South Korea Car Care Products Market Research Report, 2028

South Korea Car Care Products Market Research Report, 2028

Actual Market Research 28-02-2023 62 Pages Figures : 6 Tables : 13 Region : Asia-Pacific Country : Korea South Category : Automotive & Transport Automotive Parts

South Korea's car care product market is expanding, fueled by the country's large and expanding automotive industry. Several major automakers, including Hyundai, Kia, and GM Korea, as well as numerous suppliers and service providers, are headquartered in South Korea. Ceramic coatings are becoming increasingly popular in the South Korean car care product market. Ceramic coatings are a type of protective coating applied to the exterior of a vehicle to provide long-term protection against scratches, chips, and other types of damage. Demand for ceramic coatings is expected to increase as more South Korean car owners become aware of their benefits. In addition to domestic brands, the South Korean market for car care products includes a slew of international names like Meguiar's, Turtle Wax, and Chemical Guys. These brands are well-known for their quality and effectiveness, and they are available in both online and physical stores across the country. Wax is a common car care product used in South Korea to protect and shine a vehicle's paintwork. According to the research report “South Korea Car Care Product Market Research Report, 2028," published by Actual Market Research, the market is expected to add USD 41.78 Million by 2028. The South Korean car care market is divided into two sections: exterior and interior. South Korea is currently the market leader in the interior segment. As more people own cars, there is a growing demand for car care products to maintain and improve the condition of their vehicles, particularly the interiors, which are subjected to wear and tear over time as a result of The COVID-19 pandemic has raised awareness of the importance of hygiene and cleanliness, resulting in increased demand for interior car care products such as disinfectants, air purifiers, and upholstery cleaners. During the forecast period, the interior segment is expected to dominate the South Korean car care product market. The expansion of the automotive industry is expected to drive the market. The industry is expected to expand further as disposable income in country rises, as does consumer awareness of vehicle repair and maintenance. Furthermore, during the forecast period, an increase in the importance of aesthetics in automobiles, particularly private vehicles, is expected to benefit industry dynamics. The South Korea’s car care market is divided into two segments: DIY/retail stores and DIFM/service centers. DIY and retail stores currently dominate the market due to the DIY culture that is gaining traction among South Korea’s consumers who prefer to do their own car maintenance and care. DIY car care products enable consumers to perform basic maintenance and repairs on their own, saving time and money. Modern automobiles are becoming increasingly complex, with advanced electronics, sensors, and other components. This has made it more difficult for consumers to perform basic maintenance and repairs on their own, resulting in a greater demand for professional car care services. Because of the increasing complexity of cars, rising consumer affluence, convenience and time savings, and emphasis on quality and reliability, the DIFM/service centre segment is expected to dominate the car care product market in South Korea. Car care products in South Korea are subject to the Act on the Registration and Evaluation of Chemicals (K-REACH), which regulates the registration, evaluation, and authorization of chemicals used in the country. Car care product manufacturers and importers must register their products with the Korea Chemicals Management Association (KCMA) and ensure they are safe for human health and the environment. The car care product market in South Korea was experiencing growth, and there were several start-ups focused on developing innovative and eco-friendly car care products. There is a start-up called GetGreen, which produces waterless car wash products. These products use a special formula that allows users to clean their cars without using water, reducing water consumption and helping to conserve resources. GetGreen's products have received positive reviews from customers and have been featured in various media outlets. Another start-up called Humble & Rich focuses on producing high-end car detailing products that are environmentally friendly. The company's products are made using natural ingredients and are free from harmful chemicals. Humble & Rich has received positive feedback from customers for its innovative products and commitment to sustainability. In addition, there are several start-ups in South Korea focused on developing smart car care products. For example, a start-up called Carima produces a device that attaches to a car's air conditioning system and uses ultraviolet light to kill bacteria and viruses inside the car. Another start-up called OwlAIO produces a smart car care system that uses artificial intelligence and machine learning to provide personalized car care recommendations based on a car's usage patterns and condition. Some of the popular car care brands in South Korea include Soft99, K1, Menzerna, Scholl Concepts, Gyeon Quartz, CarPro, and Feynlab Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Car Care Products market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Application • Interior • Exterior By Distribution Channel • DIY/Retail stores • DFIM(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 listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing 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 conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Car Care Products market, 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.

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