The Car Care Products Market Is Expected To Reach $12 Billion By 2026 With The Rise Of Car Detailing Businesses
The Business Research Company's car care products market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Oct. 13, 2022 /PRNewswire/ -- Rising car detailing businesses and services is expected to drive the car care products market in the forecast period. Car detailing refers to cleaning and restoring a vehicle to like-new condition. The most basic car detailing options include an external wash and wax, internal vacuuming, window cleaning, surface polishing and other tasks that require car care products. For instance, according to IBISWorld, a US-based provider of industry research, as of 2022, there are 67,163 car wash and detailing businesses in the US, an increase of 1.7% from 2021. Therefore, rising car detailing businesses and services will promote the car care products market.
The global car care products market size is expected to grow from $9.04 billion in 2021 to $9.49 billion in 2022 at a compound annual growth rate (CAGR) of 4.92%. The global car care products market is expected to reach $12.47 billion in 2026 at a CAGR of 7.06%.
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Asia-Pacific Was The Largest Region In The Car Care Products Market
Asia-Pacific was the largest region in the car care products market and was worth $4.31 billion in 2021. The car care products market in Asia Pacific is supported by the rise in disposable income. The rise in disposable income was aided by the rise in China's GDP. For instance, according to the IMF, China's GDP growth is 1.9% in 2020 and 7.9% in 2021.
3M Company Held The Largest Share In The Car Care Products Market In 2021
3M Company was the largest competitor in the car care products market in 2021, with a 5.31% share of the market. 3M's growth strategy focuses on strengthening its business operations across various geographies through new product launches. For instance, in November 2021, the company's subsidiary 3M India launched 3M Ceramic Coating, a treatment for the Indian paint and automotive industry. The 3M Ceramic Coating is developed with advanced technology that offers a premium finish, powerful protection, and an easier car care procedure with minimal maintenance.
Car Care Products Market Segmentation
The global car care products market is segmented -
1) By Product Type: Car Cleaning Products, Car Polish, Car Wax, Wheel and Tire Care Products, Glass Cleaners, Others
2) By Distribution Channel: DIY/Retail Stores, DIFM/Service Centers
3) By Solvent Type: Water Based, Foam Based
4) By Application: Interior, Exterior
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