Car Care Product Market Expected to Reach $22.6 Billion by 2031

According to a new report published by Allied Market Research, titled, “Car Care Product Market," The car care product market was valued at $13 billion in 2021, and is estimated to reach $22.6 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

The concept of car care product is typically attributed to high-quality chemicals that are used for better gloss, permanency, and shine of the vehicles. Several products such as polishes, waxes, tire cleaners, paint protection products, glass cleaners, and rim protectors are available in the market, which are used for car care services. These products majorly avoid and fix damages such as scratches to maintain the external look & improve the visual appearance. It also takes care of interior cleanliness and provides an aesthetic feel to the vehicle interior. At present, considering the success of e-commerce platforms and increasing consumer spending on car care products to maintain the aesthetics of a vehicle, many car care product manufacturers such as 3M, Illinois Tool Works, SONAX, and others, have adopted this strategy to sell their car care products through online platforms and retail stores as well. These manufacturers are not only selling their products through other e-commerce sellers such as Amazon and Flipkart but also through their indigenous websites.

In addition, the car care product market has witnessed significant growth in recent years, owing to the increased concerns related to vehicle’s cleanliness, restoration of old cars, and increased sales of used cars. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches, to increase their market share and expand their geographical presence. For instance, in March 2021, Chemical Guys launched the HydroView as its latest product in advanced ceramic protection for windows and windshields. It served as a hydrophobic two-in-one glass cleaner and ceramic coating protectant which allowed anyone to quickly clean and ceramic coat their glass windows and windshields.  

The factors such as stringent government regulations to replace or upgrade vehicle components, growth of automotive after sale services, and adoption of ecommerce platforms by leading players supplement the growth of the car care product market. However, volatile prices of raw materials and usage of hazardous chemicals in car care products are the factors expected to hamper the growth of the market. In addition, rise in trend of vehicle customization coupled with increase in disposable income and development of anti-microbial car care products creates market opportunities for the key players operating in the market.

COVID-19 Impact Analysis:

The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn led to considerable drop in automotive sales, insufficiency of raw material, and others. Many small and big players in the automotive sector is witnessing issues such as a halt of production activities, mandated plant closures by the government, and others. As a result, the production of car care product witnessed decline due to the world's economic ecosystems. Furthermore, the overall auto industry, including members in value chain faced uncertainty in their respective businesses. However, the auto industry has shown tremendous resilience over the last few months. From the economic depths experienced in spring 2020, it has rebounded to deliver year-over-year growth in new-vehicle sales across China, Europe, and the US over the last few months. Similarly, the fastest recovery rates owing to the strict lockdowns and social distancing to contain the spread of the virus in some regions are also expected to boost the demand for the car care product industry.

KEY FINDINGS OF THE STUDY

• By product type, the others segment dominated the global car care product market in terms of growth rate.
• By solvent, the water-based segment dominated the global car care product market in terms of growth rate.
• By application, the exterior segment dominated the global car care product market in terms of growth rate.
• By vehicle type, the light commercial vehicles segment dominated the global car care product market in terms of growth rate.
• By distribution channel, the online segment dominated the global car care product market in terms of growth rate.
• By sales channel, the B2C segment dominated the global car care product market in terms of growth rate.

The leading players operating in the car care product market are 3M, Adolf Würth GmbH & Co. KG, Amtra Sp. z o.o., ARMOR ALL, Auto Magic, Autoglym, Cartec BV, Chemical Guys, Illinois Tool Works Inc., Jopasu India Pvt. Ltd., Liqui Moly GmbH, MA-FRA S.p.A., Northern Car Care, Simoniz USA, SONAX GmbH, Tetrosyl Ltd., and Turtle Wax, Inc.