Car care cosmetics products such as car polish, car shampoo, car wax, etc. are essential for automobile cleaning and protection from environmental elements. Growing demand for enhanced automotive aesthetics and premium features among consumers is driving the sales of car care cosmetics. The products help in maintaining the shine and gloss of vehicles along with protecting them from UV rays, dust, and other pollutants. Additionally, the rising disposable incomes and improving lifestyles in emerging nations are facilitating higher consumer spending on automobile customization and maintenance.
The global car care cosmetics Market is estimated to be valued at US$ 1.67 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing consumer spending on automobile maintenance and customization is one of the key trends accelerating the growth of the global car care cosmetics market. Consumers across the globe are willing to spend more on personalization and beautification of their vehicles. According to a survey, nearly 70% of car owners in Europe and North America spend over US$ 500 annually on exterior and interior styling of their vehicles. The rising affinity of consumers towards unique and premium automobile designs has significantly boosted the demand for innovative car care cosmetics products. Several brands are introducing exclusive product ranges catering to the surging consumer demand for automotive personalization and customization. This increasing focus on vehicle aesthetics and styling is expected to continue driving the car care cosmetics market during the forecast period.
Segment Analysis
The global car care cosmetics market is dominated by the car wash and car care products sub-segment. This sub-segment accounts for over 60% of the overall market share owing to the increasing demand for car wash products such as soaps, shampoos, waxes, polish and other cleaning products among car owners. Consumers prefer using professional car wash products rather than household cleaning products to maintain the exterior appearance of their vehicles.
Key Takeaways
The global Car Care Cosmetics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global car care cosmetics Market is estimated to be valued at US$ 1.67 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
Regional analysis
Europe holds the largest share in the global car care cosmetics market, accounting for more than 30% of the overall demand. The presence of major automobile manufacturers coupled with the increase in disposable income has contributed to the growth of the market in the region. Asia Pacific is expected to witness the fastest growth due to the increasing vehicle ownership, rising middle-class population and changing consumer preferences towards vehicle appearance in the developing countries of the region.
Key players
Key players operating in the car care cosmetics market are 3M, Turtle Wax, Illinois Tool Works, Armored AutoGroup, SOFT99, SONAX, Liqui Moly, Simoniz, Autoglym, Northern Labs, Tetrosyl, and Botny among others. 3M dominates the global market with over 15% market share owing to its strong distribution network and innovative product portfolio for car washing and car care maintenance.
For more insights, read- https://www.ukwebwire.com/car-care-cosmetics-market-trends-size-and-share-analysis/
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