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.
The market is highly competitive in nature owing to the presence of the major players such as Turtle and 3M. These companies consider several factors such as outbound logistics, operations, logistics and marketing & sales to achieve cost advantages. The growing dominance of existing players makes the entry of new players tough in the market.
Growing focus on the development of electric vehicles coupled with rising penetration of self-driven cars is supplementing to the growth of the car care product market. In addition, sales of luxury cars have increased in the recent past in North America, Asia Pacific and the Middle East. Luxury cars require premium servicing and regular maintenance, which in turn, bode well for the growth of the market.
Owing to the presence of several leading players and availability of the number of substitutes, the buyer power remains to be a major force. Companies are focusing on increasing their distribution channels through partnerships and acquisitions.
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Further key findings from the report suggest:
• In 2019, car cleaning segment held the largest share in the market and projected to touch USD 5.61 billion by 2027.
• 251 to 500 ml segment of packaging volume is likely to be the fastest growing over the forecast duration.
• The growth of Asia Pacific is projected to be the maximum with 5.0% CAGR from 2020 to 2027.
• Major players are increasingly spending on research and development to introduce new products in the market.
Million Insights has segmented the global car care products market on the basis of product, packaging volume, and region:
Car Care Products Product Outlook (Revenue, USD Million, 2016 - 2027)
• Car Cleaning Products
• Car Polish
• Car Wax
• Wheel & Tire Care Products
• Glass Cleaners
• Interior Care Products
Car Care Products Packaging Volume Outlook (Revenue, USD Million, 2016 - 2027)
• Less than 250 ml
• 251 - 500 ml
• 501 - 999 ml
• 1 L - 5 L
• Above 5 L
Car Care Products Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central & South America
• The Middle East & Africa
• Saudi Arabia
List of Key Players of Car Care Products Market
• Sonax GmbH
• Tetrosyl Ltd.
• Chemical Guys
• Armor All
• Adolf Wurth Group
• MAFRA S.p.A.
• Cartec B.V.
• Turtle Wax
• Liqui Moly GmbH