Car Care Market Overview
To understand the car care market in terms of market size, market share segmentation, US market Leaders, US retail distribution breakdown, and key purchase drivers, trends, barriers, and opportunities.
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GLOBAL GENERAL CAR CARE MARKET OVERVIEW
- The 2019 global car care product market size is $85.1 billion and is expected to reach $117.3 billion by 2024, growing at a CAGR of 5.5%. However, this market appears to encompass more than interior and exterior cosmetics products (such as waxes and cleaners).
- According to a 2019 MarketWatch report, cleaning products make up 69.55% of the overall market, based on 2016 data, with repair and protection products claiming 14.35% and 9.66%, respectively.
- North America holds 32.33% of the market, though the market share of the United States, specifically, is not available.
- Leaders in this market include Shell, ExxonMobil, BP, and Chevron, as well as product-based companies such as 3M, Illinois Tool Works, and Turtle Wax.
GLOBAL CAR CARE MARKET: EXTERIOR AND INTERIOR CLEANING
- A 2019 Research and Markets report, focusing on car care products such as cleaning, waxing, polishing, and sealing, offers a global market size of $11.8 billion, which is expected to reach $16.1 billion by 2027, growing at a 4% CAGR.
- The cleaning and caring products segment, including upholstery and floor mat cleaning, will be the fastest-growing segment through 2027.
- Water-based solvents are considered the market leader because of their low cost production.
- Auto beauty shops will be the fastest-growing retail segment.
- Asia Pacific holds the largest global market share at 55%, followed by North America with 24%.
- US companies that are among the leaders this industry include 3M, Illinois Tool Works, Simoniz USA, Turtle Wax, Northern Labs, Armored Group, and Automagic.
CONSUMER DEMAND AND GROWTH DRIVERS
- High disposable income, water-based solvents, increase consumer awareness about the benefits of vehicle maintenance, and an increase in new car sales are expected to drive consumption of car care products through 2027.
- Market leaders are developing new environmentally-friendly products because of drought situations and government mandates regarding limited water usage in some countries.
CAR WAX MARKET
- The global car wax market was worth $743.5 million in 2018 and is expected to grow at a 4.2% CAGR to reach $1.126 billion by 2028.
- The liquid wax segment holds 70.3% of the market.
- Key players include 3M, Sonax GmbH, Turtle Wax, Inc., Future Development, Mothers Polishes Wax Cleaners, and Northern Labs.
- Many of the key players, such as 3M and Turtle Wax, are opening their own car care centers, in the US and other countries.
- A paywalled report on the US car wax market indicates key players include Turtle Wax, 3M, Henkel, Sonax, Northern Labs, Malco Products, Mother, and Bullsone, among others.
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