The global Car Care Products Market is projected to grow at a CAGR of 4.7% during the forecast period, from an estimated USD 4.2 billion in 2021 to USD 5.5 billion by 2027. Car care products are high-quality chemicals used for better shine, gloss, and longevity of vehicles. 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.
Used cars are also referred to as pre-owned cars that had one or more retail owners in the past. The used car market is served by unorganized players that include individuals, not organizations, and various organized players such as Alibaba Group, eBay, Sun Toyota, Cars24 Services Pvt. Ltd., and OLX Autos by OLX Group. The demand for used cars has experienced a significant rise due to consumer focus on high-quality vehicles available at affordable prices. The outbreak of COVID-19 resulted in disruptions in the supply chain and production of new cars. It also negatively affected the purchasing power of a large section of customers wanting to buy a new car, which resulted in an increase in demand for used cars across the world. For instance, used passenger car and light truck sales in the US increased by 10.6% from FY 2010 to FY 2019.
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Used cars are more vulnerable to pollutants that can deteriorate their automotive finishes and interior work. A car is exposed to sun rays, tree resin, road asphalt, sand, gravel, de-icing agents, bird guano, and various aerial pollutants. Subsequently, there is a rise in the demand for car care products such as car polish and wax, trim cleaners, and tire and rim protectors throughout the world as car care products assist in preserving the interiors of a used car, cleaning the outer body, extending the life of a vehicle, and adding value to a used car.
The interior market is projected to grow at the highest CAGR during the forecast period. The interior segment refers to car care products that are used to maintain the interior parts of a vehicle. 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, which is going to drive the growth of interior car care products. Further, 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, as well as keep them germ and virus free.
The auto beauty shops segment is the largest segment of the car care products market by consumption.
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 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 centers, and garages to maintain the aesthetics of their cars.
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Key Market Players:
Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany) are the major companies operating in the global car care products market. These companies adopted new product development, and expansion strategies to gain traction in the ride sharing market.
COVID-19 IMPACT ON MARKET
Due to the outbreak of the COVID-19 pandemic, lockdowns were imposed all around the world, which included restrictions on auto beauty shops, service centers, and garages, thereby affecting the consumption of DIFM car care products. But simultaneously, the use of e-commerce platforms by leading players to make the distribution of car care products positively affected the consumption of car care products during lockdowns. Hence, car owners started taking care of their vehicles with the help of DIY car care products from online platforms, and demand for DIY products increased during the pandemic.
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