Liquid Car Care Market: Current Analysis and Forecast (2023-2030)

Report Description

The liquid car care market was valued at USD 7.99 billion in 2022 & is expected to grow at a CAGR of 4.30% from 2023-2030 owing to the growing number of passenger vehicle ownerships globally. The growing number of vehicle ownerships globally directly contributes to the expansion of the liquid car care market. As more people own vehicles, there is an increased demand for products that help maintain and care for their car’s appearance and performance. Liquid car care products play a crucial role in keeping vehicles clean, protected, and in optimal condition. As vehicle owners understand the importance of regular cleaning and maintenance, they seek high-quality liquid car care products such as car wash soaps, shampoos, and detailing sprays. These products help remove dirt, grime, and contaminants, ensuring a clean and polished look for their vehicles.  Moreover, vehicle owners often invest in liquid car care products like paint sealants, waxes, and ceramic coatings to protect their car’s paintwork from fading, oxidation, UV damage, and scratches. These protective coatings enhance the longevity and aesthetics of the vehicles, serving as a preventive measure against environmental factors.  Moreover, car owners are also concerned about maintaining the cleanliness and condition of their vehicle interiors. Liquid car care products such as upholstery cleaners, leather conditioners, and interior protectants help in preserving the freshness, cleanliness, and longevity of the interior materials, including seats, dashboards, and carpets. For instance, in Jan 2023, according to the report published by the International Organization of Motor Vehicle Manufacturers reported, a total 57.08 million of passenger vehicles were sold in the year 2021 and 61.59 million were sold in the year 2022. Therefore, the growing number of passenger vehicles propels the demand for the liquid car care market in the coming years.

Some of the major players operating in the market include 3M, Tetrosyl, SONAX GmbH, Chemical Guys, Turtle Wax, ARMOR ALL, Altro Group, Cartec B.V, FORMULA1 WAX, Wurth Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product type, the cleaning & washing segment dominated the market in 2022”

Based on product type, the market is divided into polishing & waxing, cleaning & washing, and sealing glaze & coating. The cleaning & washing segment dominated the market in 2022 and is expected to show the same trend in the forecast period. The increasing presence of car washing centers in tier-2 and tier-3 cities has indeed contributed to the growth of this segment in the market. Previously, car owners in these cities had limited options for professional car washing and cleaning services. As more car washing centers have been established in these areas, it has become easier for people living there to access such services, thereby increasing the demand and growth of this segment. Additionally, the availability of a wide range of washing and cleaning car care products in different sizes, shapes, quantities, and brands further contributes to the dominance of this segment. Car owners now have more options to choose from when it comes to selecting the products they prefer for washing and cleaning their vehicles. They can choose products based on their specific needs, budget, or brand preferences. “Amongst car type, the sedan segment is currently the leading the market in 2022”

Based on car type, the market is segmented into hatchbacks, sedans, SUVs, and utility vehicles. The sedan segment is currently the leading segment and is expected to dominate the segment in the forecast period. Sedans are one of the most commonly used types of cars worldwide, accounting for a significant portion of the automotive market. Sedans often come in different sizes and designs, accommodating various consumer preferences. This versatility leads to a wide range of liquid car care products tailored to sedan-specific needs, such as paint protection, interior cleaning, or tire care. Sedan owners tend to be invested in maintaining the appearance and performance of their vehicles. Liquid car care products, such as car wash soaps, waxes, and polishes, help them achieve a clean and well-maintained look for their sedans. For instance, in 2022, the Suzuki Swift Dzire maintained its top spot among sedan sales in December 2022, and Among the smaller sedans, the Xcent/Aura pair witnessed a 142% YoY gain.

“Amongst applications, the interior segment is to hold a significant share of the market in 2022”

On the basis of application, the market is bifurcated into interior and exterior. Among these, the interior segment is to hold a significant share of the market in 2022 and is expected to follow the same pattern in the forecast period. Liquid car care products play a crucial role in this scenario, as they are specifically formulated to clean and sanitize various surfaces in the car’s interior. These products often contain ingredients with anti-microbial properties, which help in effectively eliminating germs, bacteria, and other harmful microorganisms from surfaces like upholstery, dashboard, door panels, and steering wheel. The development of anti-microbial liquid car care products further contributes to the exponential growth of this segment. These products are specifically designed to inhibit the growth and proliferation of microorganisms, preventing the accumulation of germs on car surfaces.

“Asia Pacific dominated the liquid car care market in 2022”

The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the growing number of car sales in the region, the emergence of several online market place, and the growing population with rapid urbanization. One of the primary factors fueling the growth of the Asia Pacific liquid car care market is the increasing number of car sales in the region. The rising disposable incomes and improving economic conditions have led to a higher purchasing power among consumers, making car ownership more affordable. According to the International Organization of Motor Vehicle Manufacturers, the Asia Pacific region accounted for approximately 50% of global car sales in recent years. As more individuals purchase cars, the demand for car care products and services naturally increases. The need for regular maintenance and cosmetic upkeep drives the market for liquids such as car wash shampoos, waxes, and interior cleaners. Furthermore, with a greater number of people relying on cars for daily commuting, the importance of maintaining proper car care has become a necessity rather than a luxury. The advent and subsequent popularity of online marketplaces have revolutionized the way consumers shop for automotive products and accessories. E-commerce platforms have become the go-to destination for purchasing car care products due to their convenience, vast product range, and competitive prices. Online marketplaces offer customers the opportunity to browse through a wide selection of liquid car care products, compare prices, and read customer reviews. This transparency empowers consumers to make informed decisions and choose the ideal products for their specific needs. Additionally, the seamless shopping experience, doorstep delivery, and attractive discounts provided by these platforms further contribute to the growing demand for liquid car care products in the Asia Pacific region. The Asia Pacific region is home to a rapidly increasing population, particularly in urban areas. According to the United Nations, approximately 50% of the global urban population resides in Asia Pacific cities. This demographic shift has led to a surge in car ownership as urban dwellers seek greater mobility and convenience. As more people migrate to cities and adopt a car-centric lifestyle, the demand for liquid car care products rises. Cities with heavy traffic and pollution levels necessitate regular cleaning to protect the car’s exterior and maintain its aesthetic appeal. The use of liquid car care products helps counteract the negative effects of dust, grime, and pollutants. Moreover, urban car owners often prioritize the appearance and condition of their vehicles, further driving the market for liquid car care products.

Liquid Car Care Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global liquid car care market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Liquid Car Care Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global liquid car care market were the three major steps undertaken to create and analyze the adoption of liquid car care in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global liquid car care market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the liquid car care market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the liquid car care market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, car type, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the liquid car care market. Further, we conducted factor analysis using dependent and independent variables such as product type, car type, application, and distribution channel of the liquid car care market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the liquid car care market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global liquid car care market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the liquid car care market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global liquid car care market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global liquid car care market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the solution, application, and end-user in the global liquid car care market.

The main objective of the Global Liquid Car Care Market Study

The current & future market trends of the global liquid car care market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the liquid car care market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product type, car type, application, and distribution channel
• Define and analysis of the regulatory framework for the liquid car care industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the liquid car care market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the liquid car care market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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