Market Forecast
COVID-19 crisis has affected the supply and demand of products, although for a short term. Investors are skeptical whether the upsurge in product spending will alter or remain the same. Regardless of some disturbances caused by COVID-19 lockdown measures across the globe, the long-term growth potential of the sector remains unharmed. The current situation of lockdown in several countries is driving the demand for car covers, as people have no option but to park their cars outside. The cars are already unfunctional. Hence car covers help them from the further damage that can be caused by many external factors such as dust, dirt, UV rays, rains, snow, and birds falling.
The global Car Covers Market Growth size is projected to reach approximately USD 1,345.4million by 2028, at a CAGR of 4.15% from 2021 to 2028. The increasing awareness regarding car safety and growing demand for innovative car accessories are the factors driving the Car Covers Market Growth. Growing awareness about the high соѕt of саrѕ and their mаіntеnаnсе is anticipated to boost the іmроrtаnсе of саr рrоtесtіоn аmоng car оwnеrѕ, which accelerates the demand for саr соvеrѕ. Moreover, owing to the increasing urbanization and growing real estate sector, parking spaces are becoming limited. Several car owners have to park their cars on the road. This increases the fear of car breaking and challenges the good condition of cars. This key factor is expected to fuel the demand for car covers during the forecast period.
However, the global Car Covers Market Growth has been challenged by the coronavirus pandemic, and the slight effects of the pandemic may continue to be experienced over the coming years.
Furthermore, car covers are available in two major types, including universal and custom made. Universal car covers include a wide variety of sizes ranging from M, L, XL, XXL, so on. Manufacturers also offer custom made covers. A wide variety is available even in the material of car covers such as waterproof car covers, manufactured generally from plastic-coated fabric or plastic film. These covers keep the rain off the car and trap condensation between the cover and the car. Additionally, car covers protect the car dashboard from heating, thereby controlling the damage that can be caused by UV rays to critical electronics inside the cars such as air-conditioning, car stereo, or the car panel. Car covers also help protect the windshield, which is a significant part of the car since a damaged windshield may weaken the visibility of the driver and can lead to accidents. Moreover, the global Car Covers Market Growth is anticipated to experience steady growth during the forecast period. Increasing disposable income and the improving standard of living of consumers across several countries are majorly expected to propel the growth of the Car Covers Market Growth.
Moreover, in some developing countries, there is a lack of awareness about the importance of car covers among consumers, which can hamper the growth of the Car Covers Market Growth. The per capita income of the middle and lower-middle-class population in developing countries is less compared to developed countries. Thus,the consumers with lower income do not consider caraccessories as a priority that may restrict the spending on car covers, subsequently hindering the growth of the Car Covers Market Growth.
Growth Opportunities in the Market
Increasing importance of car protection due to the high cost of cars and their maintenance:
With increasing advancements in all the sectors, the automobile sector is also experiencing huge technological developments for the convenience, safety, and luxury of consumers. Owing to this, the cost of cars and their maintenance is getting higher. Consumers are also becoming increasingly aware of the high соѕt of саrѕ and their mаіntеnаnсе. Car covers help in protecting the car from various damages. It is the cheapest form of car maintenance and car safety. The increasing awareness and acceptance among consumers create a huge opportunity for the growth of the global Car Covers Market Growth for the forecast period.
Competitive Landscape
Manufacturers in the Car Covers Market Growth focus on the preference and demands of consumers. They focus on fulfilling the demands of car owners and launching various innovative, different, and interesting products such as automatic car covers. Increasing awareness about car safety is majorly influencing the Car Covers Market Growth growth, resulting in the high number of companies investing in RD to create new products.
Some of the key players working in the global Car Covers Market Growth are:
- Covercraft Industries, LLC(US)
- Coverking, Inc (US)
- Budge Industries, LLC (US)
- Polco Pvt. Ltd (India)
- Confezioni Andrea Italia Srl (Italy)
- California Car Cover Co. (US)
- MacNeil Automotive Products Limited (US)
- Coverwell (India)
- Rampage Products (Georgia)
- Classic Additions Ltd (UK)
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