Car care cosmetics help protect the exterior surface of vehicles from environmental factors like pollution, UV rays, dirt and grime, thereby extending the life of vehicles. Products like car polish, wax, wheel cleaners, bug and tar removers, paint cleaners and protectants are frequently used to maintain the aesthetic appearance of cars. With rising vehicle ownership globally, demand for car care cosmetics is growing. In addition to consumers, commercial vehicle fleets also rely on such products for regular maintenance and cleaning.
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 Dynamics:
Increasing Demand for Protecting Vehicle Exterior: As mentioned in the heading, the demand for car care cosmetics is increasing owing to the need for protecting vehicles from environmental degradation. Frequent washing and regular usage of polishes, waxes and other products helps preserve the aesthetic look of vehicles. The expanding automotive industry and rising vehicle parc across regions is fueling the need for effective exterior care solutions.
Rising vehicle usage globally: With improving economic conditions and transportation requirements, vehicle usage is growing steadily. This is enhancing wear and tear of vehicles requiring more frequent maintenance using car care products. Moreover, commercial fleets have even stricter upkeep schedules driving volume sales. Rapid urbanization and busier lifestyles also play a role in the increased demand.
Segment Analysis
The car care cosmetics market is dominated by the car polishing and waxing sub-segment. This sub-segment accounts for over 30% of the total market share owing to strong demand for wax polish products that help protect and shine car exterior surfaces. Additionally, products such as glass cleaners, tire cleaners and air fresheners also hold significant market shares due to their important roles in maintaining hygiene and pleasant smells inside vehicles.
PEST Analysis
Political: The car care cosmetics market is impacted by vehicle emission regulations set by governments worldwide. Strict norms encourage frequent servicing and use of car care products to maintain vehicle efficiency.
Economic: As disposable incomes rise globally, consumers are willing to spend more on aesthetic and hygiene upkeep of personal vehicles. This benefits demand for premium car care cosmetics.
Social: People like to flaunt well-maintained vehicles as a symbol of social status. Cosmetic products help owners achieve shining, polished exteriors and clean interiors.
Technological: Advancements in nanotechnology have enabled development of long-lasting UV-protective waxes and specialised glass cleaners that offer better vehicle protection from environmental damage. Self-cleaning additives are another emerging technology.
Key Takeaways
The Global Car Care Cosmetics Market Size is expected to witness high growth at a CAGR of 3.7% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific as the fastest growing regional market owing to increasing vehicle ownership in countries like India and China. North America and Europe currently dominate the global market due to high demand for premium cosmetic products from countries like the United States and Germany.
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. TAFE and Claas KGaA mbH capture significant market shares due to their vast product portfolios and global brand recognition. Mahindra & Mahindra Ltd also has a strong position in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.