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| Car Care Cosmetics Market |
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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