According to a new report published by Allied Market Research, titled, โCar 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.
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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 vehicleโs 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.
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The factors such as stringent government regulations to replace or upgrade vehicle components, growth ofย 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.
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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.
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The leading players operating in the car care product market are 3M, Adolf Wรผrth 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.