Car Covers Market Report, Growth Segments - Business Size with Forthcoming Developments

A comprehensive overview of the car covers market is recently added by UnivDatos Market Insights to its humongous database. The car covers market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the car covers market. car covers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the car covers market at the global and regional levels. The Global Car Covers Market is expected to grow at a CAGR of around 3% from 2021-2027.

Market Overview

The demand for various types of car covers has been increasing rapidly all over the globe owing to the growth in sales of cars and the significant increase in the automotive industry. For instance, worldwide car sales were almost 63.8 million units in 2020 and it has been estimated to grow to over 71 million automobiles in 2021. This industry has experienced a downfall due to the advent of the coronavirus pandemic and the slowing down of the global economy. Owing to these facts and the rising awareness among the car-owners to protect their car from the hazardous effects of various environmental calamities including rain, sunshine, snowfall, among others the car covers market has been witnessing considerable growth.

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Additionally, the rising FDI in automotive sector in the country is promulgating the market of car covers globally as numerous OEMs are investing more in R&D to launch innovative and automatic car covers. As per Select USA (the U.S government program to promote and facilitate business investment in the United States), USD 143.3 billion were invested in the U.S Automotive industry in 2019. Also, USD 8.1 billion was invested in R&D in 2018.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the car covers industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the lockdown restrictions have resulted in the widespread closure of many production and manufacturing functions. Also, there has been a decline in trade and transportation which has disrupted the supply chains of raw materials because of which the car covers market has witnessed a downfall.

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Global car covers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product Type, the market is primarily fragmented into

• Conventional
• Automatic
• Semi-automatic

Amongst Product Types, the conventional segment of the global car covers market was valued at USD X billion in 2020 and is likely to reach USD X billion by 2027 growing at a CAGR of X% from 2021-2027.

By Distribution Channel, the market is primarily segmented into

• Store-based
• Non-store based

By Distribution Channel, the Non-store based segment dominated the global car covers market and will row at X% CAGR to reach US$ X billion by the year 2027.

By End-Use, the market is primarily segmented into

• Individual
• Vehicle manufacturers
• Others

By End-Use, the individual segment garners a significant share of the global car covers market and will row at X% CAGR to reach US$ X billion by the year 2027.

Car Covers Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, India, Australia, Singapore, and Rest of Asia-Pacific)
• Rest of the World

Geographically, the North America region dominated the car covers market with almost US$ X billion revenue in 2020 owing to a rise in disposable income in the region.

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The major players targeting the market includes

• 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

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the car covers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the car covers market?

• Which factors are influencing the car covers market over the forecast period?

• What are the global challenges, threats, and risks in the car covers market?

• Which factors are propelling and restraining the car covers market?

• What are the demanding global regions of the car covers market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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