Categories: Market Research

Car Care Products Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Car Care Products by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/car-care-products-global-market-report

According to The Business Research Company’s Car Care Products, The car care products market size has grown strongly in recent years. It will grow from $12.48 billion in 2023 to $13.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to surge in passenger vehicles, rise in disposable income, strong economic growth in emerging markets, and rapid urbanization.

The car care products market size is expected to see strong growth in the next few years. It will grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing automotive industry, rising car detailing businesses, increasing sales of used cars, and rapid growth in e-commerce. Major trends in the forecast period include companies accelerating the development of anti-microbial car care products, developing products with advanced technology, introducing steam cleaning methods, accelerating innovation in car care products, and undergoing partnerships to develop new products.

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 have 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 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, a total of 1.53 million used cars were 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.

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The car care products market covered in this report is segmented –

1) By Product Type: Car Cleaning Products, Car Polish, Car Wax, Wheel And Tire Care Products, Glass Cleaners, Other Product Types

2) By Application: Interior, Exterior

3) By Distribution Channel: Online, Offline

4) By Solvent Type: Water-Based, Foam-Based

Technological advancements in car wash are a key trend gaining popularity in the car care products market. Car care products manufacturers are focusing on developing products with advanced technology to lead the market. For example, in February 2022, PHILISN, a US-based company operating in the car washing market, introduced an environmentally sound formula that uses advanced bio-enzyme degradation technology with an innovative green, safe formula to help car owners wash and care for their vehicles in the most convenient, effective and money-saving way. With the innovative bio-enzyme degradation technology, PHILISN’s all-purpose interior cleaner can remove and degrade bacteria, stains, and dust off all interior surfaces, and restore them to their original look, providing a hassle-free car interior cleaner solution.

The car care products market report table of contents includes: