7 Reasons to Enter the Car Cosmetics Market
Over 95% of American households own a car. With the large investment families pay to purchase their vehicles, caring for them becomes the main priority. The car cosmetics industry generated over $41 billion in revenue as part of the automotive aftermarket sales.
What Is the Car Cosmetics Market?
When you think of cosmetics most people picture makeup. Surprisingly, the concept is similar when talking about your vehicle as well. Car cosmetics shops fix any surface damage on your auto. In addition, niche markets improve aspects of your vehicle to enhance the appearance.
The automotive aftermarket industry is projected to generate over $680 billion by 2024. With the number of people prolonging the life of their vehicles, car cosmetics continues to be an important market.
The average age of an auto on the road today – 11.5 years old. This means more people will visit aftermarket shops to maintain and improve their vehicle. Fixing the small damages can restore the pristine appearance from when you first bought it. Hence the appeal of car cosmetics.
Finding who best fits the ideal customer profile for the car cosmetics market is simpler than you think. Compared to other aftermarket shops, potential client acquisition has a broader selection. Most of the services focus on the brand-new car owners but enhancing older vehicles is common as well.
Add-on features occur more often when a person first purchases their car. The small repairs and maintenance of the cosmetic appearance usually happens after someone has owned their vehicle for a couple years. People attempt to keep their car looking pristine, so the opportunity for revenue in this market is extensive.
The best way to enhance your vehicle is the purchase of automotive cosmetic products. Some of the items can be installed yourself, while others require a professional. The easiest car cosmetics involve waxing, buffing, and Modesta glass coating. These products are fairly simple in design.
Professional services and products include dent repair, window tinting, custom paint, and detailing. Unless you have prior experience working with these products, visit a reputable business to take care of it for you.
Types of Businesses
One of the most prominent car cosmetics in the market – body shops. The majority of car owners visit these shops at least once throughout the life of their vehicle. Due to this, body shops are the number one aftermarket for car cosmetics and generate over $40 billion in revenue.
An auto body shop can fix small dents and surface damage but also has the ability to completely restore vehicles. As long as the damage isn’t mechanic, the shop takes care of repairing both interior and exterior damage. Most people choose to use these services because it is cheaper than buying an entirely new vehicle.
Custom Paint Jobs
With over $1 billion in revenue generated, custom paint shops earn less than body shops. However, the expected growth is 4.5% which is over twice as much as the auto body. Why is the increase so significant?
People hold onto their cars longer than ever, meaning eventually they grow bored with the appearance. Customized paint jobs allow a driver to refresh their vehicles and resemble a like-new look. They don’t service repairs, focusing solely on the exterior image.
Accessories and Enhancements
A variety of car cosmetics stems from additional improvements drivers can put on their vehicles. Everything from exterior enhancements like window tinting and rims to interior accessories like a display system counts as an improvement.
Generating over $5 billion in revenue annually, the automotive parts industry is expected to grow exponentially at 12.9%. This means ample opportunity to invest in this type of business. With this significant increase in growth, the client base will open up as well.
The second highest revenue in the aftermarket industry – auto detailing. This car cosmetics market produces more than $11 billion annually. However, detailing focuses on a different aspect of the cosmetics market. Instead of performing services to improve the appearance, businesses focus on restoring and preventing damage from occurring.
Most people fail to realize that maintaining a clean car helps to extend the life of their vehicle. It prevents small scratches and other surface damage from developing. For example, rust emerges on vehicles due to chemical reactions eating away the paint of your car. In simpler terms, keeping your car washed and clean will prevent this from occurring because you are eliminating the sediment!
The car cosmetics industry has a multitude of options to choose from. Auto detailing acquires a steady clientele and recurring customers due to the nature of their services. DetailXPerts is an eco-friendly, mobile auto detailing company that focuses on steam cleaning technology. This methodology allows their professional team to deliver amazing results each time, generating stable revenue for the business. Check out franchise opportunities today.