Car covers are large sheet of fabric, roughly shaped like a car, to protect it from several unwanted external sources. Car covers can be classified under the protection levels including water-proof, water resistant and non-water resistant. Waterproof car covers are usually plastic film or a plastic coated fabric and will keep the rain off the car, but will also trap condensation between the cover and the car. Car covers are usually available in two-types, namely – universal or custom-made. Car covers protect parked cars from various environmental elements, including dust, dirt, ultraviolet radiation, acid rain, bird droppings, wind-borne particles, sun’s heat, animal scratching, etc.
Global Car Covers Market is projected to be US$ 798.6 Mn in 2020 to reach US$991.5 Mn by 2030 at a CAGR of 2.7%. The first five-year cumulative revenue (2021–2025) is projected to be over US$ 4,320.6 Mn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Global Car Covers Market: Market Dynamics
Increasing awareness regarding safety of vehicles for indoor and outdoor locations has led to incrasing demand for car covers. This factor is expected to propel the revenue growth for this target market over the forecast period. In addition, growth in the standard of living in developed and developing economies resulting in increased demand and ownership of cars and increasing disposable income is expected to be the major factor positively affecting the global car covers market. However, availability of low-grade car covers in sub-standard materials that are prone to damage and cuts easily is another factor that is expected to hamper the revenue growth of this target industry.
Introduction of various innovative car covers including automatic car covers, umbrella car covers, etc. providing protection against rain, heat, snow and minor scratches is expected to increase demand for customized and specialized types of car covers. Moreover, innovations in materials used and Teflon coatings for car covers is expected to further fuel the consumption of car covers over the forecast period.
An outbreak of the COVID-19 pandemic in early 2020 has brought a negative impact on almost every industry. The subsequent global lockdown has severely impacted economies across the world. On the other hand, the government of several countries’ trade restrictions also affected the supply of raw materials to automotive and other related industries. This had led to price fluctuations and sudden shortages of raw materials, as well as end-products. This is also another factor that is expected to limit the availability of new products in the market for certain period of time.
One of the main factors for the increase in car covers market share is the ongoing trend of customized printed car covers including color, design, material, etc is expected to fuel the demand for car covers. The increasing production of cars in emerging economies including China, India, Brazil, etc. is expected to increase sale of car covers with innovative materials that can witstand several environmental challenges is expected to further fuel the market revenue growth.
Global Car Covers Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global car covers market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global car covers market is estimated to expand at a moderate CAGR of 2.7% during the forecast period.
Global Car Covers Market: Segmental Snapshot
The market report has been segmented on the basis of product type, distribution channel, and region. The product type segment includes custom car covers and universal car covers. The distribution channel segment includes OEM and Aftermarket. The region covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By product type: The universal car covers segment is expected to register a CAGR of over 1.9%, thereby accounting for highest revenue share among the product type segments.
By distribution channel: The Aftermarket segment is expected to register a CAGR of over 2.8% over the forecast period, thereby accounting for the highest revenue share among the distribution channel segments.
By region: The market in Europe accounted for the highest revenue share in the global car covers market in 2020, and is estimated to register a CAGR of over 2.9% between 2020 and 2030.
To Gain Deep Insights, Request Sample PDF Of This Report @ https://marketresearch.biz/report/car-covers-market/request-sample/
Global Car Covers Market: Competitive Analysis
The research report on the global car covers market includes profiles of major companies such as Covercraft Industries, COVERKING, Polco Pvt. Ltd., CONFEZIONI ANDREA ITALIA SRL, Lund International. (Rampage Products), Budge Industries, California Car Cover Co, MacNeil Automotive Products Limited, and Classic Additions Ltd, Lanmodo, among others.
The Global Car Covers Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2021–2030 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Car Covers market for 2020–2030.