ID: MRFR/CR/9123-HCR | June 2021 | Region: Global | 90 pages
Car Covers Market Overview
Global car covers market size is projected to reach approximately USD 1,345.4 million by 2028, at a CAGR of 4.15% from 2021 to 2028. The global car covers market is anticipated to witness significant growth during the forecast period dueto the growing demand for automobiles, particularly of cars due to the increasing consumer disposable income and huge changes in the standard of life of consumers. Moreover, the demand for car covers is increasing because of the changing climate and increasing global warming thatalso affects cars.
The increasing awareness among consumers regarding vehicle safety is expected to drive the market growthas car covers are used to protect the cars parked outdoors, as well as indoors, from the hazardous effects of various environmental calamities such as rains, sunshine, snowfall, and storm. Car covers aid in shielding the vehicle from dirt, dust, tree leaves, sap, moisture, bird droppings, UV rays, salty air, and other contaminants. All the factors drive the demand for car covers. Car covers help in protecting the exterior paint and refinishesthe texture of the car from fading and losing its shine. Additionally, car covers help in protecting the car from the harmful sunrays, which may damage the interior electronic system of the car, such as car stereo, air conditioning, and internal mechanism. Owing to the increasing demand for car covers due to its numerous benefits in the safety of cars, manufacturers are concentrating on various technological advancements in the field of car covers, such as semi-automatic and automatic car covers. The car covers market is anticipated to grow during the forecast period dueto the growing automotive industry and expensive luxury vehicles.
COVID-19 Impact Analysis
The outbreak of COVID-19 has affected almost every industry, and the long-term effects are expected to impact the industry growth during the forecast period. Also, the pandemic has affected the global economy badly. The GDP of numerous countries has reduced tremendously in the first quarter of 2020. The pandemic has resulted in a situation of crisis, owing to which purchasing of non-essential commodities has reduced in a huge amount in the overall population. The revenue of several industries has hugely dipped due to the pandemic. COVID-19 has triggered a shift of retail companies to online, along with strategically shrinking their offline layout. It has affected many industries and supply chains largely.
Many countries were under lockdown in early 2020 and had sealed their borders to control the spread of the virus. The impact of COVID-19 on logistics has disrupted the supply of raw materials, which has further reduced production capacity and, thus, product shortages. These factors are expected to affect the global car covers market positively.
However, the market prospect for car covers is bright as the stay-at-home orders instituted across the globe by governments have restricted people from going out completely. Owing to this, the usage of car covers has increasedtremendously. Consumers are majorly keeping their cars parked outside their homes. This creates a huge demand for car covers, as they help in protecting the cars from dirt, dust, tree leaves, sap, moisture, bird droppings, UV rays, salty air, and other contaminants.
The global car covers market is anticipated to experience significant growth in the coming years. Car covers help in protecting раrkеd саrѕ from various exterior elements such as UV rays, асіdrаіn, dust, dirt, wind-borne particles, bird dropping, and animal scratching. When a car is not used for a longer period, it gets dusty and саn bесоmе dіrtуfrоmrаіn, wіnd, ѕnоw, or falling lеаvеѕ. If the car is without a cover for a longer period, the dust can ассumulаtеon сеrtаіn сrіtісаlраrtѕоfthееngіnе, which mауаffесtthеir funсtіоn. Car covers provide many such benefits.
They also have different unconventional uses, such as they can protect cars from rocks and gravel when trailed by a tow truck. They can help in discouraging theft and break-ins as car covers whenused with the combination of cable and lock, become difficult for thieves to breakin.They will have to cut the cover apart. Moreover, car coversalso hide car insides, making it less attractive for thieves to breakin. These numerous benefits provided by car covers are expected to drive the market during the forecast period.
The awareness among consumers is increasing immensely in regard tothe safety of the vehicle. Car covers provide numerous benefits and provide several applications for car safety. Consumers are becoming more aware of keeping their cars safe and protected. The growing automotive industry and global warming with changing climate drive the demand for car covers. Moreover, along with the increasing awareness, the standard of leaving and spending power of consumers is increasing globally, resulting in the growth of the car covers market .
High cost of car covers раrtісulаrlу сuѕtоm-mаdе can be a major restraining factor for the growth of car covers market to а сеrtаіn ехtеnt. The production of automatic car covers iscostly, resulting in the higher cost of end products. Not all consumer groups are willing to pay a higher amount just for a car accessory. Thus, the demand for automatic car covers is very less in the middle-income consumer group. This can be a restraining factor for the overall market during the forecast period.
