CHICAGO, January 6, 2023 /PRNewswire/ — car care products market is expected to grow at a CAGR of 1.9% over the forecast period, based on an estimate $4.4 billion in 2022 at $4.8 billion by 2027, according to a new report from MarketsandMarkets™.
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Increasing sale of used cars, use of e-commerce platforms by major players to increase customer base is expected to provide promising future growth for the car care products market. The availability of various car beauty salons and service centers of various car care service providers is expected to further boost the market demand for car care products.
Domestic segment is expected to be the fastest growing segment during the forecast period
The interior segment refers to products that cater to the maintenance and interior detailing of car interiors. It includes interior upholstery, plastic and rubber parts cleaners, glass cleaners, leather care products, dashboard cleaners, car interior polishes and floor cleaners. The interior of the car is usually leather and plastic. These interior materials tend to fade as the age of the car increases. Most of the decomposition is due to UV from the sun discoloring the piece. If the car is left in the sun for longer hours, the interior fades faster than it ideally should and thus makes the car look older than it actually is. Therefore, in order to keep the car in good condition for a long time and keep the resale value of the car as high as possible, the car interior maintenance segment is expected to grow well over the given period.
The cleaning and maintenance segment by product type is expected to hold the largest market share in 2021
With a growing awareness of car longevity, more and more consumers now prefer a car cleaning and detailing job from time to time. It helps consumers to keep the new look of the car longer. As there is also an increase in the used car market in some regions like Asia-Pacific, proper car cleaning and maintenance helps in maintaining a good resale value of the car. This makes car care products and services a good value for the car owner. Thus, the cleaning and maintenance segment is expected to experience positive growth.
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North America is estimated to be the largest market and Asia Pacific is the fastest growing market
North America has the largest car care products market, and the United States has the largest car care products market in the North American region, followed by Canada and Mexico. The consumers in North America to do-it-yourself solutions for minor car details. This is due to the higher labor costs in the region. Therefore, manufacturers are launching new products to guarantee customers easy-to-use, high-quality and value-for-money car care products. and the consumption of car care products in this region.
further the Asia Pacific The region is expected to be the fastest growing market. Several factors can be attributed to these observations which are first, there is an increase in auto sales in some of the largest markets in these regions i.e. China and India. Second, there is an increase in disposable income and an awareness of proper car maintenance, which allows people to spend more generously on car maintenance. Third, there is a growing used car market in this region where the best maintained used car fetches a higher value. These factors are expected to drive the growth of car care products in this region.
Main market players
The car care products market is dominated by giants such as Tetrosyl (UK), Illinois Tool Works (USA), 3M (USA), Sonax GmbH (Germany) and the Wurth group (Germany). These companies have adopted new product development and expansion strategies to gain traction in the car care products market.
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