July 13, 2024
Car Care Cosmetics Market

The Global Car Care Cosmetics Market is Trending by Increasing Demand for Appearance enhancement of Vehicles

The global car care cosmetics market comprises various cleaning and polishing products that are utilized for the maintenance and enhancement of a vehicle’s appearance. Some of the key car care cosmetics products include car shampoos, car polish, car waxes, glass cleaners, tire dressings, and wheel cleaners. These cosmetic products help remove dirt, grime, and other contaminants from the vehicle exterior while also protecting and enhancing the paint finishes. The rising vehicle fleet across the world coupled with the increasing consumer spending on vehicle maintenance and customization have fuelled the demand for car care cosmetics over the years.

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 2031.

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. Key players are focused on new product development and expansion into emerging markets to capitalize on opportunities in the industry.

Key Takeaways

Key players: Key players operating in the Car Care Cosmetics Market Demand 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.

Growing demand: The rising vehicle fleet across the world coupled with the increasing consumer spending on vehicle maintenance and customization have fuelled the demand for car care cosmetics over the years.

Global expansion: Key players are focused on new product development and expansion into emerging markets to capitalize on opportunities in the industry. The market is expected to witness higher growth in the Asia Pacific region owing to increasing automobile production and sales.

Market key trends

Increasing popularity of eco-friendly products: With growing environmental concerns, consumers are shifting towards bio-based and plant-derived car care products. Key players are innovating and launching natural and sustainable product lines to cater to this demand.

Rising inclination towards DIY (Do-It-Yourself) car cleaning: Today’s customers prefer quick and hassle-free cleaning solutions for their vehicles. This has boosted the sales of car washing kits, polishes, waxes and other easy-to-use products available online as well as in retail stores.

Porter’s Analysis

Threat of new entrants: The car care cosmetics market is a lucrative but competitive market, making entry difficult for new players due to high investment costs required for R&D, manufacturing, marketing and distribution.

Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitutable products. However, brand loyalty provides an edge to established brands.

Bargaining power of suppliers: Raw material suppliers have low to moderate bargaining power as there are substitutes available and requirements are commodity in nature.

Threat of new substitutes: Threat of substitution is moderate as alternatives like car wash services are available but loyalty for DIY products provide an advantage.

Competitive rivalry: The market is dominated by global players and competition is high based on product quality, innovation, and pricing.

Geographical Regions

North America accounts for the largest share of around 35% of the global market value owing to high vehicle ownership and frequency of car care in the region.

The Asia Pacific region is expected to be the fastest growing market during the forecast period due to rising vehicle sales, increasing disposable incomes, and growing automotive aftermarket industry in countries like China and India.

The United States contributes over 25% of the global car care cosmetics market value led by high automotive production and sales along with developed automotive aftermarket. Germany follows United States in market share attributed to strong automotive manufacturing industry in the country.

China is projected to exhibit highest CAGR of over 5% during 2024-2031 on account of rapidly expanding vehicle parc, rising consumer spending on automotive appearance products, and surge in DIY trend in the region.

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