Yahoo Finance Car Care Products Market Share Worth $6.74 Billion by 2028 with 5.3% CAGR – Global Report by The Insight Partners
The global car care products market growth is fuelled by growing consumer inclination toward car care, recovery in passenger car sales and strong growth of e-commerce distribution channel.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Car Care Products Market Size, Share, Growth, Sales, Revenue and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Cleaning Products, Polishing & Waxing Products, Fresheners, and Others), Application (Interior and Exterior), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)”; The car care products market size is expected to grow from USD 4.93 billion in 2022 to USD 6.74 billion by 2028; it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
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Global Car Care Products Market – Report Scope:
Market Size Value in | USD 4.93 Billion in 2022 |
Market Size Value by | USD 6.74 Billion by 2028 |
Growth rate | CAGR of 5.3% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 153 |
No. of Tables | 83 |
No. of Charts & Figures | 81 |
Historical data available | Yes |
Segments covered | Product, Application, and Distribution Channel |
Global Car Care Products Market: Competitive Landscape and Key Developments
3M Co, Adolf Wurth Gmbh & Co KG, Sonax GmBH, Soft99 Corp, Shell Plc, Pidilite Industries Ltd, Holt Lloyd International Ltd, Tetrosyl Ltd, Turtle Wax Inc, and Cartec BV are a few of the key players operating in the car care products market. These companies have a wide presence across the globe, which allows them to serve a large number of customers.
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Impact of COVID-19 Pandemic on Car Care Products Market Growth:
Before the onset of the COVID-19 pandemic, the demand for car care products was mainly driven by the automotive industry. Due to the pandemic, governments of various countries imposed restrictions on auto car care products shops, service centers, and garages, which has affected the consumption of car care products. However, the use of e-commerce distribution channels by the manufacturers of car care products positively affected the demand for car care products. The introduction of lockdowns and social distancing initiatives also restricted people from visiting the shops to buy items that also relate to car care products. The sales of car care products grew due to the availability of various e-commerce distribution channel sites.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including the automotive industry, witnessed a recovery in their operations. According to the International Organization of Motor Vehicle Manufacturers, the global sales of all types of vehicles grew from 78,774 million in 2020 to 82,684 million in 2021. Thus, the increased sales of vehicles bolstered the demand for car care products.
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Car Care Products Market: Segmental Overview
Based on product, the car care products market is segmented into cleaning products, polishing & waxing products, fresheners, and others. The fresheners segment held the largest market share in 2022, and the polishing & waxing products segment is expected to register the highest CAGR during the forecast period. A car air freshener is a small gadget intended to remove unpleasant odors from the car and make the environment more pleasant for its occupants. Manufacturers offer different fragrances, such as sandalwood, jasmine, rose, and lavender, which is influencing the demand for air fresheners. Car air freshener adaptation has expanded over the years due to the availability of various products such as vents & clips, sprays, blocks, gels, hanging cardboard, and paper car air fresheners. Manufacturers continuously innovate advanced products, such as twist gel technology, automatic air fresheners, etc. The demand for these products is high among customers, which led to the dominance of the fresheners segment in 2022.
Based on application, the car care products market is bifurcated into interior and exterior. The interior segment held a larger market share in 2022 and is expected to register the highest CAGR during the forecast period. Various products, such as foam, rubbing alcohol, shampoo, and slime, are used to clean the car's interior, such as seats, carpet, and roof liner. Manufacturers have introduced various innovative products, such as slime gel, to clean the interior and electronic appliances of a car. Car cleaning chemicals enable the deep cleaning of interiors by streaking out dirt, residues, and grime that gather on the interior surfaces without affecting the texture of the interior material. Manufacturers are looking to develop biodegradable waterless car wash and eco-friendly car care products to reduce the environmental impact. The growing awareness among vehicle owners about the need for interior care is projected to fuel the car care products market growth for the interior segment.
Based on distribution channel, the car care products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest market share in 2022, and the online retail segment is expected to register the highest CAGR during the forecast period. With rising per capita income, the inclination to improve the standard of living is influencing the scope of online shopping, which is playing a major role in developing e-commerce platforms such as Amazon, Flipkart, and Walmart. This factor is contributing to the adoption of the e-commerce distribution channel.
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