CHICAGO, July 14, 2021 /PRNewswire/ -- According to the new market 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.
Increase in sale of used cars, use of e-commerce platforms by leading players to increase customer base are expected to offer promising future growth of the market for car care products.
Interior segment is expected to be the fastest-growing segment during the forecast period
The interior segment refers to car care products that are used to maintain the interior parts of a vehicle. It includes interior trim, plastic and rubber part cleaner, glass cleaners, leather care products, dashboard cleaners, interior car polish, and floor cleaners. Due to COVID-19, awareness regarding interior hygiene among car owners has increased, which is going to drive the growth of interior car care products. Further, recent developments of anti-microbial car care products will fuel the usage of interior car care products to maintain the aesthetics of the interior of a car, as well as keep them germ and virus free.
The cleaning and caring segment by product type is expected to hold the largest market share in 2021
The cleaning and caring car care products are widely used in passenger cars due to their ability to protect the various interior and exterior parts of an automobile. The focus on better aesthetics of an automobile by car owners has increased the demand for cleaning and caring car care products.
North America is estimated to be the dominant regional market
North America has the largest market for car care products, and the US has the largest Car Care Products Market in the North American region, followed by Canada and Mexico. Consumers in North America are more inclined toward maintaining the aesthetics of their vehicles. Hence, manufacturers are launching new products to ensure high-quality and cost-effective car care products are available for customers.
Car owners in the US have more consumption of car wash and auto detailing services, which has simultaneously increased the demand and consumption of car care products. In comparison, laws and restrictions related to the car wash at home in the US have further compelled car owners to use auto beauty shops, service centers, and garages to maintain the aesthetics of their cars.
Key Market Players:
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 ride sharing market.
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