Project report for Car Care product

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Introduction

Car care products are essential at a point to keep the car running smoothly despite its age and condition. In India, They are highly used for preventive measures and in a secure and usable order for vehicles. Car care products are basically high performing chemicals used to enhance the car brightness, luster, and durability. Car care products safeguard and maintain exterior look of the vehicle and it has profitable market in inside and outside India. There are various kinds of car care products on the market that include wheel care, interior-exterior care, glass cleaner, paint restoration for older vehicles and many more. It is a good business opportunity for new and developing entrepreners. The market for car care products is expected to grow significantly owing to the advancements in car washing technologies.

Auto detailing is an activity of systematically performing operations and procedures that keep the vehicle in its best possible condition, especially cosmetic, as opposed to mechanical. This is achieved by removing both visible and invisible contaminants from the vehicle's interior, and polishing the exterior to its original blemish free finish. The most basic detail options include an exterior wash and wax, interior vacuuming, window cleaning and surface polishing. Several modern technologies such as in-bay automatic car washing systems and tunnel automatic car washing systems are used in large service centers and professional car washing facilities, which require minimal human effort, leading to a significant reduction in car washing time. The market was severely impacted by the pandemic situation, where the lockdown has resulted in a decline in the sales of car care products on both the individual and commercial front.

Market potential & Strategy

The global car care products market size was valued at INR 7,70,76,48,34,000 in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. Rapidly increasing automotive sales across the globe, a rise in consumer disposable income, and innovations in car washing techniques are expected to drive the market over the forecast period. Car care and appearance-enhancing products are being widely used in luxury cars and sports utility vehicles. Waxes and polishes are used for maintaining the shine of vehicles and offer protection. In addition, protectants and cleaners are used to maintain the appearance of the vehicle. This trend is expected to propel the product demand over the forecast period.

The rising demand for private vehicles due to the increasing consumer spending and the emerging suburbanization trend represents one of the main factors fueling the market growth. Besides this, with the growing adoption of luxury cars and sports utility vehicles (SUVs) for outdoor recreational activities, the need for effective car care products is also increasing. Moreover, the leading players are offering these products through online platforms to expand their consumer base. Apart from this, the increasing consumer awareness about the maintenance of vehicles is catalyzing the demand for innovative cleansing products to maintain car seats, restore colors, and eliminate unpleasant odors and traces of nicotine. These products also help in refining plastic parts and dashboards and removing dirt safely while providing finish and maintaining the shine. Furthermore, the rising sales of used cars are anticipated to provide lucrative opportunities to market players.

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