According to a research report "Car Care Products Market by Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating), Application (Interior, Exterior), Consumption, Solvent (Water, Foam-based), Vehicle Type, Distribution Channel & Region - Global Forecast to 2027" published by MarketsandMarkets, The global car care products market is projected to grow at a CAGR of 4.7% during the forecast period, from an estimated USD 4.2 billion in 2021 to USD 5.5 billion by 2027.
Browse 98 market data Tables and 44 Figures spread through 160 Pages and in-depth TOC on "Car Care Products Market by Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating), Application (Interior, Exterior), Consumption, Solvent (Water, Foam-based), Vehicle Type, Distribution Channel & Region - Global Forecast to 2027"
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Increasing usage of car wash and auto detailing services and e-commerce platforms by leading players to increase customer base is expected to offer promising future growth for car care products.
The cleaning and caring segment is expected to be the largest car care product segment
Degreasers, foam-based cleaners, vehicle wash soap, and shampoos are some of the cleanings and caring automobile care products. The market also includes standalone solutions for protecting interior trim and external trim. The main factor driving the expansion of this market is a rise in consumer preference for car wash and auto detailing services in nations like the US and Canada. As a result, vehicle wash soap and car wash shampoo are the most popular items in this market. As an alternative, improvements in car wash facilities, such as automated or waterless car washes, would also increase demand for car shampoos, car glass cleaners, and car headlight cleaner s. A wide variety of car care products are used for cleaning a cars interior. Among others, they include fabric freshener, leather cleanser, upholstery and carpet cleaner, leather detergent, dashboard polish, and cleaner. These enhance the comfort of the vehicles driver and passengers which further increases the demand of cleaning and caring car care products.
Water-based solvents are expected to be the fastest and largest car care products segment
Water-based solvent car care products have a narrow range of evaporation rates and can be used based on the application. No toxic fumes are released in the water-based solvent, and the presence of volatile organic compounds in water-based solvents is low. The water-based solvents segment is expected to lead the market for car care products during the forecast period. The growth of this segment can be attributed to the reduced cost of raw materials used in water-based car care products and the need to have more biodegradable and harmless products for the environment and consumers.
Europe is projected to be one of the fastest-growing regional markets
Europe is estimated to account for a >15%% share of the global car care products market in 2021. The UK, Germany, France, Italy, and Spain are this regions major markets for car care products. The European region is well known for premium cars, as it is home to many premium car manufacturers. Germany and the UK dominate the region regarding vehicle production, followed by France and Spain. Some premium car OEMs present in this region include Bentley, Rolls Royce, Aston Martin, and Jaguar Land Rover. The consumption of car care products in premium cars is high. Hence, increasing sales and production of high-end luxury passenger cars in Europe is expected to drive the demand for specialized car care products in the region . The car care products market for passenger cars in Europe is expected to grow at the highest rate during the forecast period. The growth of the market can be attributed to the better distribution channel of car care products, the availability of high-quality car care products and expertise, and the high per capita income of car owners.
Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany) are the major companies operating in the global car care products market. These companies adopted new product development and expansion strategies to gain traction in the car care products market.
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