Asia Pacific Car Care Products Market

The Asia Pacific car care products market is expected to grow from US$ 2,191.48 million in 2022 to US$ 3,129.44 million by 2028. It is estimated to grow at a CAGR of 6.1% from 2022 to 2028.

Recovery in Passenger Car Sales is Driving the Asia Pacific Car Care Products Market

The sales of passenger cars have shown recovery owing to the ease of restrictions, and increased availability of semiconductor chips. According to the International Organization of Motor Vehicle Manufacturers, the global sales of passenger cars increased from 53,917,153 in 2020 to 56,398,471 in 2021. In December 2022, the passenger vehicle market in China expanded due to increased retail sales. According to the China Passenger Car Association, ~2.17 million passenger cars were sold through retail channels in December 2022, an increase of 3% year-on-year. In China, from January to December 2022, 20.54 million passenger cars were sold, a rise of 1.9% year-on-year. As per the China Passenger Car Association, a car-purchase tax cut policy has massively contributed to vehicle sales since its launch in June 2022. The policy reduced the purchase tax by 50% for passenger cars that cost under 300,000 yuan (~US$ 43,103) and engine displacement below 2 liters purchased between June 1 to December 31, 2022. According to the information released by the Ministry of Finance in September 2022, the country will extend the exemption of purchase taxes on new-energy vehicles (NEVs) for another year until the end of 2023 to support the development of the sector and boost its usage. As per the Society of Indian Automobile Manufacturers (SIAM), the sales of passenger vehicles in India increased from 2,711,457 in 2020–2021 to 3,069,499 in 2021–2022. Many people chose personal vehicle over public transport for better protection against SARS-CoV-2. Hence, the increasing number of vehicle owners is fueling the demand for car care products. Car care products are the ideal solution for dull and fading paint, fine scratches, car rust, and wax restoration. Regular usage of car care products helps preserve the car's original appearance, making it more polished and cleaner. There is a high demand for car care products for new passenger cars and used cars as these products offer various advantages such as cost efficiency, help maintain the car's appearance, and improve the resale value of the car. Hence, the recovery in passenger car sales after COVID-19 outbreak is creating a demand for different car care products, which is driving the Asia Pacific car care products market growth.

Asia Pacific Car Care Products Market Overview

Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific are the key contributors to the Asia Pacific car care products market. The market demand for car care products in Asia Pacific is growing along with the number of vehicles and industrialization in the region. Extensive innovation and prototyping from major automakers coupled with consumer preference are some of the factors driving the market growth. Low-cost production in the region provided an excellent opportunity for the global players to expand their operational presence in the Asia Pacific region, especially in China and India. All these factors are expected to propel the growth of the APAC car care products market in Asia Pacific region. According to the International Organization of Motor Vehicle Manufacturers, the passenger cars production in Asia Pacific increased from 35.82 million in 2020 to 38.15 million in 2021. Moreover, proliferation of automobile industry, high motorization rate, and increase in old car fleet are expected to fuel the demand for the Asia Pacific car care products market.

Asia Pacific Car Care Products Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Car Care Products Market Segmentation

The Asia Pacific car care products market is segmented into products, application, distribution channel, and country.

Based on products, the Asia Pacific car care products market is segmented into cleaning products, polishing and waxing products, fresheners, and others. In 2022, the fresheners segment registered a largest share in the Asia Pacific car care products market.

Based on application, the Asia Pacific car care products market is bifurcated into interior and exterior. In 2022, the interior segment registered a larger share in the Asia Pacific car care products market.

Based on distribution channel, the Asia Pacific car care products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2022, specialty stores retail segment registered a largest share in the Asia Pacific car care products market.

Based on country, the Asia Pacific car care products market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China segment registered a largest share in the Asia Pacific car care products market.

3M Co; Adolf Wurth GmbH & Co KG; Cartec BV; Holt Lloyd International Ltd; Pidilite Industries Ltd; Shell Plc; Soft99 Corp; SONAX GmbH; Tetrosyl Ltd; and Turtle Wax Inc                                    are the leading companies operating in the Asia Pacific car care products market.