Car Covers Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Car Covers Market is anticipated to grow with an elevated CAGR of around 3% over the forecast period (2021-2027). A car cover is used to protect a car against various external factors such as wind, dust, rain, sunshine, etc. it also keeps the car safe and prevents any paint fading, scratching, and discoloring of the interior.

With the advancement in the automobile industry and the growing focus of various industry players to develop new and advanced car covers is leading to the introduction of remote-controlled automatic covers in the market. For example, Vinoya is an automatic car cover that protects your vehicle from spring showers, summer sun, autumn leaves, and winter snow. The Y&Y store promises that ‘vinoya’ is a waterproof and anti-theft car cover that can be deployed at the touch of a button. Also, the ease of use of these automatic covers and extra protection provided by them is also expected to create growth opportunities for the market players.

Furthermore, the car covers market is anticipated to grow on account of the growing number of vehicle fleets owing to the rising real GDP per capita across the globe. For instance, in 2019, the GDP per capita of North America was $63,344, a 3.32% increase from 2018. Also, according to International Monetary Fund, amongst all the North American countries, the United States has the highest GDP per capita ($65,281) followed by Canada ($47,764). In addition to this, the increase in FDI and investment in R&D in the automotive industry is further propelling the growth of the car covers market globally.

Global GDP Per Capita (Current US$), 2013-2020

Covercraft Industries, Coverking Inc., California Car Cover Co., Polco Creations Pvt. Ltd., Coverwell, Classic Additions Ltd., Rampage Products, CONFEZIONI ANDREA ITALIA SRL, MacNeil Automotive Products Limited, Budge Industries, are some of the prominent players operating in the car covers market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of car covers.

Insights Presented in the Report

“Amongst Product Type, conventional segment holds the major share”

Based on product type, the car covers market is segmented into conventional, automatic and semi-automatic. The conventional segment accounted for the largest market share in 2020 it is estimated that it will exhibit the highest CAGR during the forecast period. This is because of the easy availability of these cover in any shop or on online platforms. Also, the less price of these covers as compared to the automatic and semi-automatic covers the market for conventional covers is expected to grow.

“Amongst Distribution Channel, Non-Store based segment holds the major share”

Based on distribution channel, the car covers market is bifurcated into store based and non-store based. The non-store based segment occupied the major share of the car covers market in 2020 and it is expected to grow with substantial CAGR in the upcoming years. E-commerce portals and various company websites comes under this segment. The non-store based segment is growing on account of the rapid development of internet which has gain traction among the car cover manufacturers to sell their products online.

“Amongst End-Use, Individual segment holds the major share”

Based on end-use, the market is fragmented into individual, vehicle manufacturers and others. In 2020, individual segment grabbed the considerable market share, and it is expected to grow at the significant CAGR during the forecast period. The growth of this segment is attributed to the increase in consumer awareness regarding the safety of their cars as car covers protect the cars from dust, dirt, sunlight and many other external factors. .

“North America represents one of the largest markets of car covers market”

For a better understanding of the market dynamics of the car covers market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Singapore, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the car covers market industry and generated revenue of USD XX Million in 2020 owing to the presence of well-established market players in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global car covers market were the three major steps undertaken to create and analyze the adoption of car covers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global car covers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the car covers through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the car covers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type, distribution channel, and end-use. Further country-level analyses were conducted to evaluate the overall adoption of car covers across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the car covers. Further, we conducted factor analysis using dependent and independent variables such as growing adoption of car covers in various sectors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the car covers sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the car covers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of car covers across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the car covers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the car covers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, distribution channel and end-use of the car covers market.

The main objective of the Car Covers Market Study

The current & future market trends of car covers were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of car covers in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of of product type, distribution channel and end-use
• Define and analysis of the regulatory framework for the car covers industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the car covers market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the car covers market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry