauty shops, service centres, and garages to maintain the aesthetics of their cars.
Courtesy: MarketsandMarkets. NB: Photo is representational. Courtesy: BMW.