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Car Care Products Evolution: Detailing Industry Insights 2024
Car Care Products Market
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According to The Business Research Company's, The car care products market size has grown strongly in recent years. It will grow from $12.48 billion in 2023 to $13.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to surge in passenger vehicles, rise in disposable income, strong economic growth in emerging markets, and rapid urbanization.
The car care products market size is expected to see strong growth in the next few years. It will grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing automotive industry, rising car detailing businesses, increasing sales of used cars, and rapid growth in e-commerce. Major trends in the forecast period include companies accelerating the development of anti-microbial car care products, developing products with advanced technology, introducing steam cleaning methods, accelerating innovation in car care products, and undergoing partnerships to develop new products.
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Market Drivers and Trends:
The rising sales of used cars are expected to propel the growth of the car care products market during the forecast period. Used cars are cars that have been preowned by one or more than one user in the past. The demand for used cars is rising due to an increase in a shift in preferences among middle-class people to buy used cars over new cars due to various factors such as low cost, immediate purchase, and others. However, these vehicles are vulnerable to pollutants and require constant care to maintain the vehicle for a longer tenure. For instance, according to an Autocar India report, the used car sector in India maintained 3.8 million units in FY2021, which is 1.5 times higher than the 2.6-million-unit new car market. Furthermore, according to the China Daily report, In China, a total of 1.53 million used cars were sold in June 2021 which is a 17.76% growth from the previous year. Therefore, the rising sale of used cars is expected to propel the growth of the car care products market.
Technological advancements in car wash are a key trend gaining popularity in the car care products market. Car care products manufacturers are focusing on developing products with advanced technology to lead the market. For example, in February 2022, PHILISN, a US-based company operating in the car washing market, introduced an environmentally sound formula that uses advanced bio-enzyme degradation technology with an innovative green, safe formula to help car owners wash and care for their vehicles in the most convenient, effective and money-saving way. With the innovative bio-enzyme degradation technology, PHILISN's all-purpose interior cleaner can remove and degrade bacteria, stains, and dust off all interior surfaces, and restore them to their original look, providing a hassle-free car interior cleaner solution.
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Major Key Players of the Market:
Siemens Energy AG, Engie, Andritz, Air Products, Air Liquide, Mitsubishi Heavy Industries Ltd, Thyssenkrupp AG, Xcel Energy Inc, Lahti Energia, Babcock & Wilcox, Shangqiu Haiqi Machinery Equipment, Sedin Engineering Company Ltd, Chanderpur Group, Case Group, GGE Power, EnviTec Biogas AG, First Biogas International AG, Shenzhen Puxin Science & Technology Co. LTD, Mingshuo Environment Technology Group Co. Ltd, Clarke Energy, Seko Industries Srl, HC Energy, Agraferm Technologies AG, LMS Energy, Sunpower, Outotec Oyj, Valmet, Drax Power Limited, Centria Reti Gas, GASAG, Enagás, Italgas, Eni Gas & Power, Cadent Gas Ltd, Orcan Energy, TomTom, TC Energy, Vital Energi, British Gas, EDF Energy, E. ON Next, Octopus Energy, OVO Energy, ScottishPower, Shell Energy, Wartsila Corporation, Acciona, Ramboll, EPH, Segezha Group, NaftoGaz Group, Hitachi Zosen Inova (HZI), EcoTerra BioGas, CEZ Group, Romelectro, ZiO-Podolsk, Notus Energy, Polish Energy Group, Terrasigna, H3-CHP Clean Energy Systems, Emispec, PyroGenesis Canada Inc, Lambion Energy Solutions GmbH, Triple Green Energy, Klean Industries Inc, Wright Tech Systems Inc, V&F Analyse- und Messtechnik GmbH, 3Degrees, A A Energy Ltd, A S NaturEnergie GmbH, Fluid Components International LLC. (FCI), Western Research Institute (WRI), CleanTech Biofuels Inc., CPFL Energias Renovaveis SA, Companhia Energetica de Minas Gerais SA, Centrais Eletricas Brasileiras S.A.
Car Care Products Market 2024 Key Insights:
• The car care products market size is expected to see strong growth in the next few years. It will grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Surge In Used Car Sales Drives Growth In Car Care Products Market
• Advancements In Car Wash Technology Propel Innovations In The Car Care Products Market
• North America was the largest region in the car care products market in 2023
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