Car Care Products Global Market Opportunities and Strategies to 2033

This report describes and explains the car care products market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global car care products market reached a value of nearly $12.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.4% since 2018. The market is expected to grow from $12.3 billion in 2023 to $16.3 billion in 2028 at a rate of 5.8%. The market is then expected to grow at a CAGR of 6.3% from 2028 and reach $22.1 billion in 2033.

Growth in the historic period resulted from the rapid urbanization, increasing disposable income and growing awareness of vehicle maintenance. Factors that negatively affected growth in the historic period were fluctuating raw material prices.

Going forward, the increasing sales of luxury vehicles, growth in e-commerce, rising demand for electric and autonomous vehicles and increasing vehicle ownership will drive the growth. Factor that could hinder the growth of the car care products market in the future include impact of economic downturn.

The car care products market is segmented by product type into car cleaning products, car polish, car wax, wheel and tire care products, glass cleaners and other product types. The car cleaning products market was the largest segment of the car care products market segmented by product type, accounting for 31% or $3.8 billion of the total in 2023. Going forward, the car wax segment is expected to be the fastest growing segment in the car care products market segmented by product type, at a CAGR of 7.2% during 2023-2028.

The car care products market is segmented by application into interior and exterior. The interior market was the largest segment of the car care products market segmented by application, accounting for 64.6% or $7.9 billion of the total in 2023. Going forward, the interior segment is expected to be the fastest growing segment in the car care products market segmented by application, at a CAGR of 6% during 2023-2028.

The car care products market is segmented by distribution channel into online and offline. The online market was the largest segment of the car care products market segmented by distribution channel, accounting for 55.6% or $ 6.8 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the car care products market segmented by distribution channel, at a CAGR of 6.2% during 2023-2028.

The car care products market is segmented by solvent type method into water-based and foam-based. The water-based market was the largest segment of the car care products market segmented by solvent type, accounting for 78% or $9.6 billion of the total in 2023. Going forward, the foam-based segment is expected to be the fastest growing segment in the car care products market segmented by solvent type, at a CAGR of 6.8% during 2023-2028.

Asia Pacific was the largest region in the car care products market, accounting for 39.9% or $4.9 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the car care products market will be Asia Pacific and Western Europe where growth will be at CAGRs of 6.3% and 5.9% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 5.9% and 4.6% respectively.

The global car care products market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 12.82% of the total market in 2022. 3M Company was the largest competitor with a 4.53% share of the market, followed by Illinois Tool Works Inc with 2.04%, Wurth Group with 1.80%, Infineon Technologies AG with 1.28%, Tetrosyl Ltd with 0.84%, Liqui Moly with 0.80%, Armor All with 0.44%, Armored AutoGroup with 0.43%, Turtle Wax, Inc with 0.34% and Simoniz USA with 0.30%.

The top opportunities in the car care products market segmented by product type will arise in the car wax segment, which will gain $1.2 billion of global annual sales by 2028. The top opportunities in the car care products market segmented by application will arise in the interior segment, which will gain $2.7 billion of global annual sales by 2028. The top opportunities in the car care products market segmented by distribution channel will arise in the online segment, which will gain $2.4 billion of global annual sales by 2028. The top opportunities in the car care products market segmented by solvent type will arise in the water-based segment, which will gain $2.9 billion of global annual sales by 2028. The car care products market size will gain the most in China at $896.9 million.

Market-trend-based strategies for the car care products market include focus on innovative product developments with streaking applications, focus on advanced window tint films for automobiles, focus on development of car care solutions based on paintwork sealing technology, focus on strategic partnerships and collaborations to drive innovation and market expansion and focus on innovative vehicle wrap film provide enhanced usability and durability.

Player-adopted strategies in the car care products market include focus on enhancing its business capabilities through strategic acquisitions and focus on expanding its operational capabilities through new product developments.

To take advantage of the opportunities, the analyst recommends car care products companies to focus on innovative streak-free products, focus on advanced automotive tint films, focus on paintwork sealing technology innovations, focus on car wax and car polish segments, focus on interior segment for market expansion, focus on foam-based segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, increase focus on online distribution channels, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, focus on expanding with increasing vehicle ownership and focus on catering to electric and autonomous vehicles manufacturers.