The global car care products market size is projected to account for USD 16.69 billion by 2027, as per a new report by Million Insights. It is projected to register 4.2% CAGR over the forecast years. The rise in the sales of automotive vehicles and increasing preferences among consumers for maintenance of vehicles are driving the growth of the market.
Product Insights
Depending on the product, the car cleaning product segment held over 30.0% share in the car care products market in the global revenue. The demand for dry car washing has surged in the recent past owing to growing environmental concern and convenience offers by the product. Dry wash help remove the light dirt without causing any damages to car paint.
Glass cleaning products are used to clean mirrors, windshields, and headlights. Windshield washer fluids led the market and they are available concentrates form. Antifreeze additives are mixed with these fluids in cold areas to avoid frost formation on the car screen.
The interior cleaning products segment is projected to register 3.2% CAGR over the forecast duration owing to the increasing demand for maintenance of car interior. Leather cleaner and upholstery cleaner provide deep cleaning and remove grime and dirt available on the interior of the body.
Market Share Insights
Owing to the presence of several local and international players, the market is fragmented. Players such as Tetrosyl, Turtle Wax Inc., 3M, and Armor All hold a significant share in the market. However, these players face increased competition from regional players. The Asia Pacific provides a lucrative opportunity for the market players owing to a rapid rise in the automotive industry. In addition, owing to the rising sales of luxury cars, the demand for polishes and wax is anticipated to increase, as a result, projected to fuel the market growth. Several key players present in the market are Cartec B.V., Turtle Wax, Armor All, 3M, MAFRA S.p.A., Sonax GmbH, and Chemical Guys among others.
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Regional Insights
North America accounted for more than 38.0% share in the market due to the rising demand for luxury cars and the growing use of mini trucks. The rise in the sales of luxury vehicles and the presence of key market players in the region are key factors driving regional growth. Mexico, on the other hand, is witnessing increased demand for automotive, therefore, offering a lucrative opportunity for the market players.
On the other hand, Asia Pacific is projected to witness considerable growth over the forecast duration owing to the rise in the number of on-road vehicles in China and India. Factors such as the presence of leading car manufacturers and the growing penetration of electric cars in the region are anticipated to proliferate the market growth. However, the trade war between the United States and China is anticipated to cause disruption in the market.
COVID-19 Impact Analysis
The car care product market has been negatively affected owing to the outbreak of COVID-19. The pandemic has led to the closure of several car care shops across the globe, which resulted in a sudden drop in growth. Further, car wash businesses were required to adhere to COVID-19 norms such as social distancing and other safety practices, which led to low demand. In addition, the pandemic also affected the Do-It-yourself (DIY) car services owing to the weak supply chain caused shortage of car care products. Nonetheless, with the resumption of various economic activities, the demand for car care products is gaining traction. China, in particular, is witnessing increased sales of automotive vehicles.
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