ID: MRFR/CR/9123-HCR | 90 Pages | Author: Snehal Singh | May 2023
Car Covers Market Size was valued at USD 787.2 million in 2021. The Car Covers market industry is projected to grow from USD 791.4 Million in 2022 to USD 1021.12 million by 2030, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period (2022 - 2030). Increasing awareness regarding the safety of the vehicle is driving market growth.
As people become more aware of the importance of vehicle safety and the potential risk to their vehicles may look for ways to protect their vehicles from damage and theft. One way to do this is by using a car cover. A car cover can help protect a vehicle's paint job, interior, and mechanical components from damage caused by sun, rain, snow, and other environmental factors. There are many various types of car covers like car seat covers, leather seat covers and seat protectors, waterproof car covers, custom car fit, and seat covers, windshield covers, steering covers, automotive seat covers, auto form seat covers, and many more. They can also be used to conceal a vehicle while it is in the park, which can deter potential thieves or vendors. This increased awareness and demand for car lovers can be seen in the growing number of manufacturers and retailers offering different types of car covers for various types of vehicles and in a variety of materials. Additionally, people become more conscious about the safety of their vehicles they tend to take better care of their cars. This includes regular maintenance, regular cleaning, and the use of protective gear. Car covers are one of the protective gear people tend to use to protect their cars from the element, dust, and other environmental factors. The booming automotive sector has increased demand overall for vehicle coverings. For Instance, Around 3.49 million passenger and commercial vehicle category units were sold in India in 2020, according to the Indian Automobile Industry Report by the Indian Brand Equity Foundation (IBEF), which was released in October 2021.
The car covers market segmentation, based on product type, including conventional, automatic, and semi-automatic. The conventional segment held the majority share of around ~45 - 50% in 2021 concerning the car covers market revenue. The benefits of conventional covers are comparable to those of automated ones in terms of protecting the automobile, but people are much more adapted to conventional ones in terms of cost and pricing. The conventional ones are simple to use and can survive any weather conditions while protecting the car from the sun, rain, tree sap, dust, and other chemical effects. Additionally, they are anticipated to see a significant rise throughout the projected period due to their widespread availability across automotive retailers and service centers.
January 2023 - 51% of Saddles International will be purchased by Samvardhana Motherson for 207 crores. Samvardhana Motherson will broaden its current business with the acquisition of Saddles International by entering the upholstery market for uses like passenger vehicle seat covers, gear knob covers, automatic car covers, car windshield covers, etc., boosting the company's goal of growing content per vehicle.
The car covers market data has been bifurcated by End Use into Individual and Vehicle Manufacturers. During the forecast period, the individual segment is expected to have a higher CAGR. The market for the specific segment is anticipated to be driven by consumers' raising awareness of the safety of their vehicles. Recently, consumers have been purchasing more automobile covers. The lockdown limitation has made customers stay inside their houses due to the COVID-19 epidemic. Cars are left parked outside for a long time as a result. The individual category consists of consumers who purchase car coverings to shield their vehicles from the elements, including sun, sand, and dust.
Based on Distribution Channel, the car covers industry has been segmented into Store-Based, and Non-Store-Based. The Non-Stored based channel is anticipated to hold a major share of around ~50-55% in 2020 in the car covers market, because it is convenient to get automotive accessories from non-stored vendors who stock both manual and automatic car covers. E-commerce is the best platform for purchasing vehicle accessories since customers can quickly compare features and information from several websites before making a decision. Additionally, a lot of new businesses collaborate with online stores to promote their goods, broadening the market for car covers. Online shopping platforms are a popular choice for buying various collections of car coverings due to the discounted rates and rewards.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Car Covers market accounted for USD 307.02 million in 2021 and is expected to exhibit a 2.06% CAGR during the study period. This is attributed due to the increased adoption of new tools and technologies as well as rising spending on automotive equipment and accessories. For Instance, According to the United States Bureau of Labor Statistics 2020 Consumer Expenditures data, the average yearly cost of owning and operating a vehicle is USD 9,826. The price of the car is USD 4,523, plus USD 1,568 for gas and USD 3,471 for additional vehicle-related expenses. The heavily developed automotive industries in the United States and Canada promote a wide variety of supplies for various types of vehicles. The region has a well-established automotive industry, and both established businesses and up-and-coming vendors have engaged in a worldwide competition to offer the best-in-class vehicle accessories, such as car covers, which is projected to create significant potential prospects for the regional market. Further, the US Car Covers market held the largest market share, and the Canada Car Covers market was the fastest growing market in the North American region
Further, the major countries studied are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CAR COVERS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Car Covers market accounts for the second-largest market share due to the availability of innovative car covers, such as automated and semi-automatic car covers, which are being created in response to an increased usage of new tools and technology as well as higher spending on vehicle equipment and accessories. Further, the Germany Car Covers market held the largest market share, and the UK Car Covers market was the fastest growing market in the European region.
The Asia-Pacific Car Covers Market is expected to grow at a CAGR of 6.97% from 2022 to 2030. This is due to the increased rates of population, large numbers of young generations, advanced technology, and growing lifestyle. Moreover, the China Car Covers market held the largest market share, and the India Car Covers market was the fastest-growing market in the Asia-Pacific region
For instance, the India Car Covers market is the favored destination for players due to the increasing number of vehicle owners. This is because these covers offer protection from dust, debris, and other hazardous elements. Moreover, they also provide a layer of insulation against extreme temperatures. As India has become the world's most populated country. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Car Covers Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Car Covers market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the car covers industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the car covers industry to benefit clients and expand the car covers market sector is to manufacture locally to reduce operating costs. In recent years, Car Covers have innovated with some of the most significant benefits.
Car Covers Industry Developments
January 2022: The Y&Y store, an online purchasing platform, introduce 'vinoya' automatic automobile covers for all weather situations. With the push of a button, the water- and theft-proof covers can be opened.
August 2021: The launch of Covercraft Industries LLC's new line of multi-layer car cover textiles for various vehicle types, such as trucks, sedans, SUVs, and MUVs, has been announced. The 3-layer moderate weather covers and 5-layer indoor/outdoor car covers in the water-resistant car cover range offer the automobile the much-needed defense against dust and outside elements.
|Market Size 2021||USD 787.2 million|
|Market Size 2022||USD 791.4 million|
|Market Size 2030||USD 1021.12 million|
|Compound Annual Growth Rate (CAGR)||3.2% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, End Use, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||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)|
|Key Market Opportunities||Introduction of Automatic and Semi-Automatic Car Covers|
|Key Market Dynamics||Increasing Awareness Regarding the Safety of The Vehicle Increasing demand for cars|
The Car covers market is valued at USD 787.2 million
Increasing demand for cars and Increasing Awareness Regarding the Safety of The Vehicle are the key driving factor for the car covers market
The global car covers market is growing at a CAGR of 4.15% over the forecast period.
3.2% CAGR is the growth rate of the car covers market.
North America held the largest market share in the car covers market.
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)
The conventional product type led the car covers market.
The Individual segment has the largest market share in the car covers market.
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