Asia-Pacific Car Care Product Market Outlook, 2028

Asia-Pacific Car Care Product Market Outlook, 2028

Asia Pacific is one of the largest consumers and manufacturers of vehicles and, thus, is a significant contributor to the industry's growth globally. As a result, the demand for different car care products such as wax, polish, and cleaning supplies is high. The presence of prominent vehicle manufacturers in the region, backed by resource availability and a skilled workforce, is anticipated to increase its penetration over the forecast period. Over the last decade, the Asia-Pacific automotive industry has undergone the greatest transformation it has experienced in its history. Asia is taking an increasing share of global vehicle sales and is the only major market expected to see continued strong growth in both the medium and long term. The increase in per capita income in developing economies like India is expected to drive the car care products market. In the past few years, demand for car care products has increased due to the increased sales of premium cars. In countries like India and China, there are older cars (older than 7-8 years) running on the streets, which might further propel the growth of the market in the region. As car ownership increased in countries like Japan, South Korea, China, and India, so too did the demand for products to maintain and clean those cars.

According to the research report, ""Asia-Pacific Car Care Products Market Outlook, 2028,"" published by Bonafide Research, the market is anticipated to add USD 0.59 billion from 2023 to 2028. Several factors can be attributed to these observations, which are: first, there is an increase in sales of automobiles in some of the largest markets in this region, i.e., China and India. Second, there is an increase in awareness regarding good car maintenance, which allows people to spend more generously on the maintenance of their cars. Thirdly, there is an increasing used car market in this region where the best-maintained used car gets a higher value. Expansion of car care shops and parlours by various top players such as 3M, ITW, Wurth Group, etc. is expected to drive popularity of car care products. These factors are expected to boost the growth of car care products in this region. In China, for example, a rising middle class will continue to drive the steady growth of the Chinese auto market, with the markets for new purchases and replacement of vehicles growing rapidly. Factors such as the presence of leading car manufacturers and the growing penetration of electric cars in the region are anticipated to proliferate the market's growth. With the rising focus on maintaining vehicle hygiene, the overall demand for antibacterial car care products is expected to grow in the coming years. Growing advancements in car washing technologies are also anticipated to propel the demand for antibacterial car care products in Asia-Pacific. These antimicrobial car care products help inhibit the growth of microorganisms and protect the interior fabric used in the car.

Based on the products, the Asia-Pacific market is segmented into four major parts, including cleaning and caring, polishing and waxing, stealing glaze and coating, and others. Among them, the cleaning and caring segment will dominate the market in 2022. Many countries in the Asia-Pacific region, particularly in urban areas, experience high levels of pollution, which can have a negative impact on a car's appearance and performance. Car owners in these areas are more likely to invest in cleaning and care products to protect their cars from damage caused by pollution. In many countries, cars are viewed as a status symbol and a reflection of the owner's personality. This cultural significance attached to cars has led to a rise in demand for car care and cleaning products to keep the vehicles looking their best. Also, the Asia-Pacific region experiences a wide range of weather conditions, including extreme heat, rain, and humidity. These weather conditions can cause wear and tear on a car's exterior and interior, leading to the need for cleaning and caring products to maintain the car's appearance and condition.

According to the research report, the Asia-Pacific market is categorised into five major countries, including China, Japan, India, Australia, and South Korea. Among them, China will lead the market in 2022 with over 35% market share. With the rapid economic growth in this region, the per-capita income has drastically increased over the past couple of years, which has increased the purchasing power of consumers, leading to higher automobile sales. Additionally, with increased economic growth, most of the countries in this region have been actively spending on infrastructure and industrial development, pushing the demand for heavy commercial vehicles. Because of the region's vibrant economic situation, Asia has one of the world's fastest growing and largest automotive markets. Aside from the appealing demand-side factors, the region has emerged as a top offshore location for automotive manufacturing due to factors such as government incentives and cost advantages. All of these factors bode well for the expansion of the automotive polishing market. The market for car care products is expected to be driven by rising demand for passenger cars and commercial vehicles. Furthermore, rising awareness of the importance of keeping vehicles in good condition is expected to drive market growth. Furthermore, the development of new and innovative products is expected to give the market a significant boost. Rapid economic growth, combined with a rapid increase in individual consumption power, is driving market growth. Because of the presence of several major automakers, the Asia Pacific region is seeing an increase in demand for car care products. However, the growing importance and knowledge of routine vehicle maintenance will drive market demand for auto care products. Car maintenance is becoming increasingly important these days for a variety of reasons, including improving a vehicle's appearance, lowering serious breakdowns, and providing exceptional performance.

Asia Pacific is the fastest-growing market for car care products during the forecast period, and the exterior segment is expected to have the largest share of the market by application. There is a growing trend of vehicle wrapping in the APAC region, where car owners apply a vinyl wrap to their car's exterior to change its appearance. These wraps need to be protected and maintained, which leads to a higher demand for exterior car care products. As the demand for exterior car care products grows in the APAC region, there has been an increase in the availability of these products. This has led to a higher awareness among car owners about the importance of maintaining their car's exterior, leading to a further increase in demand. However, the demand for car care products in interior applications is high due to an increasing preference for interior car care products to maintain the aesthetics of interior parts and an increasing demand for anti-microbial interior car care products in Asia Pacific. Further, based on distribution channel, the market is segmented into three major channels: DIY/retail stores, DIFM (do it for me)/service centers, and e-commerce. Among them, DIY and retail stores are projected to lead the market in 2022. Traditional retail stores such as supermarkets, auto parts stores, and specialty stores are popular sales channels for car care products in the APAC region. These stores offer a wide range of products and allow customers to physically see and touch the products before making a purchase. However, e-commerce has become increasingly popular in the APAC region, with many customers preferring to shop online due to convenience and a wider range of products. Online platforms such as Amazon, Lazada, and Shopee offer a wide range of car care products, and customers can compare prices and read reviews before making a purchase.

Many governments and companies around the world are capitalising on the increased demand for automobile care products in the Asia-Pacific region by developing products that are safe for the environment. China is facing tremendous issues with pollution. Several major economies in Asia Pacific, including India, Thailand, and China, witnessed high levels of automotive production over the historic period owing to the growing population and rising incomes. Rising automotive production to cater to the increasing demand has resulted in augmented product demand in these countries, and the trend is expected to continue over the forecast period. For instance, manufacturers have been introducing multi-purpose products that are gaining considerable popularity across the region due to their advantages such as fast action, protection, and repellent properties. As the number of purchases of luxury cars increases, the requirement for car care products is certain to see an uptick. Regular car washing and servicing ensure optimal performance of the vehicle while simultaneously enhancing its lifespan. Luxury cars are gaining traction across the region, owing to their popularity amongst millennials and high-net-worth individuals (HNWIs). As old cars generally need frequent repairs due to continuous wear and tear, car care products are likely to see higher use across the segment.

Major Companies present in the market:
3M, Armor All, Autogym, Cartech, Liqui Moly GmBH , MA-FRA S.p.A. , Simoniz USA. , SONAX GmbH , Tetrosyl Ltd. , Transchem Group., Mothers, Recochem Corporation., Valvoline Inc, Shell Plc, SOFT99 Corporation, Bullsone Co.Ltd

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Car Care Products market with its value and forecast along with its segments
• Country-wise Car Care Products market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Product Type:
• Cleaning & Caring
• Polishing & Waxing
• Sealing Glaze & Coating
• Others

By Application:
• Exterior
• Interior

By Distribution Channel:
• DIY/retail stores
• DIFM (do it for me)/service centers

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Car Care Products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.