Manufacturers have introduced remote-controlled automatic retractable car cover. These provide voice broadcast, dustproof anti-theft UV protection rainproof sunscreen. There is an apparatus on the car’s roof that has ofsuitcase shaped. It contains a protective cover that can wrap and unwrap the car completely, automatically, quickly, and easily. This wrapping is smooth, which protects the car from scratching and damage. This ease in the use of covers and extra protection provided by automatic car covers are expected to create growth opportunities for the market during the forecast period.
Lack of awareness about branded car covers among consumers of developing countries can be a challenging factor for the car covers market. The per capita income of the middle-class population in developing countries is less compared to developed countries. Owing to this, people with lower income do not consider branded car covers as their preferred choice, which restrictstheir spending on branded car covers, thereby hindering the growth of the market.
By Product Type
Based onproduct type, the global car coversmarket has beendivided into conventional, semi-automatic,and automatic.The conventional segmentaccounted for the largest market share in 2020 and is estimated to retain its dominance throughout the forecast period. Conventional car covers are easily found in any car accessory shop. They are low cost as compared to the semi-automatic or automatic car covers. Owing to the easy availability and affordability of conventional car covers, the market for conventional car covers is larger.
By End Use
By end use, the car covers market has been segmented as individual and vehicle manufacturers. Between the two, the individual segment is projected to exhibit a higher CAGR of during the forecast period.The increasing awareness among consumers about the safety of their cars is expected to drive the market for the individual segment. Consumers are increasingly buying car covers recently. Owing to the COVID-19 pandemic, the lockdown restriction has forced consumers to stay inside their homes. Due to this, cars are parked outside for a long period. The individual segment is people who are buying car covers to protect their car from dust, dirt, sunshine, and many other external factors.
By Distribution Channel
Based on distribution channel, the car covers market has been segmented into store-based and non-store-based. The non-store-based held a larger market share in the global car covers the market in 2020. The platforms considered under the non-store-based segment are e-commerce portals or company-owned websites. The rapid development of the internet has attracted numerous companies to sell car covers online. Some of the companies independently produce car covers and sells them on their website. Some of the portals become agents or dealers of physical factories manufacturing car covers.
Global Car Covers Market Share, by Region, 2020 (%)
Source: MRFR Analysis
The global car covers market has been divided into geographies as North America, Europe, Asia-Pacific, and the Rest of the World.North Americaaccounted for the largest market share in 2020. Asia-Pacific captured the second-largest market and is expected to register the fastest growth rate during the period.
North America Market
North America accounted for the largest market share in 2020. The market of North America is anticipated to grow substantially due to the increasing demand for automobiles, the development of advanced car covers such as semi-automatic or automatic car covers, and rising consumer awareness about car safety. However, according to the Bureau of Transportation Statistics, the production of motor vehicles in the US was 10, 874 thousand units in 2019 and the domestic sale was 13,678 thousand units. The production and sales of motor vehicles have reduced over the past few years. This can be a restraining factor for the car covers market in the North America region.
Asia-Pacific is a new revenue pocket for the global car covers market. Consumers in Asia-Pacific are increasingly becoming aware of the maintenance of their car. This is expected to drive the demand for car covers in the region. Moreover, the increasing consumer income and spending capacity are anticipated to increase the market share of the region during the period forecasted.
The market comprises tier-1 players along with some local players with diverse product portfolios. Companies such as Covercraft Industries, LLC(US), Coverking, Inc (US), and Budge Industries, LLC (US) dominate the global market due to brand reputation, product differentiation, financial stability, and strong distribution network.The players focus on lowering their environmental footprint and investing in R&D along with strategic growth initiatives such as acquisitions and mergers to strengthen their market position and capture a large customer base.
Prominent players in the global car coversmarket include Polco Pvt. Ltd (India), Confezioni Andrea Italia Srl (Italy), California Car Cover Co. (US), MacNeil Automotive Products Limited (US), Coverwell (India), Rampage Products (Georgia), and Classic Additions Ltd (UK).
Scope of the Report
Global Car CoversMarket, by Product Type
Global Car CoversMarket, by End Use
Global Car CoversMarket, by Distribution Channel
Global Car CoversMarket, by Region