Report : South & Central America Car Care Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Products (Cleaning Products, Polishing and Waxing Products, Fresheners, and Others), Application (Interior and Exterior), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 3.8% CAGR, the South & Central America Car Care Products Market is speculated to be worth US$ 166.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America car care products market was valued at US$ 133.48 million in 2022 and is expected to reach US$ 166.98 million by 2028, registering a CAGR of 3.8% from 2022 to 2028. Strong growth of e-commerce distribution channel and surge in use of eco-friendly car care products are the critical factors attributed to the South & Central America car care products market expansion.
Growth in online shopping is attributed to a rise in per capita income, an inclination toward a better standard of living, and a high number of smartphone users. This growth is fueling the development of e-commerce platforms such as Amazon and Flipkart. Social media platforms and Google Ads also play a major role in increasing the online sales. In addition, integrating advanced technologies such as AI in e-commerce platforms offers many growth prospects for the development of e-commerce distribution channels. Further, the emergence of the COVID-19 pandemic has fueled e-commerce retail sales. People were compelled to use online platforms such as Amazon and Flipkart to get their essentials due to lockdown and other social restrictions. In addition, the online sales of different car care products have significantly increased in recent years. Numerous advantages of e-commerce distribution channels such as easy accessibility, availability of multiple choices, special offers, coupons and discounts, easy return and exchange, and on-time delivery are promoting the sales of different car care products. Hence, the strong growth of e-commerce distribution channels is expected to offer several lucrative opportunities for the South & Central America car care products market growth in the coming years.
On the contrary, rising preference for commercial car care services hurdles the growth of South & Central America car care products market.
Based on products, the South & Central America car care products market is segmented into cleaning products, polishing and waxing products, fresheners, and others. The fresheners segment held 59.4% share of South & Central America car care products market in 2022, amassing US$ 79.29 million. It is projected to garner US$ 99.93 million by 2028 to expand at 3.9% CAGR during 2022–2028.
Based on application, the South & Central America car care products market is bifurcated into interior and exterior. The interior segment held 82.4% share of South & Central America car care products market in 2022, amassing US$ 109.93 million. It is projected to garner US$ 138.64 million by 2028 to expand at 3.9% CAGR during 2022–2028.
Based on distribution channel, the South & Central America car care products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 38.7% share of South & Central America car care products market in 2022, amassing US$ 51.68 million. It is projected to garner US$ 67.54 million by 2028 to expand at 4.6% CAGR during 2022–2028.
Based on country, the South & Central America car care products market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 57.3% share of South & Central America car care products market in 2022. It was assessed at US$ 76.44 million in 2022 and is likely to hit US$ 96.81 million by 2028, exhibiting a CAGR of 4.0% during the forecast period.
Key players profiles in the South & Central America car care products market report 3M Co, Adolf Wurth GmbH & Co KG, Pidilite Industries Ltd, Shell Plc, SONAX GmbH, Tetrosyl Ltd, and Turtle Wax Inc, among others.
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