Rising Car Ownership and Growing Automotive Industry to Propel Car Care Products Market, Projected to Reach US$ 88.01 Billion by 2033

Rising Car Ownership and Growing Automotive Industry to Propel Car Care Products Market, Projected to Reach US$ 88.01 Billion by 2033

NEWARK, DE / ACCESSWIRE / April 12, 2023 / The global car care products market size is anticipated to register striking growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to surpass a valuation of US$ 52.01 billion in 2023. It is anticipated to hit a valuation of US$ 88.01 billion by 2033. The market is predicted to showcase a noteworthy CAGR of 5.4% from 2023 to 2033.

A car needs routine maintenance to function efficiently and safely. This covers cleaning and waxing the exterior, in addition to replacing the oil and filter. Cars are subjected to arid weather conditions including snow, hail, rain, and sunshine. Over time, these elements can wear down the vehicle’s external and interior surfaces, necessitating the use of car maintenance solutions. Car care products can help car owners extend the lifespan of their vehicles. The rising necessity for vehicle maintenance is anticipated to flourish sales of car care products.

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The awareness of the environmental impact of automobile maintenance practices is exploding due to the growing worldwide emphasis on sustainability and eco-friendliness. More environmentally concerned consumers are expecting goods that are biodegradable, non-toxic, and water-efficient. For market players, the growing consciousness and product developments are anticipated to provide attractive growth prospects.

The demand for automobiles has steadily increased in recent years, which has led to an increase in the usage of vehicle care products. Consumers’ purchasing power is rising as a result of the rapid economic expansion in nations like China and India, which is raising levels of disposable income. To keep their vehicles good-looking and operating properly, consumers are ready to spend extra on car maintenance supplies. The increasing use of digital channels, including search engines and social media, has made it easier for consumers to discover and purchase car care products online. Moreover, reviews and suggestions can help buyers make smarter decisions while making purchases online. These factors are likely to boost the demand for car care products.

Key Takeaways from Car Care Products Market:

  • In 2018, the global market size stood at nearly US$ 39.99 billion.

  • In 2022, the market witnessed substantial growth, generating a revenue of nearly US$ 49.35 billion in 2022.

  • The interior segment is likely to garner substantial CAGR during the forecast period.

  • The online retail segment is anticipated to attain a prominent growth rate during the forecast period.

  • Asia Pacific region is projected to garner swift growth during the forecast period.

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Recent Developments Observed by FMI:

  • Turtle Wax, a Chicago-based auto detailing business, teamed up with Carxotic to open a brand-new auto detailing facility in Mumbai, India, in September 2022.

  • A personal care company called OGX took over a car wash in February 2022 to introduce its new line of vehicle care products.

  • In collaboration with Liqui Moly, a German company, Ansysco ANAND debuted a line of innovative auto maintenance products in February 2020. The new line of goods for cars includes shampoo sachets for washing and waxing.

  • Turtle Wax, a Chicago-based auto maintenance brand, debuted its new line of products in India in June 2020.

Key Players in Car Care Products Market

3M Co, Adolf Wurth Gmbh & Co KG, Sonax GmBH, Soft99 Corp, Shell Plc, Pidilite Industries Ltd., Holt Lloyd International Ltd., Tetrosyl Ltd., Turtle Wax Inc., Cartec BV

Future Market Insights, Inc., Wednesday, April 12, 2023, Press release picture

Future Market Insights, Inc., Wednesday, April 12, 2023, Press release picture

Car Care Products Market Segmentation

Car Care Products Market by Product:

  • Cleaning Products in Car Care Products

  • Polishing & Waxing Products in Car Care Products

  • Fresheners in Car Care Products

  • Others in Car Care Products

Car Care Products Market by Application:

Car Care Products Market by Distribution Channel:

  • Car Care Products in Supermarkets and Hypermarkets

  • Car Care Products in Specialty Stores

  • Car Care Products in Online Retail

  • Others in Car Care Products

Car Care Products Market by Regional:

  • Car Care Products in Asia Pacific Market

  • Car Care Products in North America Market

  • Car Care Products in Europe Market

  • Car Care Products in Latin America Market

  • Car Care Products in the Middle East & Africa Market

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Table of Content

1. Executive Summary | Car Care Products Market

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Supply Chain Analysis

3.5.1. Supply Side Participants and their Roles Producers Mid-Level Participants (Traders/ Agents/ Brokers) Wholesalers and Distributors

3.5.2. Value Added and Value Created at Node in the Supply Chain

3.5.3. List of Raw Material Suppliers

3.5.4. List of Existing and Potential Buyer’s

3.6. Investment Feasibility Matrix

3.7. Value Chain Analysis

3.7.1. Profit Margin Analysis

3.7.2. Wholesalers and Distributors

3.7.3. Retailers

3.8. PESTLE and Porter’s Analysis

3.9. Regulatory Landscape

3.9.1. By Key Regions

3.9.2. By Key Countries

3.10. Regional Parent Market Outlook

3.11. Production and Consumption Statistics

3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

4.2.1. Y-o-Y Growth Trend Analysis

4.2.2. Absolute $ Opportunity Analysis

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE: Future Market Insights, Inc.

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