April 22, 2024
Car Care Cosmetics Market

The Global Car Care Cosmetics Market is Estimated to Witness Moderate Growth Owing to Rising Automotive Sales

The car care cosmetics market includes various products, such as polishes, waxes, protectants, wheel and tire cleaners, windshield washes and cleaners, and other products, used for cleaning and protecting automotive exterior and interior surfaces. Car care cosmetics help protect automobiles from UV radiation, maintaining their aesthetic appeal and increasing their resale value. Growing automotive production and sales and rising consumer expenditure on automotive accessories are some of the key factors driving the demand for car care products.

The Global car care cosmetics market is estimated to be valued at US$ 1.93 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the car care cosmetics market are Tractors and Farm Equipment Limited (TAFE), Claas KGaA mbH, Mahindra & Mahindra Ltd, Kubota Agricultural Machinery, Deere & Company, Yanmar Co. Ltd, Massey Ferguson (AGCO Corporation), Iseki & Co. Ltd, CNH Industries Nv, SDF, Renault Sonalika International, and PREET GROUP.

The key opportunities in the car care cosmetics market include expanding distribution channels and strong focus on innovative marketing strategies to increase brand awareness. Manufacturers are focusing on environment-friendly and natural car care products to boost sales in the coming years.

Globally, the car care cosmetics market is witnessing significant growth in Asia Pacific region owing to rising automotive production base in countries such as China, India, Japan, and South Korea. Several manufacturers are investing in the region to leverage low-cost manufacturing and tap into the wide customer base.

Market drivers

One of the key drivers for the car care cosmetics market is the rising automotive sales globally. With rising disposable incomes, consumers are increasingly willing to spend on automotive accessories and care products to protect and enhance their vehicles. This is expected to drive the demand for car care cosmetics over the forecast period.

PEST Analysis

Political: Regulations regarding manufacturing standards and product quality are important for the Car Care Cosmetics Market Growth . Strict emission norms may affect the growth of the automotive aftermarket.

Economic: A rise in disposable incomes increases consumers’ spending on automotive appearance and care products. Fluctuations in the business cycles can impact automotive production and sales which in turn affect the car care cosmetics market.

Social: Customers are more aware about automotive detailing services and products. The desire to maintain an appealing look of vehicles drives the demand for car care and appearance chemicals. Moreover, Do-It-Yourself trend influences some customers to handle detailing by themselves.

Technological: Formulation of new materials such as ceramic and natural waxes help manufacturers launch innovative and advanced products. Furthermore, development of multi-functional car care products fulfilling different requirements simultaneously gains popularity among customers.

Geographical regions where market in terms of value is concentrated:

North America region dominates the car care cosmetics market owing to higher vehicle ownership and developed automotive aftermarket in the United States and Canada. Large presence of global as well as domestic brands alongside availability of differentiated products through multiple sales channels drives the regional market. Moreover, frequent new vehicle launches and changing trends in the region necessitate regular maintenance and enhancement of vehicle appearance through cosmetic products.

Geographical regions with fastest market growth:

Asia Pacific region exhibits fastest growth in the global car care cosmetics market led by China, India, and other developing economies. Increasing automotive production and rapidly growing middle-class population translate into rising vehicle parc which expands the potential customer base. Additionally, hot and humid climate necessitates frequent cleaning and waxing of vehicles to protect paint from damage. Thus, the aftermarkets in Asia Pacific see sturdy demand for car care chemicals.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it