Asia Pacific Car Care Products Market size exceeded USD 3.6 billion in 2020 and is expected to gather considerable gains of over 3.2% between 2021 and 2027. The rising number of vehicles on the road and increasing sales of luxury cars will fuel the product demand.
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Car care products include chemicals and associated accessories used for the maintenance of the vehicle. Regular car wash and service ensure that the vehicle enjoys a healthy and long life. The aging automobile generally creates some inevitable repairs occurred due to consistent wear & tear. However, regular car maintenance and caring can eliminate or minimize the need for any major repairs. Some of the car care products utilized commonly include car shampoo, car foam, ice scrapper, car wax, microfiber cloth, car polish, and glaze. The efficient characteristics of such car care products improve the aesthetics of the vehicle and provide extended protection to the components from external conditions.
Additionally, a mounting number of luxury car owners will further fuel the product demand. The growing regional wealth is one of the factors driving the sales of luxury vehicles. In the Asia Pacific, China is the leading country recording the highest number of luxury vehicle sales in recent years. For instance, China accounted for some 32% of the total worldwide value sales of luxury automobiles in 2017. Additionally, the count for high net worth individuals reached an estimated value of 2.3 million including some 26,700 ultra-high-net-worth-individuals in 2019. Such factors aided China to acquire a major portion of the car care products market while showcasing a share of over 40% in 2020.
However, the coronavirus crisis has been a major disrupter to the market growth trend. The car care products industry witnessed a decline of almost 3% in 2020. The factors that led to the downfall of the market included restricted mobility, halted manufacturing operations, declined automobile sales, and limited consumer spending, among others. Nevertheless, China – the major raw material supplier in the Asia Pacific region is showing signs of recovery and is likely to pave ways for other economies to grow in the approaching years.
APAC Market, By Product
Based on product, the wax & cleaning segment dominated more than 70% car care products market share in 2020. Car shampoo, car wax, car polish, and car soap are some of the products considered under the segment. Car shampoo is widely used in conjunction with other cleaners to remove bird dropping, tree sapping, dirt, and other contaminants. Car polish on the other hand is used to remove faultiness from the clear coat in order to make the paint appear lively again. Car wax is used to achieve a vivid & deep shine along with protection against external damaging factors. The car wax products can be obtained in both liquid and paste forms and are produced from either natural or synthetic materials. .
APAC Market, By Application
Based on application, do-it-yourself (DIY) segment is projected to register a growth rate of 3.2% from 2021 to 2027. The growth of the segment is driven by the ease in the usability of DIY products by car owners and the low need for professional guidance.
APAC Market, By Distribution Channel
Among the distribution channel, the online segment is gaining momentum and is anticipated to exhibit a CAGR of over 3.8% till 2027. In recent years, online selling of car care products has witnessed tremendous growth, therefore, manufacturers are shifting their focus towards the development of an online platform. This is likely to expand the consumer-based and bring out more buyers in the future.
Competitive Industry Landscape
Key manufacturers of car care products include 3M, Ningbo Shinsan Cleaning Products Co., Ltd., Zhongshan Datian Car Care Industry Inc., Guangzhou Veslee Chemical Science and Technology Co., Ltd., Miracle Systems, Jangra Chemicals Private Limited, Green Duck Industries, Sensha Co., Ltd., Hikari Co., Ltd., Refract Car Care Products, and Carchem Products Pty Ltd.