Car Care Products Global Market Report 2023
Major players in the car care products market are 3M Company, Illinois Tool Works Inc., Simoniz USA Inc., SOFT99 Corporation, Sonax GmbH, Tetrosyl Ltd., Turtle Wax, Liqui Moly GmbH, Chemical Guys, BULLSONE Co.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Care Products Global Market Report 2023" - https://www.reportlinker.com/p06316136/?utm_source=GNW
Ltd., Jopasu India Pvt. Ltd., Cartec B.V., Armored Auto Group, MAFRA S.p.A, Wurth Group, Northern Labs, Auto Magic, Formula 1 Wax, and Guangzhou Biaobang.
The global car care products market grew from $9.55 billion in 2022 to $10.18 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The car care products market is expected to grow to $13.66 billion in 2027 at a CAGR of 7.6%.
The car care products market consists of sales of interior care products and sealing glaze.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The car care products refer to high-quality chemicals, which are used to prevent and fix damages to cars such as for scratches to ensure that utmost care is provided to each part of the car and to retain the visual appeal of the car. These products are used to attain better shine, gloss, and longevity of various exterior and interior parts of cars.
North America was the largest region in the car care products market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the car care products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of car care products include car cleaning products, car polish, car wax, wheel and tire care products, glass cleaners, and others.The car cleaning products are the products that are used to clean the car exterior either by an automated process or manually using cleaning accessories.
Both water-based and foam-based car care products are used for external and internal cleaning of cars, and they are distributed through DIY/retail stores and DIFM/service centers.
The rising sales of used cars are expected to propel the growth of the car care products market during the forecast period.Used cars are cars that had been preowned by one or more than one user in the past.
The demand for used cars is rising due to an increase in a shift in preferences among middle-class people to buy used cars over the new cars due to various factors such as low-cost, immediate purchase, and others.However, these vehicles are vulnerable to pollutants and require constant care to maintain the vehicle for a longer tenure.
For instance, according to an Autocar India report, the used car sector in India maintained 3.8 million units in FY2021, which is 1.5 times higher than the 2.6-million-unit new car market. Furthermore, according to the China Daily report, In China total of 1.53 million used cars was sold in June 2021 which is a 17.76% growth from the previous year. Therefore, the rising sale of used cars is expected to propel the growth of the car care products market.
Anti-microbial car care products are a key trend gaining popularity in the car care products market.The anti-microbial car care products help drivers and passengers of a vehicle to protect themselves from various diseases and health issues caused by bacterial infection.
Thus, car care product manufacturers are accelerating the development of anti-microbial car care products to meet customer demand and strengthen their business presence across the globe. For instance, in December 2020, Turtle Wax, an American manufacturer of automotive appearance products launched a revolutionary cleaner and disinfectant for car interiors named Byotrol24, a cleaner and disinfectant with 24-hour surface sanitizing action that can disinfect over 99.9% of germs including cold and flu viruses, respiratory syncytial virus, rotavirus and norovirus, and even COVID-19. Furthermore, in October 2021, Permagard, international paint protection, and car care brand launched antimicrobial shield treatment, the latest germ-killing technology for cars that kills 99.99% of germs on contact and is used in confined environments such as cabins and cockpits.
In January 2020, 3M, an American multinational conglomerate corporation acquired Meguiar’s Inc. for an undisclosed amount. Through the acquisition, 3M and Meguiar’s will collaborate to deliver more innovative high-performance products in the car care segment across the world. Meguiar’s Inc. is a USA-based company involved in manufacturing of car care products for cleaning and protecting automotive surfaces.
The countries covered in the car care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The car care products market research report is one of a series of new reports that provides car care products market statistics, including car care products industry global market size, regional shares, competitors with a car care products market share, detailed car care products market segments, market trends and opportunities, and any further data you may need to thrive in the car care products industry. This car care products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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