May 24, 2024
Car Care Cosmetics Market

The Global Car Care Cosmetics Market Is Driven By Increasing Passenger Vehicle Sales

Car care cosmetics such as waxes, wheel cleaners, glass cleaners and polishes help maintain the exterior appearance of automobiles. Waxes are commonly used to protect and beautify the paintwork while polishes are applied to remove minor scratches, swirls and blemishes on painted surfaces. Wheel cleaners remove brake dust buildup from alloy wheels. Glass cleaners keep windows streak-free. The growing automotive industry worldwide has fuelled the demand for car care cosmetics as vehicle owners wish to keep their cars clean and shiny. Increasing disposable incomes in developing nations have prompted people to invest more on car care and maintenance products.

The global Car Care Cosmetics Market is estimated to be valued at US$ 1.67 Bn in 2024 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:

Green and sustainable car care products have gained traction in recent years. Manufacturers are increasingly focusing on producing eco-friendly cosmetics made from plant-based, biodegradable and recycled ingredients that have less impact on the environment. Natural waxes, non-toxic wheel cleaners and plant-derived glass cleaners are examples. Products with green certifications such as those approved by Environmental Choice also appeal to conscious consumers. Industry players have strengthened their environmental sustainability efforts by reducing plastic packaging and promoting refill options. The rising popularity of electric vehicles has further spurred innovations in specialized EV car care ranges designed for unique vehicle surfaces such as gloss black trims andcharging port protections.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established brand recognition by existing players make the barrier of entry high in this market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives andbrands in the market.
Bargaining power of suppliers: A few major global players control the supplies in this market giving them higher bargaining power.
Threat of new substitutes: Threat from substitute products is medium as technological advancement continues to bring new products.
Competitive rivalry: Intense competition exists between existing global players to increase their market share through product innovation and expansion.

Key Takeaways

The global Car Care Cosmetics Market Growth is expected to witness high growth. The global Car Care Cosmetics Market is estimated to be valued at US$ 1.67 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global car care cosmetics market. China is expected to grow at a highest CAGR during the forecast period due to the presence of a large automotive aftermarket and increasing disposable income. Europe holds a significant share in the market owing to demand for high-end luxury car care products from countries like Germany, France, and UK.

Key players

Key players operating in the Car Care Cosmetics market are 3M, Turtle Wax, Illinois Tool Works, SONAX, Liqui Moly, Autoglym, Tetrosyl, Simoniz, Botny, Bullsone, Wizards, and others. 3M is one of the leading player providing innovative products such as car polish, cleaners, protectants and waxes. Turtle Wax is another prominent brand among consumers and offers a wide range of cleaning and detailing products.

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