According to the research report published by Future Market Insights, the global car care products market size is anticipated to register striking growth from 2023 to 2033. The market is projected to surpass a valuation of US$ 52.01 billion in 2023 and hit a valuation of US$ 88.01 billion by 2033, showcasing a noteworthy CAGR of 5.4% from 2023 to 2033. The increasing number of vehicles on the roads is expected to be a crucial factor boosting the market’s development.
The rising global population and urbanization are fueling an increase in car ownership rates. As vehicles accumulate wear and tear on their components, regular servicing becomes essential to maintain their efficiency and safety. Routine maintenance tasks like tire rotations, brake inspections, and oil changes play a crucial role in ensuring the car’s safety. To facilitate this maintenance, car care products such as brake fluid, engine oil, air filters, and others are indispensable.
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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.
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Fueling this growth are several key factors:
- Rising car ownership: As more people worldwide own cars, the demand for car care products naturally increases.
- Growing emphasis on vehicle appearance: Consumers are increasingly prioritizing maintaining the aesthetics of their cars, driving demand for cleaning, polishing, and waxing products.
- Awareness of car care benefits: Understanding the role car care plays in protecting and enhancing vehicle value and longevity further boosts the market.
- Innovation in product offerings: Manufacturers are constantly developing new and improved car care products, catering to diverse needs and preferences.
- Rise of online sales: Convenience and wider product availability through online channels are influencing buyer behavior.
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 the 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
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