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The primary driving factor of the global car covers market is the growing consciousness of the users towards safety and maintenance of automobiles which is significantly rising the consumption rate of such products. The flourishing automotive industry has raised the overall demand for car covers.
The increase in private car ownership has broadened the demand for car covers to protect the cars from the outside influence. Also, the congestion in space for parking has led to flourishing demand for car covers for outside(roadside) parking.
Furthermore, online e-retailers have penetrated substantially over the various shopping platforms to retail their accessories and tools, thereby establishing growth prospects for the market.
The closure of industries has largely affected the production and processing of various commodities and consumer goods. The essential items are the sole survival during the crisis, so the demand for non-essential items dwindled. Also, the pandemic has led to a downfall in manufacturing operations of automobiles and their accessories, which lead to a slowdown in demand for such products. These dampen sales of automobiles and other accessories, including car covers. According to a report published by the Indian Brand Equity Foundation in Feb 2021, passenger vehicle sales witnessed a decline by 78 % from April-June,2020 due to the COVID-19 crisis. However, as per the report, the automobile industry is on its way to recovery after facing severe hurdles during the virus outbreak.
Furthermore, relaxations in lockdowns and travel restrictions are expected to uplift the requirement of such products for maintaining the car from outside influence, including dust and rain.
The report will cover the following key insights:
The conventional segment is anticipated to hold the dominant share of the global car covers market due to its multiple benefits and easy availability. Conventional covers provide similar benefits in the car's protection, which the automated ones can perform without any manual intervention, but in terms of cost price, users are much more familiar with the conventional ones. The conventional ones can be applied easily over the car to protect from sun exposure, rain, tree sap, dust, and other chemical fallout and can withstand any weather conditions. Moreover, these car covers do not require any operation mechanism and can be applied easily over the cars. Besides this, due to their wide range availability across automotive stores and service hubs, they are expected to withstand a dominant growth over the forecast period.
The online channel is anticipated to hold a major share in the global car covers market due to the ease of shopping for car accessories from online retailers that offer car covers in both manual and automatic versions. Consumers can easily sort out their choices from multiple websites and compare the features and details before procuring any such products, making e-commerce the ideal platform for shopping for automobile accessories. Moreover, many emerging players link up with online shopping sites to showcase their products, expanding the scope for car covers. The discounted offers and cashback make the online shopping channels a preferred option for purchasing various assortments of car covers.
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The North American region is estimated to exhibit a leading market share in the global car cover market due to the growing adoption of new tools and technologies and increasing expenditure on automobile equipment and accessories. According to 2019 Consumer Expenditures data by the U.S Bureau of Labor Statistics, the average cost of a vehicle on an annual year to own and operate is USD 10,742. The cost of purchasing the vehicle is USD 4,394, and another USD 2,094 in gasoline and USD 4,254 vehicle-related costs are involved. The largely penetrated automobile industry in the U.S. and Canada favors an extensive range of supplies for different automobiles. The region has a recognized automobile market, and the prominent players and new vendors have competed on a global level in providing the best-in-class car accessories, including car covers, which is likely expected to generate considerable growth opportunities for the region's market.
The report will include the profiles of key players such as Polco Pvt. Ltd., Budge Industries LLC, Covercraft Industries LLC, Confezioni Andrea Italia Srl, California Car Cover Co., Coverwell Classic Additions Ltd., Xuantai, Coverking Inc., MacNeil Automotive Products Limited, and others.
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