The global car care products market is projected to expand by $2.9 billion from 2024 to 2028, according to Technavio.
This growth, at a compound annual growth rate of of 4.36%, is largely fueled by the increasing demand for aftermarket car cleaning products as vehicle longevity rises. Regions like APAC, which contributes 48% of the market share, are leading this growth.
Key markets include the US, China, Germany, Japan, and the UK. The market’s structure is fragmented, with significant contributions from companies such as 3M, BP, Exxon Mobil, and Turtle Wax.
The surge in vehicle lifespan, now averaging 12.2 years in the US and 12.8 years in Canada, has spurred demand for products that maintain vehicle condition. Popular products include car washes, waxes, glass cleaners, and specialized solutions for electric and autonomous vehicles.
However, the market faces challenges from counterfeit products, particularly in developing regions. These imitations, often of inferior quality, threaten consumer trust and market value. Major brands are responding with price adjustments and promotional efforts to retain customers.
More at : www.technavio.com/.
