CHICAGO, Jan. 6, 2023 /PRNewswire/ — 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, according to a new report by MarketsandMarkets™.
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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. Availability of various auto beauty shops and service centres of various car care service providers is expected to further drive the demand of Car Care Products Market.
Interior segment is expected to be the fastest-growing segment during the forecast period
The interior segment refers to products that cater to maintenance and detailing of interiors of car interior. It includes interior trim, plastic and rubber part cleaner, glass cleaners, leather care products, dashboard cleaners, interior car polish, and floor cleaners. Car interior are usually made of leather and plastic. This interior materials have a tendency to fade their color as the age of the car increases. Most of the decaying is due to UV from sun that fades the color of the part. If the car stays in sun for longer hours, the interiors fade at faster rate than it ideally should and thus makes the car looks older than what it actually is. 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 interior car care segment is expected to see good growth in the given time period.
The cleaning and caring segment by product type is expected to hold the largest market share in 2021
With growing awareness of longevity of car, more and more consumers are now preferring a time to time car cleaning and detailing work. This helps the consumers to keep the new look of the car for longer period of time. As there is also increase in the used car market in certain regions like asia pacific, proper cleaning and caring of the car helps to maintain a good resale value of the car. This makes car care product and services a value for money deal for the owner of the car. Thus cleaning and caring segment is expected to see positive growth.
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North America is estimated to be the biggest market and Asia-Pacific is the fastest growing market
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 to DIY solutions for minor car detailing. This is because of higher labour charges in the region. Hence, manufacturers are launching new products to ensure easy to use, high-quality and value for money car care products for customers.Car owners in the US have relatively higher preference for car wash and auto detailing services, which is the reason for higher demand and consumption for car care products in this region.
Further the Asia-Pacific region is expected to be the fastest growing market. Several factors can be attributed to this observations which are first, there is an increase in sales of automobiles in some of the largest market of this regions i.e. China and India. Second, there 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. Thirdly, there is an increasing use car market in this region where the most well maintained used car get a higher value. This factors are excpected to boost growth of car care products in this region.
Key Market Players
The Car Care Products Market is dominated by giants such as Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany). These companies adopted new product development, and expansion strategies to gain traction in the Car Care Products Market.
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